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Essays on Auditing

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The Importance of External Auditor’s Independence


Words: 1527 (7 pages)

According to Gillespie, Lewis and Hamilton (2004:221) an audit is: “a scrutiny of the accounts by a qualified auditor who carries out checks on the figures so as to establish whether the accounts show a true and fair view of the results and the financial position of the entity. ” According to Wikipedia (2011a), auditor…

Week 3 – the Auditor at Risk Video



Words: 616 (3 pages)

Week 3 – The auditor at risk video Handout 1 – Background to South Bay Systems Ltd South Bay Systems Ltd manufactures integrated hardware and software chemical analysis products for the medical and drugs industries. The company is owned and run by Tim Falco, recognised throughout the industry as being one of the most innovative…

Auditing assignment – Qantas


Words: 3676 (15 pages)

This has meant that Santa is now considered to have a divisional organizational trucker, being formed by five business segments: Santa Domestic, Santa International, Santa Freight, Starters and Santa Loyalty. Conduct of Operations The management function of the Santa Group is to separate its international and domestic arms, each with its own CEO heading up…

Effectiveness of Audit New Standard


Words: 662 (3 pages)

Introduction Fraud is an intentional mis-representation of the accounting information by one or more parties in a bid to defraud the company. If immaterial it should be mentioned in the report to shareholders, if material, the auditor should qualify his report. However it should be noted that it is not the duty of the auditor…

Key challenges facing the audit profession


Words: 394 (2 pages)

Key challenges facing the audit profession Competition for human capital In the auditing industry, human capital is an essential asset as the tedious task of performing an audit can only be done by professional audit personnel. However, the auditing industry has a high employee turnover of about two years with the big 4 having turnover…

Audit Planning Procedures


Words: 5197 (21 pages)

?AUDIT PLANNING Audit planning procedures are the first and perhaps the most important step in carrying out a successful audit. Without adequate planning, the likelihood of missing a significant risk area or encountering engagement-related problems increases considerably. As baseball great and noted philosopher, Yogi Berra puts it, “If you don’t plan on where you are…

Generally Accepted Auditing Principles


Words: 1179 (5 pages)

Generally Accepted Auditing Principles Generally Accepted Auditing Principles There are many different types of audits including financial statements audit, the operational audit and the compliance audit. Either an internal auditor or an external auditor from another firm can conduct these various audits. “The American Accounting Association defines auditing as a systematic process of objectively obtaining…

Auditor Responsibility For the Quality of Work


Words: 1184 (5 pages)

The expectation is that an auditor should be held responsible for the quality of his/her work. This is because a major error or omission by the auditor can result in a false opinion. Auditors have a moral, professional and legal responsibility. In the Companies Act 2006, Section 507 prevents auditors knowingly or recklessly causing an…

Auditing & Assurance Services


Words: 1641 (7 pages)

AC 4342 Auditing Introduction to assurance and financial statement auditing Discussion Question: Messier Q1-13, 14 1 References HKICPA Members’ Handbook Amended Preface to the Hong Kong Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements Hong Kong Framework for Assurance Engagements Reference Messier: Ch 1 2 CILOs and TLAs CILOs 1 Describe the auditing…

Auditing Self Regulation and Government Regulation


Words: 1400 (6 pages)

Over the years the accounting profession has been subject to various forms of oversight with varying degrees of success. Nevertheless, it used to be self-regulating. But a series of financial scandals involving once prominent companies such as Enron, WorldCom and Parmalat lead the authorities to consider whether the accounting profession’s self-regulatory oversight system was appropriate…

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