Auditor Independence: An Impossible Dream In recent months there has been much discussion about the independence of CPA auditors; the leadership of the AICPA‚ the Auditing Standards Board‚ the Public Oversight Board‚ the Independence Standards Board‚ and most recently the proposed independence rules promulgated by the SEC have all attempted to clarify and strengthen auditor independence. Several newspaper and magazine articles have also addressed the issue. In my opinion‚ all the efforts to
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Currently‚ an auditor may only resign if he is not the sole auditor of the company and his resignation must be made at a general meeting of the company. If an auditor gives notice in writing to the directors of the company that he wishes to resign‚ the directors shall call a general meeting of the company as soon as it is practicable. This is for the purposes of appointing an auditor in place of the auditor who wishes to resign and to appoint another auditor. The resignation of the auditor shall take
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entries must be supported by a document. • A technique to verify the authenticity and authority of transactions recorded in the books on the basis of which the auditor submits a report‚ indicating that accounts are correct‚ free from errors or fraud and complete. • It is not only examining the documentary evidence but sometimes auditor has to go behind recorded evidence to eliminate any possibility of fraud. DEFINITION • “Vouching is the examination of the evidence offered in substantiation
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SUMMARY OF THE INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NIGERIAN ENAMELWARE PLC. NAME OF THE COMPANY: Nigerian Enamelware Plc. NAME OF THE AUDITORS: Akintola Williams Deloitte‚ Charted Accountant‚ Lagos Nigeria. SOURCE OF INFORMATION: Annual Report & Accounts 2012. SCOPE: The financial statement audited by the auditors include; the balance sheet‚ profit and loss account‚ statement of cash flow‚ value added statement‚ financial summary‚ significant accounting policies and other
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approaches the nurse with her concerns over her father’s heath and asks the nurse if her father’s discharge orders can be cancelled; the daughter would prefer the doctor write orders for her father to be admitted to a nursing home. An ethical dilemma is defined as a conflict that arises when “the right thing to do is not clear
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Would you make if you were Jane Barrow? Why that one? If I were Jane Barrow‚ I would suggest shale gas as the best. Since the industrial‚ electric power and residential make a large contribution for the use of natural gas‚ the stakeholder in these parts are very important. After multiattribute risk analysis‚ the chart from Exhibit 10 shows they are care about using energy produced in their own jurisdiction. From the Exhibit 3‚ with the increasing need of natural gas to satisfy consumption‚ more
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Auditor Responsibility 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 audit report to include any matter that is “misleading‚ false or deceptive in a material way”. To be proved in cases of civil liability
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Seeing the dilemmas * Should the manager look after the benefits of the owner or should he do what he thinks is right? * The amount of quotas being asked by the owner is it really a necessity or is he asking for too much? * Should the manager support the owner’s decision being profit driven? * Should the manager consider what the mechanics are mentoring him or they are also being greedy too? * Should the manager look after the interest of his customers or the mechanics
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PRACTICE - EXERCISE Prior to coming for Lead Auditor course‚ read each of the following questions carefully and answer with reference to ISO 9001:2008. Try to identify the applicable clause number in each case. . 1. Does the standard require Quality objectives to be measured? Yes the Standard requires Quality Objectives to be mesured. For the continual improvement of the organisation we require the Quality Objectives to be measured. The Quality Objectives shall be measurable
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Ethics Game Dilemmas As a manager‚ a person will face many ethical dilemmas. The right choice is determined by what the manager‚ or decision-maker feels is right. In the Ethics games‚ the manager was faced with two dilemmas. In the Mysterious Blogger‚ the manager of safety and efficiency was made aware of an employee that blogged about confidential company information. Another employee then took it upon himself to find out who the individual was. This employee then illegally obtained the
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