in which he may word his opinion as follows: Example 1: In our opinion‚ the responsible party’s assertion that forecasts has been prepared on best estimate basis‚ is fair. Example 2: In our opinion‚ the responsible party’s assertion that internal controls are working effectively‚ is fair So‚ from above discussion we understood that attestation engagements are a sub-set of many different forms of assurance engagement in which a practitioner issues a report to attest the assertions of against
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The Effect of the Factors in the Internal Audit Department on the Internal Auditors Objectivity in the Banks Operating in the United Arab Emirates: (A Field Study) Dr. Riham Muqattash‚ Asisstant professor‚ Al-Ain University of Science and Technology‚ Abu-Dhabi ABSTRACT Since the demand for range of non-audit services increases‚ the need for appropriate supervision and standards for assuring professionalism and especially objectivity in audit services also increases‚ this study examined
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COMMUNICATIONS AUDIT I. Definition Communications Audit is a study to analyze the productivity of companies that allocate a large budget and work energy for their marketing communications and image building as well as those companies that are planning an IPO. II. Measurings covered by the audit The most important feature of a Communications Audit is that it can measure qualitative as well as quantitative values. The items that can be measured are: · Precision of the implementation
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Abnormally High Audit Fees Impair Audit Quality? Jong-Hag Choi‚ Jeong-Bon Kim‚ and Yoonseok Zang SUMMARY: This study examines whether and how audit quality proxied by the magnitude of absolute discretionary accruals is associated with abnormal audit fees‚ that is‚ the difference between actual audit fee and the expected‚ normal level of audit fee. The results of various regressions reveal that the association between the two is asymmetric‚ depending on the sign of the abnormal audit fee. For observations
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ASSERTION -Audit assertion are those charged with governance of an entity are responsible for ensuring the financial report gives true and fair view of entity and the operation of its. -Management make assertions abt each account and related disclosures in the notes. -Assertion statement made by management regarding the recognition‚ measurement‚ presentation and disclosure of items include in the financial report. auditor use assertion for transaction‚ account balance and presentation and disclosure
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marketing audit is not unlike a financial audit in that it helps the organisations to examine progress or lack of process towards the goals. A marketing audit is an evaluation of the marketing within an organisation to see if their strategies in place are effective within the marketing environment. There is an “internal and external” form of audits. The internal audit assists with considering the effectiveness of the marketing strategies in place at the time of the audit. The “external” audit considers
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technology to improve internal audit communications in the Banking Sector Background Internal auditing has come a long way over the last two or three decades. In the past‚ internal auditing was seen as a mechanism to double-check the thousands of financial transactions that were posted to the accounts each week. Today an internal auditor facilitates the development of suitable controls as part of a wider risk strategy‚ and provides assurances on the reliability of these controls with the use of effective
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Payroll and Personnel Audit Cycle 2. Give TWO (2) examples of each of Substantive Analytical Procedures in Payroll & Personnel Audit Cycle when auditing the accounts below: i- Payroll Expense Accounts ii- Payroll-Related Accrual Accounts 3. Describe the duties that are performed within the personnel‚ timekeeping‚ and payroll processing functions. 4.a. Describe what are the key authorisation points in a payroll system. b.Explain the importance of establishing control procedures over the
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specilSpecialised audit services SECTION 2: SPECIALISED AUDIT SERVICES 2003-04 This section of the report includes information on audits conducted over and above the regularity audits. These include the following: • Forensic audits • Performance audits • Integrated audits • Performance information reviews For an explanation of each type of audit‚ please refer to my 2003-04 Activity Report. It is important to highlight that some of the forensic and performance audits result in a report to management
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INTERNAL CHECK i. INTERNAL CONTROL MEANING AND DEFINITION THE COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF ENGLAND AND WALES “ the whole system of control financial and otherwise‚ established by the management in order to carry on the business of the company in an orderly manner‚ safeguard its assets and secure as far as possible the accuracy and reliability of its records.” It is the whole system of controls established by the management for the proper conduct of the various activities
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