THREATS TO AN AUDITOR BY UADIA CHRISTOPHER 14027674 Ethics Ethics can be defined broadly as a set of moral principles or values The word “Ethics” was derived from the Greek word ethos‚ meaning ‘character’. Ethics are standards of behaviour that describes how people react when they encounter different situations Ethics for Professionals The professional Ethics code is a part of Ethics which answers the question: how should the profession be practised? Professionals are expected
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Introduction Independence is a fundamental to the reliability of auditors’ reports. It is an attitude of mind characterized by integrity and an objective approach to professional works. A professional auditor should work both independent and seen to be so. Nowadays‚ but‚ the trend of providing non-audit services to audit clients seem to be sweeping accounting firms all over the world; impacts of independence impairment caused by this trend should not be ignored. The Meaning of Independence The
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Table of contents 1. Introduction..................................................................................................................2 2. The role of internal and external auditors in corporate governance..............................2 3. Difficulties faced by auditors in contribution to corporate governance……………....4 4. Conclusion…………………………………………………………………………….6 5. References…………………………………………………………………………….7 1. Introduction Corporate governance involves measuring
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Safeguard of auditor independence (i)Established An Audit Committee We support the given measure as Sarbanes-Oxley Act of 2002‚ Section 204 requires auditors reports to audit committee (www.sarbanes-oxley.com).First‚ such committee is independent non-executive directors provide auditors an independent point of reference than executive directors of the company. Second‚ it enhancing the independence of auditors by provides a direct channel of communication between top management and the auditors. As such
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identified a number of best practices in relation to the role played by the board audit and/or risk management committees. s Recent events have highlighted the critical role of boards of directors in s s s s s s s Assessing the scope and effectiveness of the systems established by management to identify‚ assess‚ manage and monitor the various risks arising from the organisation’s activities. Ensuring senior management establishes and maintains adequate and effective internal controls
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A. It is extremely important to ensure that the auditing profession meets its responsibilities to its clients. While working for a company to audit their financial information‚ they are also at the same time working for the public and regulators who rely on externals auditors to prove credibility to the financial information that companies release (Cooper‚ Coram‚ Richardson‚ & Leung‚ 2009). To assist in quality assurance‚ the profession‚ and government have developed multilevel framework which is
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Schreiner Paper 2 The Means Behind Friendship “Friendship is a virtue or at least involves virtue. It is necessary to life‚ since no one would choose to live without friends even if he had all other material goods. Friends are a refuge in times of poverty and misfortune; they help to guard the young from error; they help the old in their weakness‚ and help those in the prime of life to perform noble actions.” –Aristotle According to dictionary.com‚ the word friendship is defined as a person known well
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Integrity According to The Institute of Internal Auditors (IIA)‚ "The integrity of internal auditors established trust and thus provides the basis for reliance on their judgement". IIA further added that to be integrity‚ internal auditors: * Shall perform their work with honestly‚ diligence‚ and responsibility. * Shall observe the law and make disclosures expected by the law and the profession. * Shall not knowingly be a party to any illegal activity‚ or engage in acts that are discreditable
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mutual trust‚ understanding and loyalty. Friendship is a relationship which involves mutual self respect‚ trust‚ loyalty and affection. Good friends enjoy each others company‚ share the same interests and are loyal to each other. A friend is some one‚ who stands by our‚ even during difficult times. It requires honesty and mutual understanding md has to be nurtured with devotion and patience. Just as it takes patience grow a garden‚ in friendship‚ too‚ first a seed is planted and then it has
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different kinds of friends who play different roles in our live: "convenience friends‚" "special-interest friends‚ cross-generational friends‚" and "close friends". I previously believed that all friends were the same‚ but after analyzing the friendships I’ve had since childhood until now‚ I came to realize that‚ indeed some of my friends fit into three of these categories. . First there are the special interest friends. These people are your friends only because
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