Profession Key Services for Public Accounting Firms Audits High Assurance (95% - 99%) Reviews Moderate Assurance (60% - 70%) Compilation Low to No Assurance (0% - 10%) Assurance Engagements (Triangle diagram based on the subject matter at hand) Practitioner (Auditor) Users Accountable Party (Management) Practitioners give the Users a written conclusion Accountable party must have an accountability relationship with the Users Auditors in an engagement must be independent because they
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like the song says. 4. Since we don’t have the power to live life over and do it all differently‚ what things would you change today if you could‚ in order to end up where you want to be in life? I think with each experience in our lives we learn something different. Sometimes we don’t understand why things happen to us‚ but at the end everything is a result of our actions or thoughts. So I accept what life gives me but however‚ there are some situations that I would like to change like when my
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’Is it possible for auditors to achieve absolute independence and what regulations should be imposed to attain or maintain independence?’ Auditor independence requires auditors to take an unbiased viewpoint in the overall performance of the audit report‚ and therefore maintain the fundamental principles of integrity and objectivity. Auditor independence is possible‚ however it is quite hard to achieve as it requires auditors to meet all the guidelines set out by AASB and statutory requirements
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OPERATIONAL AUDIT • Also known as management audits and performance audits. • Conducted to evaluate the effectiveness and/or efficiency of operations. • Examinations of all or part of an entity to determine the degree of its operational efficiency‚ effectiveness and economy. • Also refers to the auditor’s study of business operations for the purpose of making recommendations about economic and efficient use of resource‚ effective achievement of business objectives and compliance
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classifying‚ explaining REMEMBERING Recalling information Recognizing‚ listing‚ describing‚ retrieving‚ naming‚ finding BLOOM’S TAXONOMY OF OBJECTIVES ORIGINAL TERMS NEW TERMS Evaluation Creating Synthesis Evaluating Analysis Analyzing Application Applying Comprehension Understanding Knowledge Remembering TABLE 1 Revised Bloom’s Taxonomy of Objectives Teacher’s Role Student’s Role Remembering Recalling information Recognizing‚ listing‚ describing‚ retrieving‚ naming‚ finding Directs Tells
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CHAPTER 4; CLIENT ACCEPTANCE 4.1 INTRODUCTION The client acceptance stage has two objectives; a) Examining the proposed client to determine if there is any reason to reject the engagement (acceptance of the client). To do so‚ the auditor obtains a preliminary understanding of the client‚ in order to both evaluate the client’s background and the risks associated with accepting the engagement. b) Convincing the client to hire the auditor (acceptance by the client). The auditor must thus understand
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INTRODUCTION Audit Planning and reporting Auditing planning and reporting are two critical stages in whole audit Cycle. Audit planning is before beginning of field work and reporting is last Stage in bank audit Good planning leads to effective Reporting Planning (also called forethought) is the process of thinking about and organizing the desired activities required to achieve a desired goal. Planning involves the creation and maintenance of a PLAN. As such< planning is
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2318 Information System Audit Outline: 1) Introduction to IT audit‚ purpose Types of IT audits‚ history of IT audit‚ major events that have prompted the use of and been solved using IT audit techniques. IT Audit process outline; process and phases. Planning the audit‚ materiality‚ risk assessment. 2) Effective information system audit. Evaluation of controls‚ types and tests of controls. Audit sampling‚ sampling methods‚ sample evaluation. 3) Audit automation and system
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Audit Office Size‚ Audit Quality and Audit Pricing By Jong-Hag Choi‚ Chansog (Francis) Kim‚ Jeong-Bon Kim‚ and Yoonseok Zang Forthcoming at Auditing: A Journal of Practice and Theory ________________ *Jong-Hag Choi is an Associate Professor at Seoul National University (acchoi@snu.ac.kr). Chansog Kim is an Associate Professor at City University of Hong Kong (acckim@cityu.edu.hk). Jeong-Bon Kim is a Chair Professor at City University of Hong Kong (achead@cityu.edu.hk). Yoonseok Zang is an
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communication skills‚ the changing person–organization relationship‚ and the global nature of organizing. As a result‚ new communication competencies may be required. The author’s objective was to identify specific communication competencies important in the contemporary business and professional environment. Toward that objective‚ articles referring to communication from best-selling popular press and practitioner-oriented business periodicals were used as artifacts for a content analysis. Six inductively
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