INTRODUCTION This report consists of 5 reflections related to auditing standards and each case was extracted from internet sources. The purpose of this report is to reflect and understand each case. REFLECTIONS First reflection is on China sky case for its non-compliances with SGX. Next is the case on corporate governance where new rules were proposed to improve risk management and risk control. Third will be the extracted information of executives’ compensation in
Premium Audit Auditing Balance sheet
with 2 aircraft - Boeing 737-200F - Cessna Grand Caravan Operating Primarily -Air cargo carrier Principal activities of FCB Subsidiaries -Air Freight Service and Aircraft Ground handling service 15 September 2001 -Obtained listing in Bursa Malaysia Auditor -Kenyans & Associates In 2001 to 2004 -the have a fast growing at intra- Asian air express market -demand for express transportation Services increased. -give best delivering quality services and satisfying customer demand. FCB Wholly Owned Subsidiaries
Premium Corporate governance Auditing Internal control
Case Study A Case Study in Corporate Governance & Ethical Auditing Satyam Fiasco & Role of PwC as an Auditor Group I Submitted By: Aditya Zutshi Ambrish Mani Piyush Anandani Ravinder Pal Singh Dhillon Abstract & Approach On Dec 16‚ 2008‚ Satyam declared to buy entire stakes in Maytas Properties for $1.3 Billion & 51% stakes in Maytas Infra for another $300 Million. By this action‚ the investors were furious. This was because of the move to invest in a promoter-related
Premium Audit Ethics Morality
Questions 1. Identify common inherent risk factors that companies involved in the entertainment industry pose for their independent auditors. List and briefly describe specific audit procedures that would not be used on “typical” audit engagements but would be required for audits of companies involved in live theatrical productions‚ such as Livent. 2. Compare and contrast the responsibilities of an audit partner of a major accounting firm with those of a large public company’s CFO. Which work
Premium Auditing Audit Financial audit
the Accounting Practice Board (APB) has issued 5 ethical standards which any auditor has to follow in order to give a true and fair view of all the reports. The International Federation of Accountants’ (IFAC)‚ has an independent standard setting body known as the International Ethics Standards Board for Accountants (IESBA) that works in the interest of the general public by setting high-quality standards for all the auditors and accountants of accountants who are professional and they also facilitate
Premium Audit Auditing Ethics
Professional Conduct or GAAS. Choose the best response. a. What is the meaning of the generally accepted auditing standard that requires the auditor be independent? (1) The auditor must be without bias with respect to the client under audit. (2) The auditor must adopt a critical attitude during the audit. (3) The auditor’s sole obligation is to third parties. (4) The auditor may have a direct ownership interest in the client’s business if it is not material. b. The independent audit is important to readers
Premium Financial audit Audit Auditing
Communications Between Predecessor and Successor Auditors 155 AU Section 315 Communications Between Predecessor and Successor Auditors (Supersedes SAS No. 7.) Source: SAS No. 84; SAS No. 93. Effective with respect to acceptance of an engagement after March 31‚ 1998‚ unless otherwise indicated. Introduction .01 This section provides guidance on communications between predecessor and successor auditors when a change of auditors is in process or has taken place. It also provides communications
Premium Auditing Audit Financial audit
requires the auditor agencies to resale from services after 5 years and disallows them to seek employment with a previous client within of a year of last audit (Jelinek‚ Jelinek‚ 2010). These new rules have caused the agencies to have very strict rules of operation procedures. With the information obtained in the article‚ is has been relevant that auditing agencies are having difficulty rendering services. So if auditing agencies are not doing auditing then companies are use internal auditors. With
Premium Audit Finance Financial audit
Auditing May 05‚ 2013 As an auditor‚ my job is to examine companies’ financial statements and make sure the information correctly reflects the economic events that occurred during the accounting period. When a mistake is found the auditor determines if the misstatement is material or immaterial. Misstatements are material when they affect a person’s decision using the financial statements and are immaterial if there is no effect on a person’s decision. When an auditor comes across a misstatement
Premium Audit Auditing Financial audit
involved To crack it you have to know – Goal of audit and its components and situations Gathering reliable data and evidence Analysis of data Arriving at the conclusions as per regulation/standards Cover your RISKS as an auditor 3 Management to prepare and own responsibility Certified by management Raman Jokhakar‚ CA Tax Audit is an Audit Review what is done by team to get high quality result – Prepared by – Reviewed by – 4 eye approach Remember
Premium Audit Indirect tax Value added tax