Also there are different types of accounting firm such as public accounting‚ Tax accounting‚ forensic accounting‚ bookkeeping. The name of external auditor of unikai is )Mohammed tareq( KPMG lower gulf limited. 2- The auditors have great roles to play in the society‚ there are many hypothesis that shows why the audits is demanded in our society.
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AUE1601/202/2/2012 Tutorial Letter 202/2/2012 Legal aspects in Accountancy AUE1601 Semester 2 Department of Auditing This tutorial letter contains the key and comments on assignment 02 Bar code MOI = Memorandum of Incorporation‚ Companies Act = Companies Act 71 of 2008‚ as amended 1. KEY AND COMMENTS ON ASSIGNMENT 02/2012 61 marks QUESTION 1 Specific comments Question 1.1 Students should take note of the requirement‚ namely “Evaluate and conclude on the legality of the granting
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Lee‚ K. (2009). “Why and how to adopt green management into business organizations? The case study of Korean SMEs in manufacturing industry‚” Management Decision 47(7)‚ 1101-1121. Onwukwe‚ Dan (2012): Subsidy probe report: Are good accountants bad auditors? In Sun Newspaper‚ May 1‚ 2012. Rostami ‚ V. (2009): Audit Expectation Gap: International Evidence. International Journal of academic Research‚ 1(1)‚1 40-146 Salehi‚ Mahdi(2008): Audit expectation gap: Concept‚ nature and trace . Published by African
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Lecture note on monitoring business and accounting systems. ------------------------------------------------- internal control systems and internal controls An internal control system is the whole system of controls‚ financial and otherwise‚ established by the management in order to * Carry on the business of the enterprise in an orderly and efficient manner‚ * Ensure adherence to management policies‚ * Safeguard the assets and secure as far as possible the completeness and accuracy
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AS1 1-30: It has been stated that auditors must be independent because audited financial statements must serve the needs of a wide variety of users. If the auditor were to favor one group‚ such as existing shareholders‚ there might be a bias against another group‚ such as prospective investors. a. What steps has the external auditing profession taken to minimize potential bias toward important users and thereby encourage auditor independence? ---The external auditing profession as a whole has became
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produce financial reports for shareholders to try to alleviate their concerns. However‚ there is still a risk that this information may be biased. For this reason‚ it is in the best interest of both parties to obtain the services of an independent auditor to check the financial statements prepared by management and provide reasonable assurance that it is true and fair to the users of the financial statements. An audit by someone independent of the manager reduces the incentive problems that arise when
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response to a request for information made by the auditor. The request of the information can be both written and oral communications. According to Aldhizer and Cashell (2006)‚ the auditor controls the initial mailing of confirmation requests to the client’s banks‚ debts of their customers and others. Prasad (2007) described‚ that the purpose of the confirmation is to bring more credibility on the information that the auditors have in their control. The auditor will choose the confirmation procedure in order
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matter how troubled the clients were. Through the 1990s‚ Andersen aggressively sold lucrative consulting services to those who relied on them for audits and Andersen’s top partners tripled their earnings in the ’90s. Due to this change‚ the status of auditors was relegated to the position lower than that of consultants. Even though many of its accountants continued to uphold high standard auditing service‚ others compromised in the interests of generating fees. Gradually‚ some partners who faced accounting
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member of its external audit team a company could gain insight into the auditor’s process and better devise methods of hiding fraud. b) Hiring a former auditor would greatly compromise and possibly impair the existing external auditor’s ability to remain independent. On top of having knowledge about the auditor’s practice‚ preexisting relationships could cause bias in the audit outcome. c) Sarbanes-Oxley Act 2002 limits the ability of corporations to hire employees of their external audit firms. Sox
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Types of audits • Development of auditing • Qualities of an auditor • Auditing process Objectives : Students should be able to : • Describe the definition and the objectives of auditing. • Distinguish between different types of audits. • Briefly describe the development of auditing. • List and explain the qualities of an auditor. • State the auditing process. 1. DEFINITION AND OBJECTIVES OF AUDITING
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