AUDITING CHAPTER-HEADS Chapter 1 : INTRODUCTION Chapter 2 : TYPES OF AUDIT Chapter 3 : INTERNAL CONTROL AND INTERNAL CHECK Chapter 4 : VOUCHING AND VERIFICATION Chapter 5 : AUDIT PLANNING AND DOCUMENTATION Chapter 6 : COMPANY AUDITOR Chapter 7 : COMPANY AUDIT Chapter 8 : TYPES OF REPORT UNIT 1 INTRODUCTION Q1. Define an ‘Audit’ and state the various objects of an audit. Or ‘Two main objects
Premium Auditing Audit Internal control
words 1) Rodney Brick is completing a Master of Accounting part-time and has taken on a role as an auditing assistant with an audit/accounting firm and his first job is to assist with auditing the books of Daffey Jones Ltd‚ a major retailer. Whilst undertaking the audit‚ Rodney comes across certain financial information that he believes will assist him in completing one of the auditing assignments he is currently working on so he copies the information and uses it in the assignment‚ although
Premium Audit Internal control
any audit? Explain clearly 4) What is professional clearance? What is the importance of professional clearance in auditing? 5) An audit fee is an auditor’s remuneration. In what ways can the aspect of audit fees affect auditors’ independence? 6) Explain clearly the ethical codes that are required of any professional auditor? 7) Audit planning is an important input in the auditing assignment‚ discuss. 8) Assume you are an experienced auditor with an audit firm in Dar. Your senior has requested
Premium Audit Auditing Internal control
and retained. The Professional Practices Framework for Internal Auditing (PPF) was designed by The IIA Board of Directors’ Guidance Task Force to appropriately organize the full range of existing and developing practice guidance for the profession. Based on the definition of internal auditing‚ the PPF comprises Ethics and Standards‚ Practice Advisories‚ and Development and Practice Aids‚ and paves the way to world-class internal auditing. This guidance fits into the Framework under the heading Development
Premium Auditing Audit Internal audit
PART A 35 Multiple Choice Questions worth 1 mark each (all questions to be answers) 1. ABC firm are the auditors of XYZ Company. The partner responsible for the audit has recently spent a week working with XYZ as a paid consultant on their internal control systems. The ethical principle that has been breached is: a. auditor independence. b. auditor appointment. c. auditor rotation. d. auditor competence. 2. The term audit expectation gap refers
Premium Auditing Audit Financial audit
accordance with an identified financial reporting framework. An auditor is setting out to achieve enhanced credibility of information disclosed to increase reliability for the users of the financial statements. A definition from the Committee on Basic Auditing is as follows: A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating
Premium Auditing Audit Financial audit
Case 3 - Exercise 1 The Lakeside Company Analytical Review Procedures December 31‚ 2012 Prepared by: Date: (a) Compute the financial ratios listed in Exhibit 3-2 for Lakeside for the years ended December 31‚ 2010 and December 31‚ 2011. Comment on any large fluctuations‚ unusual fluctuations‚ or lack of expected fluctuations. Also‚ give an overall conclusion as to the significance of the change in Lakeside’s liquidity‚ solvency‚ and profitability positions from 2010 to 2011. Use
Premium Financial ratio Balance sheet Financial ratios
committee; under these cases‚ operational management desires consultative results and the audit committee desires assurance results. How should conflict be managed? Is conflict inevitable? Since internal auditors report to the three main groups of the company‚ it is expected for conflict to arise; each entity is looking for the auditor to modify the findings to suit the entity’s needs. For example‚ operational management is concerned with consultative results pertaining to the operational efficiency and
Premium Auditing Internal control Internal audit
Tracy’s Introductory Speech 1. Introduction A. Attention Getter: Story about an exciting night: I had glue pinching from my fake eyelashes‚ a sticky rump from gluing a swimsuit to my butt‚ and a pounding heart praying my name wouldn’t be called…at least not yet. (Ad lib.) The circumstances I’m describing --spring of 2001--Miss Illinois Pageant --top ten-- Miss Blackhawk Valley—only 9 places away from a trip to Miss America! (Ad lib.) B Credibility Statement: My friend Erika Harold won--became
Premium
the audit? The types of auditing samples are broken down into two different categories: statistical and non-statistical sampling. The purpose of auditing samples are designed to give the auditor the results he or she seeks‚ without having to completely audit 100% of the items within the audit population. Here are some of the different types of auditing samples broken out into the two categories: Statistical Sampling Methods: Random Sampling – Is an auditing method that basically means
Premium Sampling Sample Sample size