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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The JA does not allow courts to award damages for the breach of equitable obligation therefore‚ it is argued that substantive fusion has not occurred. This strengthens the dualism argument and supports Ellesmere’s comment. However‚ as common law and equity are administered in one court it is argued that each jurisdiction has borrowed from the other but‚ this has not happened because the remedies do not cross over. However‚ it is argued that the different remedial responses of the common law and equity
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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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entries must be supported by a document. • A technique to verify the authenticity and authority of transactions recorded in the books on the basis of which the auditor submits a report‚ indicating that accounts are correct‚ free from errors or fraud and complete. • It is not only examining the documentary evidence but sometimes auditor has to go behind recorded evidence to eliminate any possibility of fraud. DEFINITION • “Vouching is the examination of the evidence offered in substantiation
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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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SUMMARY OF THE INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NIGERIAN ENAMELWARE PLC. NAME OF THE COMPANY: Nigerian Enamelware Plc. NAME OF THE AUDITORS: Akintola Williams Deloitte‚ Charted Accountant‚ Lagos Nigeria. SOURCE OF INFORMATION: Annual Report & Accounts 2012. SCOPE: The financial statement audited by the auditors include; the balance sheet‚ profit and loss account‚ statement of cash flow‚ value added statement‚ financial summary‚ significant accounting policies and other
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Auditor Responsibility The expectation is that an auditor should be held responsible for the quality of his/her work. This is because a major error or omission by the auditor can result in a false opinion. Auditors have a moral‚ professional and legal responsibility. In the Companies Act 2006‚ Section 507 prevents auditors knowingly or recklessly causing an audit report to include any matter that is “misleading‚ false or deceptive in a material way”. To be proved in cases of civil liability
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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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an auditor may only resign if he is not the sole auditor of the company and his resignation must be made at a general meeting of the company. If an auditor gives notice in writing to the directors of the company that he wishes to resign‚ the directors shall call a general meeting of the company as soon as it is practicable. This is for the purposes of appointing an auditor in place of the auditor who wishes to resign and to appoint another auditor. The resignation of the auditor shall take effect
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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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