External Auditing – Week 4 discussion What do following risk categories mean: planned detection risk‚ inherent risk‚ control risk‚ acceptable audit risk? Can you give some examples? How do we as auditors deal with them? DETECTION RISK Detection risk is the risk that auditor’s substantive procedures will not detect a misstatement that exist in an account balance or class of transactions that could be material‚ individually or when aggregated with misstatements in other balances or classes.
Premium Auditing Audit Internal control
respect that the writer has chosen this topic: The impact of Internal auditing in the telecommunication industry with Vodafone Ghana Limited as the case study. 1.0 BACKGROUND OF THE STUDY Mautz and Sharaf (1961) defines auditing as a systematic process of objectivity; obtaining and evaluating evidence against assertion and established criteria and commence communicating the results to interested users. Internal auditing is an independent appraisal functions established within an organization
Premium Auditing Audit Internal audit
1 Auditing issues in Enron case Independent Needed for the Houston office of Andersen‚ an audit partner that understands the role of being a "public watchdog" with "ultimate allegiance to the creditors and shareholders" . Arthur Anderson abandoned its roles as independent auditor by turning a blind eye to improper accounting‚ including the failure to consolidate‚ failure of Enron to make $51million in proposed adjustments in 1997‚ and failure to adequately disclose the nature of transactions with
Premium Enron Enron scandal Auditing
Credits (Book ID: B1211) Assignment Set- 1 (60 Marks) Note: Each Question carries 10 marks. Answer all the questions. Q1. Explain the use of Sampling technique in Internal Audit ( SA500) Q2. Discuss‚ in brief‚ the advantages and limitations of auditing. Q3. Discuss the main scope and objects of internal audit? Q4. As a senior audit assistant of M/s. Asutosh Associates‚ you are in charge of internal audit team of M/s Rajesh Technologies involved in the manufacture of plastic tubes. From the information
Premium Lehman Brothers Auditing Internal control
Generally Accepted Auditing Standards Paper University of Phoenix ACC 490 Auditing February 7‚ 2011 Generally Accepted Auditing Standards Paper Every auditor is expected to follow the standards of the industry while conducting audits for clients. The most widely used standards were originally established in the 1940s and were adopted by the Public Company Accounting Oversight Board PCAOB in 2003 and are referred to as the Generally Accepted Auditing Standards GAAS (Boynton & Johnson‚ 2006)
Premium Audit Auditing Financial audit
Ethics‚ character and personal integrity are three of the most important factors in organisation; this essay will determine the role of ethics‚ character and personal integrity and describe the differences between them. Ethics is about decision-making and actions of human freedom. Ethics is the decision between what is right and wrong in life‚ when faced with the different directions of the action or alternative goals to pursue‚ our moral direction to make reasonable decisions. Especially in organizations
Premium Ethics Leadership
Integrity‚(Unknown)“Adherence to moral and ethical principles; soundness of moral character; honesty.” The question could be asked that in the modern world of business‚ is integrity a requirement for a manager in global corporations? In writing this short assignment‚ I will take the stance that integrity is an essential part of managing in present day global corporation. In doing so‚ I will focus on the famous Bre-X gold scandal that occurred which is an ideal example of a situation where the integrity
Premium Integrity Management Corporation
correct data submitted by user departments. 3. Management acts to reduce or eliminate incentives and temptations that might lead individuals to engage in dishonest or illegal acts. Control environment. Management leads by example‚ by demonstrating integrity and ethical behavior. 4. Management is alert to complaints received from customers about billing errors. Monitoring. Management may receive separate evaluations‚ such as from bank examiners. 5. Management gives special consideration to the
Premium Auditing Internal control Internal audit
Individual moral integrity and the lack thereof are illustrated by Arthur Miller in his play‚ The Crucible. The fear of witchcraft engulfs the Puritanical society thus creating a mob rule. The fate of the town depends upon the morals of its people. John Proctor and Reverend Hale are key players in condemning the Witch Trials; ruling the mob are Abigail‚ Judge Danforth‚ and their followers. Even though the trials were intended to end when Salem was cleansed of the alleged witchcraft‚ it remained the
Premium Salem witch trials The Crucible Witchcraft
Auditing Chapter 2 and 3 Chapter MC 2 2.26 - 2.29 Q 65‚ 70(I) 2.26) Which of the following categories of principles is most closely related to gathering audit evidence? A. Performance 2.27) Which of the following is not related to ethical requirements of auditors? D. professional judgment 2.28) One of an accounting firm’s basic objectives is to provide professional services that conform to professional standards. Reasonable assurance of the achieving this objective can be obtained by the
Premium Financial audit Auditing Audit