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fraudulent financial reportinginvolves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial
fraud and errorisa 240 the auditorrsquos duty to consider fraud and error defines that whenever planning and performing audit procedures computing
meaning of the auditing definitiona orderly and efficient manner an organization which is run in an orderly and proficient manner is able to satisfy
internal control systemsisa 400 ldquointernal control systemrdquo means all the policies and processes ie internal controls accepted by the
managements interest in the accounting systemmanagement needs complete and accurate books of accounts becausethere is no other way the business can
the accounting systemisa 400 risk assessment and internal control accounting system are the sequence of tasks and records of an entity by which
questionable paymentsin some countries business is often gained by bribing ministers or public officials or officers of companies or firms with whom
discovery of unlawful actswhen an auditor discovers unlawful acts usually he is not expected to disclose to the police or other authorities unlessthe
illegal actsauditors may uncover criminal offences committed by a client or an employee of the client this puts them in a difficult place though the
liability to third partiesfor long time liability to third parties existed only in respect to physical damage liability for financial loss is a
the use of engagement lettersthere is a contractual relationship among an accountant and his client the accountant must therefore make sure that at
negligence in generalthere is no case against auditors and this made it hard to be accurate as to where the auditorrsquos legal liability falls
relevance of ias ifrs to auditingthe auditors should involve in their report that their view on whether the financial statements they report are
the international auditing and assurance standards boardthe iaasb is a board familiar by ifac the associates of the iaasb are selected by the ifac
international assurance auditing standards board iaasbthe prologue to the international standards on quality control auditing assurance and related
advantages and disadvantages of a continuous auditadvantagesthe regular or continual attendance of the auditor might act as a deterrent to
interim and final auditswhereas the split between the systems and balance sheet audits is concerned with thetype of work covered that between the
audit of partnershipsthe audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and
types of auditsso far we have tended to think in terms of the audit of limited companies and indeed the emphasis throughout this text will be on such
financial statements relyall financial providers people must be sure that the financial statements can be relied uponit should be noted that1 the
providers of fundsa further point to note is that modern companies can be very large with multinational activities preparing accounts for such a
the need for an auditif you take an example of a modern large liability company we can clearly distinguish between the providers of funds and those
related services to auditingadditionally audit services auditors offer other services these can be categorized asassurance
definition of auditingaccording to international standard on auditing isa objective and common principles governing an audit of financial statements
describe possible factors in the auditor-client relationship that can make it more difficult for the auditor to detect