Ethical (General) Standards Competence – adequate technical training and proficiency. Competence is knowing what to do. 1. Recognize the assertion being made by management in each element (account) of a financial statement. 2. Decide which evidence is relevant for supporting or refusing the assertion 3. Select and perform procedures of obtaining the evidence 4. Evaluate the evidence and decide whether management assertions correspond to reality and GAAP - Objectivity
Premium Auditing Auditor's report Internal control
Alternative Dispute Resolution ("ADR") processes are alternative methods of helping people resolve legal problems before going to court. ADR involves an independent third person‚ called a "neutral" who tries to help resolve or narrow the areas of conflict. Most civil disputes are resolved without filing a lawsuit‚ and most civil lawsuits are resolved without a trial. The courts and others offer a variety of Alternative Dispute Resolution (ADR) processes to help people resolve disputes without a
Premium Dispute resolution Alternative dispute resolution Mediation
o If the going concern note disclosure is not adequate‚ the auditor would issue an adverse opinion. Scenario 2 o The auditor was appointed in the middle of the year and did not observe inventory at the end of the prior year there are no alternatives procedures that can provide the same evidence. o If the client has strong controls over inventory acquisition‚ sales and recording‚ it may be possible to reconstruct inventory movements for the entire year from transaction data which‚ along with
Premium Risk Auditor's report Auditing
Wage & Salary Administration Nature and scope‚ compensation‚ wage determination process‚ factors influencing Wage and salary administration. Wage – theories of wages‚ types of wages – time Rate‚ piece rate‚ debt method‚ wage differentials. Q. What is the meaning of Wage? (2 marks) Indian Labour Organization has defined the term wage as "the remuneration paid by the employer for the services of hourly‚ daily‚ weekly and fortnightly employees." It also means that remuneration paid to production
Premium Employment Minimum wage Wage
INTRODUCTION Internal auditing is a management-oriented discipline that has evolved rapidly since World War II. Once a function primarily concerned with financial and accounting matters‚ internal auditing now addresses the entire range of operating activities and performs a correspondingly wide variety of assurance and consulting services. By definition‚ according to Institute of Internal Auditors (IIA)‚ internal auditing is an independent‚ objective assurance and consulting activity designed to
Premium Internal audit Auditing Audit
Post completion audit aims to evaluate the efficiency and effectiveness of the capital budgeting decision that the management has implemented. It compares between the planned and the actual outcome‚ costs and the use of resources‚ results and benefits. It contains all assumptions that were made during the decision-making period. It is one of the ongoing continuous processes through which the organisation learns and improves. Recent research suggests that capital budgeting involves far more than
Premium Auditing Financial audit Internal audit
Confirmation as Audit Evidence Introduction The confirmation in the auditing process is a technique for obtain and evaluate a communication from a third party in response to a request for information made by the auditor. The request of the information can be both written and oral communications. According to Aldhizer and Cashell (2006)‚ the auditor controls the initial mailing of confirmation requests to the client’s banks‚ debts of their customers and others. Prasad (2007) described‚ that the purpose
Premium Auditing Financial audit Audit
Student Project Audit Test OCTOBER 9 PAYROLL: (Use the payroll file you saved under filename 10-09 your name to answer the following questions for the October 9 payroll.) Payroll Report 1. What is the number of withholding allowances for James C. Ferguson? 2. What is the current gross pay for Norman A. Ryan? 3. What is the amount of HI withheld for the current pay period for Ruth V. Williams? 4. What is the total current net pay for all employees? 5. What is the total yearly SIT withheld for all
Premium Social Security Tax Income
learn‚ but how does the surrounding environment‚ affects a child’s learning ability and influence the learning strategies that employ? Our society these days are divided into two different ways of thinking on the education. Some may believe that alternative methods are better than the traditional methods of teaching but yet these two methods are both a successful ways. Every method in teaching is the same for they deliver the same message to the students. Traditional method of teaching also known
Premium Alternative education Education Teacher
auditing must maximize the assurance provided to the board‚ the audit committee and the management‚ and contribute to the continuous improvement strategies for the organization. So‚ how to maintain good internal auditing function within the organization? Outsourcing of internal audit function is one of the solutions. So‚ what is internal auditing? What is outsourcing of internal audit function? How could outsourcing of internal audit function help the role of internal auditing? All these questions
Premium Internal audit Auditing Audit