ISSAI 30 The International Standards of Supreme Audit Institutions‚ ISSAI‚ are issued by the International Organization of Supreme Audit Institutions‚ INTOSAI. For more information visit www.issai.org INTOSAI Code of Ethics I NT OS AI P r ofe ss i o n a l S t an d ar ds Co m mi t te e PSC-Secretariat Rigsrevisionen • Landgreven 4 • P.O. Box 9009 • 1022 Copenhagen K • Denmark Tel.:+45 3392 8400 • Fax:+45 3311 0415 •E-mail: info@rigsrevisionen.dk INTOSAI EXPERIENTIA MUTUA OMNIBUS
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should be permitted to serve as the independent auditor of Data Trappers‚ Inc. (DTI)‚ we must first look at what it means to be an independent auditor. For an external auditor to be independent they need to be independent of the company they are auditing in both fact and appearance‚ meaning they have to look as if they aren’t connecting to a company in any way and they must also not actually be connected to a company in any way. As well the auditor should not have had any connections with that company
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and evaluate the auditors’ compliance with GAAS. Do you think the auditor did all they could to detect the fraud? Evaluate whether auditors exercised due care and the level of professional skepticism to be expected in an audit the size of Parmalat. Clearly‚ auditors failed to do the due diligence‚ thereby indirectly contributing to the failure of Parmalat. Italian law requires both listed and unlisted companies to have a board of statutory auditors as well as external auditors and also requires
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million) a permanent exemption from complying with the Sarbanes-Oxley (SOX) Section 404(b). The Section 404(b) would have required these smaller companies to do what larger companies over the $75 million market cap are currently doing; requiring an external auditor to audit their internal controls over financial reporting. However‚ what may seem like a huge win for the smaller companies who long have complained about the cost out weighing the benefits of complying with the standard‚ does not appear that
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provides stems from the trust placed in the judgement of the auditor. The audit is designed to demonstrate ‘the completeness‚ accuracy and validity of transactions which‚ when aggregated‚ make up the financial statements’ (Power‚ 1997‚ p. 24). An audit is ‘an independent examination of‚ and the subsequent expression of opinion on the financial statements of an organization’. (Hussey 1999). “There has to be an explanation of why auditors do what they do ‚what they believe they can achieve an what
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References: Al Momani‚ M. A.‚ & Obeidat‚ M. I. (2013). The effect of auditors ’ ethics on their detection of creative accounting practices: A field study. International Journal of Business and Management‚ 8(13)‚ 118-136. Retrieved from http://search.proquest.com/docview/1418426106?accountid=458 Leung‚ E. C. (2004). Accounting
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Summary Phar-Mor‚ Inc. was a deep-discount store that had substantial growth in a short period of time. It started with 15 stores and grew to over 310 stores in thirty two states between 1985 and 1992. At first Phar-Mor was seen as a major prospect in the retail market. With sales of over $3 billion and growing‚ Phar-Mor’s success even worried some of the biggest retail giant‚ including Wal-mart. The president‚ founder‚ and COO of Phar-Mor was Mickey Monus‚ who became quite extravagant with
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of the information being presented by the preparers. Auditors of financial reports need to be trained accountants with detailed knowledge about the complex technical accounting and disclosure issues required to assess the choices made by the financial report preparers. When undertaking an audit‚ the auditor should use professional scepticism‚ professional judgement and due care. Auditors should be independent of the client. Independent auditors have no incentives to aid the entity in presenting their
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literate. (4) The responsibilities of the audit committee include: integrity of financial reporting; risk management & internal control framework; &oversight of independence of external & internal auditors. (5) Qantas rotates the lead audit partner every five years and imposes restrictions on the ex-employees of the external auditor Additional Question 1. Related party transactions (a) - May be conducted with the related parties & treated like normal transactions - May contain special terms that
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Transmile Group Bhd may have been aware of the overstatement of the group’s sales figures when the unaudited annual accounts for financial year ended Dec 31‚ 2006 (FY06) were released to Bursa Malaysia on Feb 15‚ sources say. Transmile’s external auditor Messrs Deloitte & Touche is said to have alerted the management‚ namely chief executive officer Gan Boon Aun‚ chief financial officer Lo Chok Ping and the audit committee on the inaccuracy of the substantially high revenue of RM989.2mil for
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