We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Auditing - Essay Example

Comments (0) Cite this document
Auditing 300 Name Tutor Institution 1. i. Confidentiality, professional competency, due care, professional behaviour and integrity are some of the fundamental audit principles (Wild, Shaw and Chiappetta 2011, 811). These are standards that an audit member must adhere to in order to uphold integrity in the profession…
Download full paper
Read TextPreview

Extract of sample

Download file to see previous pages... This is unless permission is granted by the client for such discloser (Boritz 2004, 29). However, the above principle can be violated in the following circumstances: if it is a requirement in a legal proceeding, if it is a professional requirement, and to protect public interest in a situation where the fraud is discovered. ii. Wendy has been practicing as an auditor of Ace Limited audit for a number of years and subsequently appointed for the post of secretary, after the retirement former Secretary. When conducting an audit function, auditors are required to be objective and independent in their judgement. If Wendy continued to act in this position, conflict of interest will arise; this is because she will be assessing her own work thus impairing the principle of objectivity. If Wendy wishes to carry on as a secretary, then she should resign first as an audit partner or otherwise compromise the audit firm’s integrity. 2. i. Audit risk can be defined as the risk that an auditor will give the wrong audit report or opinion when the financial report has been significantly misstated or miss presented (Pickett 2006, 214). According to (Gray and Manson (2008, 73), it is the responsibility of the audit team to reduce this risk to the acceptable level for final report’s reliability. ...
The second scenario talks of detection risk which could occur due to failure of the auditor’s substantive procedures to detect any misappropriation and fraud in the company. In this case bankers might have relied on the report to continue providing the finance which could be misleading. ii. According to Gray and Manson (2008, 73), inherent risk is the susceptibility that class of transaction or account balances are materially misstated according to the inherent factors and internal environment. This is without the consideration of control systems. This risk depends on: economic situation of the industry at large, integrity of management team, nature of the business entity, unusual obligation on management and knowledge-base of the entire management team. Getaway Pty Limited is considering a change on its top management with extremely different business strategies and procedures which significantly adds on to its inherent risk. 3. a) As an audit senior of Harmony Pty Ltd together with an audit assistant, the audit function of stock take which is done as per the laid instruction. The report questions will be answered based on sufficiency, reliability and appropriateness of gathered evidence (Vona 2008, 137). Numerous items were selected from the client’s inventory sheet which were tested and found to be correct. On my part, am convinced that there is sufficient appropriate audit evidence to provide a basis for the report. b) It is responsibility for an auditor to perform test of control in order to check the strength and weakness. According to Chorafas (2002, 93), they also check efficiency and effectiveness of the internal control system ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Auditing Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved de https://studentshare.org/other/1400826-auditing
(Auditing Essay Example | Topics and Well Written Essays - 750 Words)
“Auditing Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/other/1400826-auditing.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Various driving factors and inherent benefits for different companies are proving to be incentives for the organisations towards enhanced financial globalisation. The growing interdependence of developed economies on developing and emerging economies is contributing towards increased globalisation (Hamilton & Quinlan, 2008, p.iv).
7 Pages(1750 words)Essay
In this process, it may happen that the transactions might have occurred after balance sheet date but before the issuance of the financial statement. This affects the financial statements and therefore adjustments are made and properly mentioned in the statements.
4 Pages(1000 words)Essay
It also includes profitability and protection of the company's assets. This exhibits that the internal control system should first of all meet the objective of accomplishing the company's operational goals and objectives. The second objective of an internal control system is to prepare a reliable and trustworthy financial reporting system.
3 Pages(750 words)Essay
al public and the accounting profession have had their differences over time on how the auditor should handle the process and what type of information should be reported by auditors to the users of the financial information. The difference between what the public and other
10 Pages(2500 words)Essay
In other words, the procedures may be applied to compare financial information recorded and secured in past, to compare the actual results with initially developed forecasts and targets etc (Internet: allbusiness.com). Indeed, these
3 Pages(750 words)Essay
Auditing is the only alternative for a firm to interpret the outcomes of its previous year’s operations and to assess the current status of affairs. The given case reflects the auditing operations in
8 Pages(2000 words)Essay
The managers present a financial report to the shareholders indicating the performance of the organization within a financial year or within a given period as the shareholders may require. Since the financial statement may
5 Pages(1250 words)Essay
ppointment on the decision to dismiss the current audit firm and believes that since the audit firm was rendering its service for more than 15 years, everyone in the charity was very comfortable with the firm’s auditor. Besides, board members also revealed their concern about
3 Pages(750 words)Essay
For these reasons, the topic will be of research to determine and explore the independence of auditors in terms of the audit quality, non-audit service fees, and non-audit service (Campbell and Houghton, 2005). Non-audit services are professional services provided by a
1 Pages(250 words)Literature review
Auditors then study the internal control system of the organization when they finish identifying risks: this system is made of procedures that help to prevent errors, protect assets, and guarantee compliance with
8 Pages(2000 words)Essay
Let us find you another Essay on topic Auditing for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us