AUDITING

Satisfactory Essays
1) A) Why independence is so crucial for auditors?
b) Explain the difference between independence in fact and independence in appearance. Use examples
2) What is the difference between forensic and statutory audit? Explain the other kinds of audit that you know
3) What are the objectives of an audit? Are errors and fraud within the scope of 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 you to advice a client on the importance of doing a professional clearance before accepting a new assignment. Assist the client as much as you can because he has been so furious thinking you are wasting a lot of time to start the assignment.
9) Assume ethical codes were not there for an auditor. What could have been consequences for this phenomenon?
10) What is the difference between vouching and tracing? Where should each of those apply and why?
11) System based audit is very important as it may complement a vouching audit. Explain this statement appropriately using relevant examples where possible.
12) Fraud has been a global problem for decades. Explain how the audit profession can eliminate the problem
13) We have so far learned types of audits. Two of these are internal and external audits. Explain the meaning and differences, if any, of these two types of audit. Are these types of audit related?
14) From the auditing definition we can deduce who is an auditor, what he/she does and what he gives out from his/her audit. Justify
15) Any entity/business without an internal control is like an open basket full of clean water

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting:…

    • 6750 Words
    • 23 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting.…

    • 480 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    trueblood

    • 874 Words
    • 4 Pages

    • If those charged with governance or management fail to give this matter the appropriate level of consideration or take the steps necessary under the circumstances, what considerations should the audit engagement team give to the implications of possible fraud or illegal acts on the conduct of the audit?…

    • 874 Words
    • 4 Pages
    Powerful Essays
  • Good Essays

    MACC program

    • 1542 Words
    • 5 Pages

    1) What additional work could the Internal Audit Department perform prior to issuing the audit report?…

    • 1542 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    Prepare written answers to the following assignments from Modern Auditing: Assurance Services and the Integrity of Financial Reporting.…

    • 714 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    An auditor should document firstly the understanding of the client’s internal control system audits and also he should document the basis for the conclusion about the assessed level of control risk.…

    • 1065 Words
    • 5 Pages
    Good Essays
  • Better Essays

    Auditing 530

    • 1063 Words
    • 5 Pages

    With this particular case study I will discuss several questions and facts regarding audit client considerations. 1) A brief summary of the case. 2) Identify key behaviors, attitudes and ethical dilemmas (if any) faced by the auditors. 3) Assess the philosophical and practical alternatives summarized in the case questions and evaluations of those solutions. 4) Briefly summarize what I would do faced with this situation in real life.…

    • 1063 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Case 1

    • 961 Words
    • 3 Pages

    2. Explain how the acceptance of large, high-risk audit clients for relatively high audit fees may threaten an audit firm's de facto and perceived independence. Under what circumstances such prospective clients should be avoided?…

    • 961 Words
    • 3 Pages
    Good Essays
  • Good Essays

    ACCT3708 Tutorial Week 3

    • 1118 Words
    • 5 Pages

    Q2. Discuss the procedures that should be followed and the matters that should be considered when accepting a new audit engagement…

    • 1118 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    4. Discuss the scope and nature of an auditor’s responsibilities during a review of client’s quarterly financial statements.…

    • 1819 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Prepare written answers to the following assignment from Modern Auditing: Assurance Services and the Integrity of Financial Reporting:…

    • 12072 Words
    • 50 Pages
    Good Essays
  • Better Essays

    2. The auditor must understand the client’s needs for the audit which will aid the auditor in planning out the audit…

    • 1820 Words
    • 8 Pages
    Better Essays
  • Powerful Essays

    Quiz

    • 4549 Words
    • 19 Pages

    A. Discussions of audit needs with executive management and the audit committee. B. Review of audit staff education and training records. C. Review of audit staff size and composition of similar-sized companies in the same industry. D. Interviews with existing audit staff.…

    • 4549 Words
    • 19 Pages
    Powerful Essays
  • Better Essays

    Acc/546 Week 1 Assignment

    • 1101 Words
    • 5 Pages

    1. Why is audit planning so important? What is the most important step in audit planning? Why is this step so important?…

    • 1101 Words
    • 5 Pages
    Better Essays
  • Satisfactory Essays

    ACC 491 FINAL EXAM

    • 848 Words
    • 3 Pages

    ACC 491 FINAL EXAM 1)If reported sales for 2010 erroneously include sales that occur in 2011, the assertion violated on the 2010 statements would be 2)The rights and obligations assertion applies to 3)Which of the following assertions is NOT made by management in placing an item in the financial statements 4)Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act, the standard used to determine an items materiality 5)Individuals or entities the auditor knew or should have known and would rely on the audit report in making business and investment decisions are 6)Section 18 liability is relatively narrow in scope because it relates to a false or misleading statement in documents filed with the 7)Within generally accepted auditing standards, general standards relate primarily to 8)Statements on auditing standards (SAS) are interpretations of what 9)Which of the following best describes the relationship that should exist between the external auditor and the management of the client company 10)Statement on Quality Control Standards No. 2 identifies certain quality control elements that should be considered when performing which types of services 11)Internal auditors are primarily involved with 12)The Government Accounting Office reports directly to the 13)With respect to audit objectives, the term validity relates to which of the assertions below 14)Which of the following procedures consists of seeking information from knowledgeable persons throughout or outside the entity 15)Specific audit objectives are normally 16)The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for all or many accounts and matters that may pertain only to assertions for specific accounts. Which of the following is an example of a pervasive effects matter 17)The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for…

    • 848 Words
    • 3 Pages
    Satisfactory Essays