Auditing and Assurance – Assignment 1 Ashley Erasmus With reference to Caltex Australia 2012 Annual Report discuss the following: The role and responsibilities of Auditors and Company Board of Directors and the CEO and Senior Management with respect to the Accounting information reported on in the Annual report. The roles and responsibilities of a Board of Directors vary according to the nature of the company. They are usually responsible for determining the strategic direction of the business
Premium Audit Auditing Auditor's report
Mark&Spencer Governance Structure Corporate Governance 1. Group Board The board’s role is what management is doing‚ holding them accountable for performance against the targets and standards‚ probing and challenging their thinking to make sure that they are on the right track. The Board works closely with management in thinking through their direction and long-term plans‚ the opportunities‚ the risks and making sure we are developing the right management team for the future. The non-executives
Premium Auditing Internal control Management
Strategic Audit Name Institution PART A: Advantages of a Strategic Audit A strategic audit measures the quantitative and qualitative aspects of the performance of a firm based on its past performance. This information will be important to the management in regard to the making of strategic business decisions (Victoria‚ 2010). Strategic auditing has many advantages. First‚ strategic auditing fosters quality decisions resulting from a conceptual understanding of
Premium Audit Auditing External auditor
by the company. 3 a) What other parties‚ if any‚ should be notified in addition to the bank? Two other parties that should be notified in addition to the bank are the companies’ board of directors and the firm’s external auditors. By contacting the board of directors and external auditors the
Premium External auditor Audit Auditing
Donna Sanders Financial Statement Fraud Week 12 There are many things that can motivate financial statement fraud. Taking a look at Donald Cressey’s hypotheses which is now known as the fraud triangle depicts the certain criteria for the mind frame of the fraudster. The fraud triangle is a theory that consists of perceived pressures‚ perceived opportunity‚ and rationalization. It gives us the different pressures placed on individuals that would make them consider “cooking the books.” It also
Premium Audit Internal control Auditing
Auditor Rotation | Raising Auditor ’s Independence | Proposed By: Varun Basantani | Auditor Rotation- Raising Auditor ’s Independence ------------------------------------------------- Abstract: The question for mandatory audit rotation has been a concern to academics‚ investors‚ practitioners and the public at large. This paper is designed to determine the relationship between mandatory audit rotations and audit Independence. The paper makes an earnest effort to evaluate the need
Premium Audit Auditing External auditor
GROUP ASSESSMENT COVER SHEET UNIT CODE ACCG340 DUE DATE 14/OCT/13 TUTORIAL DAY & TIME MON/2PM TUTOR GROUP MEMBER DETAILS NO. STUDENT ID LAST NAME FIRST NAME(S) 1* 41403274 Choi Ukjin 2 41660625 Shim Daebo 3 42228425 Park Jae Hyun 4 5 *The first listed student should be the only student to submit the group assignment on Turnitin on behalf of the entire group.. ALL GROUP MEMBERS MUST READ AND AGREE TO THE DECLARATION BELOW PRIOR TO SUBMISSION. ELECTRONIC
Premium Balance sheet Audit Inventory
Case Study: How a CFO plowed himself under The three critical elements of the fraud triangle: 1) motive‚ 2) opportunity‚ and 3) Rationalization‚ clearly exist within the case of the $150‚000 embezzlement involving McKinley‚ his tractor company‚ and CFO position with the bank. McKinley’s motive‚ the driving force behind this act of embezzlement was his own self pride: his inability to deal with the fact that he had made a bad choice of investment‚ a poor investment strategy and an inability
Premium Audit Auditing External auditor
behaviors‚ and it is optional to be performed because they are close with sensitive‚ private and confidential documents (IFAC‚ 2009) [online]. It increases the credibility‚ accountability and stewardship of directors by requiring internal and‚ or external auditors (EAs) to ensure that the principles are not been violated. Besides‚ it leading the EAs to contribute their independent opinion as well as providing reasonable assurance thereafter will expresses that the financial statements are immaterial
Premium Business ethics Audit Auditing
misstatement‚ whether caused by error or fraud.” But despite the improvements‚ there remain fundamental flaws and external audits still frequently fail to uncover substantial financial statement frauds… What % of fraud do auditors prevent? What % of frauds do auditors detect?1 Other 1.1 IT Controls 1.1 Confession 1.5 Surveillance/Monitoring 1.9 Notified by Police 3 External Audit 3.3 Document Examination 4.1 Account Reconciliation 4.8 By Accident 7 Internal Audit 14.4 Management
Premium Auditing Audit External auditor