By CA NITESH JHA INDEPENDENT AUDITOR’S REPORT To the Members of ……..name of company Report on the Financial Statements We have audited the accompanying financial statements of ………………("the Company")‚ which comprise the Balance Sheet as at March 31‚ 2013‚ and the Statement of Profit and Loss and Cash Flow Statement for the year then ended‚ and a summary of significant accounting policies and other explanatory information.
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Understanding the Auditor’s Report If all the facts concerning financial transactions were properly and accurately recorded and if the owners and managers of business enterprises were entirely honest and sufficiently skilled in matters of accounting and recording‚ there would be little need for independent auditing. However‚ human nature being as it is‚ there probably will always be a need for the auditor. Many businesses‚ depending on size and nature‚ employ internal auditors. Their responsibilities
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USING THE WORK OF AN AUDITOR’S EXPERT In some instances‚ the auditor may need to obtain‚ in conjunction with the entity or independently‚ audit evidence in the form of reports‚ opinions‚ valuations and statements of an expert (specialist). The auditor’s education and experience enable the auditor to be knowledgeable about accounting and auditing matters‚ however‚ an auditor is not expected to have the expertise of a person trained for or qualified to engage in the practice of another profession
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Academy of Management Review 2006‚ Vol. 31‚ No. 1‚ 10–29. CONFLICTS OF INTEREST AND THE CASE OF AUDITOR INDEPENDENCE: MORAL SEDUCTION AND STRATEGIC ISSUE CYCLING DON A. MOORE Carnegie Mellon University PHILIP E. TETLOCK University of California‚ Berkeley LLOYD TANLU MAX H. BAZERMAN Harvard University A series of financial scandals revealed a key weakness in the American business model: the failure of the U.S. auditing system to deliver true independence. We offer a two-tiered analysis of what went
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THE ROLE OF AUDITORS IN FINANCIAL CRISIS Submitted by Syed Ijtaba Ali Bukhari In the Fulfillment for the Degree of B.Com Honors LAHORE SCHOOL OF ACCOUNTANCY & FINANCE THE UNIVERSITY OF LAHORE (2013) The University of Lahore ------------------------------------------------- Lahore School of Accountancy & Finance Supervisory Committee We the Supervisory Committee‚ certify that the contents and the form of thesis submitted by Syed Ijtaba Ali Bukhari have been found satisfactory and recommend
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The Importance of External Auditor’s Independence According to Gillespie‚ Lewis and Hamilton (2004:221) an audit is: “a scrutiny of the accounts by a qualified auditor who carries out checks on the figures so as to establish whether the accounts show a true and fair view of the results and the financial position of the entity.” According to Wikipedia (2011a)‚ auditor independence refers to “an attitude of mind characterized by integrity and an objective approach to the audit process”. Independent
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role differs from that of the external auditor who is appointed by council on the recommendation of the Audit Committee‚ to report independently to it‚ through the mayor/president and the CEO‚ on the annual financial statements. The external auditor’s primary role is to decide whether the annual financial statements of a local government are free of material misstatement. The audit report is addressed to the shareholders of the company being audited‚ this means the shareholders are acknowledged
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Normal is an illusion‚ what is normal for the spider is chaos for the fly.It breaks down its operations and explains how they are doing it. It is basically an overview of the business. Cash flow trends Discussion on critical accounting choices (also discussed here as well as at disclosure.) Uncertainty and risk is discussed here. The Audit Report Objective: The Audit is an independent review of the companies financail statements - Appointed by the shareholders - It strives to
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PSA 705 - Modification to the Opinion in the Independent Auditor’s Report • Deals with the auditor’s responsibility to issue an appropriate report in circumstances when in forming an opinion in accordance with PSA 700 “Forming an Opinion and Reporting on Financial Statements” Modified Reports • Matters That Do Not Affect The Auditor’s Opinion a) Emphasis of matter • Matters That Do Affect the Auditor’s Opinion a) Qualified opinion‚ b) Disclaimer
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precedent differs by jurisdiction (state by state). Third party must prove: 1. auditor had a duty to the plaintiff to exercise due care 2. auditor breached that duty by failing to act with due professional care 3. direct causal connection between auditor’s negligence and third party’s injury 4. third party suffered an actual loss as a result If the auditor is found grossly negligent or has committed fraud‚ third parties may be able to successfully sue an auditor even if the third party does not
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