’Is it possible for auditors to achieve absolute independence and what regulations should be imposed to attain or maintain independence?’ Auditor independence requires auditors to take an unbiased viewpoint in the overall performance of the audit report‚ and therefore maintain the fundamental principles of integrity and objectivity. Auditor independence is possible‚ however it is quite hard to achieve as it requires auditors to meet all the guidelines set out by AASB and statutory requirements
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of auditing‚ types of audits‚ scope and objectives of auditing. It also covers professional ethics in auditing‚ audit evidences‚ audit planning and various other aspects of auditing. Moreover it gives knowledge about objectives of doing audit. The course also aims to explain the liability and responsibility of the auditor and how the computerised environment effects the business environment. * Course Outcomes On successful completion of this paper‚ candidates should be able to: 1.
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AUDIT PLANNING Audit planning procedures are the first and perhaps the most important step in carrying out a successful audit. Without adequate planning‚ the likelihood of missing a significant risk area or encountering engagement-related problems increases considerably. As baseball great and noted philosopher‚ Yogi Berra puts it‚ “If you don’t plan on where you are going‚ you could end up someplace different!” All too often the auditor does not give adequate attention to audit planning for a vast
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CHAPTER 4; CLIENT ACCEPTANCE 4.1 INTRODUCTION The client acceptance stage has two objectives; a) Examining the proposed client to determine if there is any reason to reject the engagement (acceptance of the client). To do so‚ the auditor obtains a preliminary understanding of the client‚ in order to both evaluate the client’s background and the risks associated with accepting the engagement. b) Convincing the client to hire the auditor (acceptance by the client). The auditor must thus understand
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ETHICS AND ITS THREATS TO AN AUDITOR BY UADIA CHRISTOPHER 14027674 Ethics Ethics can be defined broadly as a set of moral principles or values The word “Ethics” was derived from the Greek word ethos‚ meaning ‘character’. Ethics are standards of behaviour that describes how people react when they encounter different situations Ethics for Professionals The professional Ethics code is a part of Ethics which answers the question: how should the profession be practised? Professionals
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Strategic Audit of Hyundai Motor Company [Writer Name] [Institute Name] Hyundai Motor Company Introduction Hyundai Kia Automotive Group is a parent company of Hyundai Motor Company (HMC). In Korean‚ Hyundai means modernity. Hyundai is the largest car maker in South Korea after took control of Kia and ranked world fifth largest automaker in terms of sales. Hyundai’s vision is to provide value to the future of customers. In addition‚ their mission is to provide excellent automotive value for
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What factor would you consider in selecting the most appropriate software tool for your company? As a project manger I have to select a good efficient project planning tool for my project. There are couples of factors to choose one such as: 1. Intuitiveness: Because of the tight schedule there is no time for training the team members‚ simple as it should be easy starting. 2. Collaborative: The tools need to be collaborative‚ so we can combine functionality of other tool to make the existing
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1. Auditor Liability in Canada A & B Is it reasonable for a potential investor or existing shareholder to rely on audited financial statements that a corporation makes available for public consumption? Should an investor be able to sue a corporation’s auditor if audited financial statements materially misrepresent the financial status of the company audited? a. Should a potential investor only be able to sue the corporation? b. Should there be any limit on the auditor’s liability?
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procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that a representation letter signed by management is in the file. 2. An auditor has
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Risk Factors of ABC Company Risk Factors of ABC Company ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The current annual sales of the company are roughly $1.2 million. This is a 25% increase from the previous year. The goal of this company is to reach $3 million in annual sales within the next 3 years. The CEO has decided to expand the product line to include an additional product. The product expansion consists of manufacturing cedar
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