principles. We will also audit the company’s internal control for the year ending December 31. 2009. for the purpose of supporting an opinion on internal control over financial reporting and supporting the audit of the financial statements. We will conduct our audit in accordance with generally accepted auditing standards. Those standards require that we obtain reasonable‚ rather than absolute‚ assurance that the financial statements are free of material misstatement‚ whether caused by error or fraud
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Appointment‚ Duties‚ Rights and Liabilities of Auditor Appointment: First Auditors a) The first auditors of a company shall be appointed by the directors within 60 days of incorporation of the company [252(3)] b) The first auditors will hold office till the first annual general meeting [252(3)]. c) If the directors fail to appoint the first auditors‚ the members shall appoint the first auditors‚ provided further that the auditors such appointed shall not be removed during the tenure expect
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Code of Professional Ethics and Conduct Integrity and Objectivity According to the American Institute of CPAs (AICPA) Code of Professional Conduct‚ Section 102 is Integrity and Objectivity. Rule 102 states that “in the performance of any professional service‚ a member should maintain objectivity and integrity‚ shall be free of conflicts of interest‚ and shall not knowingly misrepresent facts or subordinate his or her judgment to other” (http://www.aicpa.org). Mr. John Irwin made materially
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Introduction The topic of the report is an exploration of a career option and a Tax Auditor at Canada Revenue Agency. The purposes of this report are to not only prepare myself for the position by examining and learning but also introduce a different field of work to colleagues All residents in Canada must pay a tax and Canada Revenue Agency (CRA)‚ formally known as Revenue Canada‚ is a federal agency that has as its main function the administration of Canadian tax laws for most of the provinces
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Professionalism‚ Ethical Codes and the Internal Auditor: A Moral Argument Mary Ann Reynolds ABSTRACT. This paper examines the case of the internal auditor from a sociological and ethical perspective. Is it appropriate to extend the designation of professional to internal auditors? The discussion includes criteria from the sociology literature on professionalism. Further‚ professional ethical codes are compared. Internal auditors’ code of ethics is found to have a strong moral approach‚ contrasting
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Role played by professional auditors in Uganda Auditing is the independent examination of financial statements and the underlying books of account so as to form an opinion on whether they are prepared in all material aspects in accordance with the financial reporting framework. Such reporting framework includes International Accounting Standards (IAS)‚ the Companies Act Cap 110 (for Uganda) and any other relevant legislation. This is however carried out by a person termed as auditor. Internal Audit
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AICPA Code of Professional Conduct Jonathan Weindel ETH/376 3/2/2015 Shanaika Muldrow AICPA Code of Professional Conduct The AICPA Code of Professional Conduct is a voluntary group of CPA’s that embody the principle of “professional based responsibilities despite personal benefit or gain” (Mintz and Morris‚ 2011‚ page 14). The AICPA Code of Professional Conduct has six responsibilities that help CPA’s meet and exceed obligations to the public. These six responsibilities include responsibilities
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of which the auditor submits a report‚ indicating that accounts are correct‚ free from errors or fraud and complete. • It is not only examining the documentary evidence but sometimes auditor has to go behind recorded evidence to eliminate any possibility of fraud. DEFINITION • “Vouching is the examination of the evidence offered in substantiation of entries in the book including in such examination the proof‚ so far as possible‚ that no entries have been omitted from the books”.
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Auditor Responsibility The expectation is that an auditor should be held responsible for the quality of his/her work. This is because a major error or omission by the auditor can result in a false opinion. Auditors have a moral‚ professional and legal responsibility. In the Companies Act 2006‚ Section 507 prevents auditors knowingly or recklessly causing an audit report to include any matter that is “misleading‚ false or deceptive in a material way”. To be proved in cases of civil liability
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correctness of a company ’s accounting procedures. Auditing evolved into a business necessity once it became evident that a standardized form of accountancy must exist to avoid fraud. Today it has developed into a standardized yet complex field that is regarded as an important procedure in the management of business finance. Financial audits are performed to ascertain the validity and reliability of information. They are a formal examination of an organization or individual ’s accounts or financial
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