CHECK THESE SAMPLES OF Auditing The Going Concern Assertion
The external auditor should be independent in all his assertion and assurance jobs.... The auditing Standard no.... International auditing Standards requires that all external auditors should only continue on an audit engagement if they feel that their self interests affects their independence.... The auditing Standards on independence rule requires that the external auditor must not have any material self interest in the clients....
12 Pages
(3000 words)
Essay
From the paper "going concern Principle – Auditor Approach" it is clear that the auditor plays a very important role while the financial statements of a firm are made.... Once the auditor is certain of the doubts about the firm's ability to perform as a going concern for a reasonable period then he may disclose the fact in his report along with an explanation for their decisions (AICPA, 2010).... The 12 largest companies had received clearance from the audit committees about any doubt to their going-concern status, out of the 257 companies that filed for bankruptcy only 48% had a paragraph to explain the doubt about their ability to continue as a going concern (Venuti, 2009)....
7 Pages
(1750 words)
Coursework
The other issue in this paper is the concern of using this technique after having proper analysis of the business being audited.... Computer Assisted Audit Technique (CAAT) is a method in which auditing procedures are automated and are performed using computers, helping in speeding up the auditing process.... CAAT is by far an innovation in the field of auditing.... auditing is the process by which something is examined with a view to form an opinion....
16 Pages
(4000 words)
Essay
An audit assistant should respect the confidentiality of information acquire as a result of business and professional relationships and… should not disclose information to parties other than those involved in the contract unless there is a professional or legal duty or right to disclose.... However, acquiring of confidential information as a result of the business and professional relationship should not be put to The alternative adopted by the audit assistant is the information related to the Club casino has been carefully removed as far as its referencing is concerned....
4 Pages
(1000 words)
Essay
The author of the essay "Materiality in auditing" casts light on the concept of auditing.... It is mentioned here that the purpose of auditing is to provide an independent data of financial statements, which increases value and credibility of the management.... A decade after decade financial auditing has helped companies to sustain in the global business arena with proper ethical consideration.... Due to economic turmoil, every company has become more conscious about financial statements and auditing....
6 Pages
(1500 words)
Essay
This paper "Fraud And Errors of the Company's Financial Statement" focuses on audit risk - the risk that the auditor expresses an inappropriate opinion because of intentional miscalculations like fraud and errors of the company's financial statement.... Identifying and assessing this risk is crucial in the audit process....
6 Pages
(1500 words)
Case Study
However, it may be of two types that is either at financial statement level or at… assertion level, risk at financial statement level means that overall financial statements are adjusted for window dressing while risk at assertion level means that it affect certain class only (Collings, 2012).
During the financial year 2013 the company posted a profit of 000 which was a loss of £345000 during the last financial year, which provide that corroborative evidence that financial statement might be materially misstated, following are the risk areas:
As clear from income statements figure sales during 2013 has been decreased by £2872000 amount, due to which closing stock should have risen but amount shown in statement of financial position show quite opposite figure that show decrease in inventory, which is a high risk area as both evidence regarding inventory show opposite position, further decrease in accounts payable by such large amount need detailed analysis of this area in order to reduce audit to an level....
6 Pages
(1500 words)
Essay
Currently, investors require more information in areas such as management, accounting techniques, areas of resource management and going concern.... hellip; According to this report, PWC put emphasis on the transparency during the whole process of auditing.... The report discusses transparency in auditing as that element which provides accurate and valid data maintains the integrity and gives an opportunity to market the services.... his PWC report indicates that the currently used auditing practices are more valuable to the corporate management than they are too small time investors....
8 Pages
(2000 words)
Assignment