AUDITING EXPECTATION GAP: NIGERIAN PERSPECTIVE Abstract The audit expectation gap is critical to the auditing profession because the greater the unfulfilled expectation from the public‚ the lower the credibility earning potential and prestige associated with the work of auditors. The study examined the level and nature of expectation gap (performance gap) between auditors and users of financial statements. It sought to establish whether audit expectation gap exists in Nigeria and the perception of the
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School of Business And Public Administration Department of Accounting And Finance The Impact of Extended Audit Tenure on Auditors Independence And Audit Quality In Addis Ababa By Amsalu Gelaneh June 2011 Addis Ababa Addis Ababa University School of Business And Public Administration Department of Accounting And Finance The Impact of Extended Audit Tenure on Auditors Independence And Audit Quality In Addis Ababa By: Amsalu Gelaneh Advisor: Dr. Laxmikantham P. A Thesis Submitted To The School
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Audit Partner Rotation - Issue Brief In response to the wave of corporate crises‚ the Sarbanes-Oxley Act includes a provision regarding mandatory audit partner rotation for firms auditing public companies. This should not be confused with audit firm rotation and it is important to make the distinction. The Act requires the lead audit partner and audit review partner (or concurring reviewer) to be rotated every five years on all public company audits. The Act requires a concurring review of all
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Audit committee member toolkit June 2009 Table of contents Audit committee charter Example audit committee charter ..............................................................................................................................1 Audit committee report Example report of the audit committee ....................................................................................................................11 Financial expertise Audit committee financial expert questionnaire
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TYPES OF COST AUDIT * Cost Audit to assist Management : The main object of this type of cost audit is to make available accurate‚ relevant and prompt information to management to assist it in taking important managerial decisions. * Cost Audit on behalf of the Government: The government may appoint a cost auditor to conduct cost audit where it is necessary(a) to do so in the opinion of the government under section 233-B of the companies Act‚ 1956; (b) to ascertain correct cost of certain
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auditors providing ‘additional services’ to auditees”? Non-audit services (NAS) may be any services other than audit provided to an audit client by an incumbent auditor. Such services may be referred to in the professional and academic press as management advisory services or consulting‚ but NAS also includes compliance related services (such as taxation and accounting advice) and assurance related services (such as due diligence and internal audit). Compliance related services are closely linked to the
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INTRODUCTION Internal auditing is a management-oriented discipline that has evolved rapidly since World War II. Once a function primarily concerned with financial and accounting matters‚ internal auditing now addresses the entire range of operating activities and performs a correspondingly wide variety of assurance and consulting services. By definition‚ according to Institute of Internal Auditors (IIA)‚ internal auditing is an independent‚ objective assurance and consulting activity designed to
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this report is to develop an audit plan using the 2007/2008 annual reports of the WesFarmers. This report will provide an understanding of the underlying concepts of an overall audit strategy. This strategy will bring forward the direction and scope of the WesfFarmers audit plan. This report will address five major points these are as follows: • Understanding the entity and its environment • Making preliminary judgements about materiality levels • Considering the audit risk • Understanding internal
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profile failures of financial services firms‚ the issues about ‘audit expectation gap’ have never been more important. Though it would take an enormous amount of effort to address these issues‚ I will argue that tremendous amounts could be done in order to close the gap down. In this essay I will discuss some of these issues and in particular the strategies to reduce the gap. Definitions Various definitions have been proposed for the audit expectation gap. Humphrey‚ Moizer and Turley (1992)‚ suggest
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auditing must maximize the assurance provided to the board‚ the audit committee and the management‚ and contribute to the continuous improvement strategies for the organization. So‚ how to maintain good internal auditing function within the organization? Outsourcing of internal audit function is one of the solutions. So‚ what is internal auditing? What is outsourcing of internal audit function? How could outsourcing of internal audit function help the role of internal auditing? All these questions
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