explain how an auditor goes about the process of auditing financial statements and presents the five basic stages that the auditor performed during the financial statement audit at Maryward Primary School in Kwekwe for the year ending 31 December 2012. In order to be in a position to fulfil auditing responsibility to report on the client’s annual financial statements‚ the auditor followed a series of procedures and activities as required by the auditing profession. The auditor applied the following
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Audit Documentation Purpose: 1. Main evidence of procedures‚ work performed on audit 2. Prepare sufficient & appropriate audit documentation on timely basis 3. enhance audit quality 4. facilitate effective review 5. evaluate audit evidence obtained & conclusions reached before finalizing auditor’s report 6. assisting audit team plan & perform for audit 7. assist audit team members’ supervise & direct audit work‚ discharge responsibilities (Quality Control
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these days. The need to prepare for tests and examinations is a restriction on teachers and also exerts unnecessary pressure on young learners. To what extent do you agree or disagree. Students nowadays are getting more stressed. We have to sit for lots of examination since we are small. Some of us even have their first examination at the age of four‚ when they are supposed to enjoy the beauty of the world without having the fear of failing an examination. It sounds crazy and ridiculous but the principals
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Does Auditing Matter? Janice Rhodora P. Carpentero La Salle University and Eljoy Delos Santos La Salle University May 22‚ 2013 Does Auditing Matter? SUMMARY: The scrutiny auditing has received post-Enron provides compelling evidence that auditing does matter‚ to answer the rhetorical question posed by the paper’s title. What is unclear‚ however‚ is whether auditing was sufficiently “broken” in the first place to warrant the radical reforms and changes effected
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PART FORM ANU AUSTRALIAN UNIVERSITY : Enron‚ Parmalat‚ WorldCom‚ HIH – these corporate failures and accounting scandals have shaken the foundations of investor confidence in the transparency‚ integrity and accountability of corporations and capital markets. There has also been public disquiet about the role professional auditors and audit firms have played in these corporate scandals. The consequences for many of the players in the market for financial information have been enormous; reputations
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The future of auditing Called to account The auditing industry has yet to recover from the damage inflicted by an era of corporate scandals Nov 18th 2004 |From the print edition * * NO ONE becomes an auditor because the job is adventurous. In recent years‚ however‚ the profession has been really rather racy. Auditors have been implicated in fraud after fraud. The Enron scandal brought down Arthur Andersen‚ which had been one of the profession ’s five giant firms. Now a scandal at
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Examinations — good or bad ? "Examinations" - This is a word that causes sleepless nights‚ a word can change a cheerful person into a nervous wreck. So‚ what are examinations‚ and how can they be any good? An examination can be defined as a detailed inspection or analysis of an object or person. For example‚ an engineer will examine a structure‚ like a bridge‚ to see if it is safe. A doctor may conduct a medical examination to gauge whether a patient is healthy. In the school context‚
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A professional judgment is a key factor in auditing. As a result of development of auditing and accounting industry‚ especially after a series of accounting fraud and auditing failure cases‚ such as Enron and Arthur Andersen‚ in the last decade‚ professional judgments is becoming a more and more important aspect for the independent auditing industry. Recently‚ many countries and professional bad issued more strict auditing standards to emphasize to this point. It means the auditor should be required
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Most education systems rely on examinations to encourage children to study‚ but as a result children suffer from too much stress and they never learn to be creative. Therefore‚ examinations should be abolished. Do you agree? If any student were asked whether he would like examinations to be abolished or not‚ nine out of ten would readily answer “Yes.” It is true that most students cringe from tests‚ but it is a fact that exams are an indispensable tool for education. Tests not only help students
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How the Fraudsters Fool the Auditors History of financial statement frauds acquisition accounting related party transactions non existent bank accounts - relationship with auditors overstated bank balance off balance sheet accounting misleading disclosures Changes occurring from Sarbanes Oxley Higher standards for corporate governance and accountability Creating an independent regulatory framework for the accounting profession Enhancing the quality and transparency of financial reports Developing
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