The Institute of Chartered Accountants in Australia Addressing Unit 3BACF Accounting & Finance The role and function of external auditors charteredaccountants.com.au The Institute of Chartered Accountants in Australia Government and the community The role and influence of governments and other bodies The role and function of external auditors Financial statements are used for a variety of purposes and decisions. For example‚ financial statements are used by owners to evaluate management’s
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The Auditor Paper 6-8: According to the book‚ it is incredibly important to successfully complete the CPA exam in the first year. Jack Butler informs us that new staff members can greatly distinguish themselves by passing the CPA exam the first attempt because so few people manage to do so. Other benefits of this would include spending less time studying and more time working‚ financial benefits of not having to pay for additional attempts‚ and it is mandatory in order to move up in the company
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WORKING PAPER Auditor Independence: An Examination Independence Risk Factors and Mitigating Factors on Auditor Judgment Barbara M. Vinciguerra Penn State Great Valley School of Graduate Professional Studies Auditor Independence: An Examination Independence Risk Factors and Mitigating Factors on Auditor Judgment Abstract Professional standards require auditors to be independent in the performance of attestation services. Critics of the accounting profession have expressed
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Yongho Cho 8/26/2012 Weekly Memo #1: Should external/internal auditors be responsible for detecting client fraud? In 2001 Enron‚ the seventh largest energy company in 2001‚ filed for bankruptcy. The event named “Enron Scandal” is considered to be the most shocking incident in American economic history. Bring the country to the edge of disaster‚ the scandal was basically caused by securities fraud which Enron was charge with. The irrationality of accounting and auditing system encouraged U
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Auditor Independence: An Impossible Dream In recent months there has been much discussion about the independence of CPA auditors; the leadership of the AICPA‚ the Auditing Standards Board‚ the Public Oversight Board‚ the Independence Standards Board‚ and most recently the proposed independence rules promulgated by the SEC have all attempted to clarify and strengthen auditor independence. Several newspaper and magazine articles have also addressed the issue. In my opinion‚ all the efforts to
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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
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Summary of The Auditor The Auditor by James K. Loebbecke tells a story about the life and career of an auditor named Jack Butler. The book shows Jack’s career from his education all the way to his promotion to partner. Loebbecke designed this story about Jack as a teaching tool to give students an understanding about the life of an auditor. The story begins with Jack’s promotion to partner and how it was bittersweet for him. Jack is excited for the promotion‚ but is also nervous about the
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Auditor Quality 1. Introduction Over the past 20 years‚ research has been carried out to interpret audit quality and still no agreement on the method of measurement for audit quality. This is because audit quality depends on individual understandings‚ and those conceptions rely on whose perspectives are taken into consideration. The International Auditing and Assurance Standards Board’s (IAASB) lately established Framework for Audit Quality (the Framework) in the purpose to systemize the
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Table of Contents 1.0 Introduction 1.1 Audit 1.2 nature of auditor independence 1.3 principle of auditor independence 2.0 The concept of auditor rotation 3.0 The history and current debates concerning auditor rotation 4.0 Different countries regimen should be considered 5.0 Conclusion 6.0 List of references 7.0 Appendices 1.0 INTRODUCTION 1.1 Audit Auditing is the analysis of the financial accounts or records‚ by a qualified accountant‚ and
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Appointment‚ Duties‚ Rights and Liabilities of Auditor Appointment: First Auditors a) The first auditors of a company shall be appointed by the directors within 60 days of incorporation of the company [252(3)] b) The first auditors will hold office till the first annual general meeting [252(3)]. c) If the directors fail to appoint the first auditors‚ the members shall appoint the first auditors‚ provided further that the auditors such appointed shall not be removed during the tenure expect
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