"Auditing" Essays and Research Papers

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Auditing

information to the auditor in order to lower the expected loss from litigation or related settlements. This describes which theory of auditing? a. explanatory. b. agency. c. information hypothesis. d. insurance hypothesis. 5. Which of these actions is most likely to remove the audit expectation gap? a. improving auditing standards b. educating of audit users about what are reasonable expectations c. improving auditor’s performance...

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Auditing

BF3394 – AUDITING AND PROFESSIONAL ETHICS Module Number: Module Title: BF3394 AUDITING & PROFESSIONAL ETHICS 10 credits Number of Aston Credits: Total Number of ECTS Credits: 5 credits (European Credit Transfer) Staff Member Responsible for the Module: Dr Melina Manochin Finance and Accounting Group ABS Building, Room 410, Extension 3732 m.m.manochin@aston.ac.uk Availability: Please see office hours on door or group administrator, Ms Rosaleen Shirley, ABS 404, Extension 3238 Other Staff...

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Auditing

accordance with an identified financial reporting framework. An auditor is setting out to achieve enhanced credibility of information disclosed to increase reliability for the users of the financial statements. A definition from the Committee on Basic Auditing is as follows: A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating...

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Auditing

comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2012, and our report dated October 17, 2013, expressed an unqualified opinion thereon. W CPAs Foost, MN October 1,2013 Citation : Auditing and Assurance Service, Timothy Louwers, page 201 b. To the Board of Directors and Shareholders of L Inc.: We have reviewed the accompany statement of assets, liabilities, and equity – income tax basis of, L Inc. as of December 31, 2012, and the...

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AUDITING

company has automated the production, procurement, finance and human resource functions. You have been appointed the auditor of Bandari Ltd. Required: (a) Outline the major types of computer assisted audit techniques (CAATs) that could be used when auditing Bandari Ltd. (b) Describe the potential benefits that would be derived as a result of using CAATs. (c) (i) Briefly explain three uses that the auditors could make of a test pack when examining a sales ledger system maintained on Bandari Ltd’s computer...

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Auditing

reason for the switch is to build a relationship with a more nationally established CPA firm. Whatever the true reason is, neither will be serious problem regarding accepting the client. We can refer to the fee in the engagement letter before all the auditing work begin. We don’t have a client in the home appliance industry and the industry has been growing at a steady peace. Therefore, the engagement will be a great opportunity for our company to enter a new market. According to the financial...

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Auditing

reports should be directed to the audit committee, board of directors, and/or other appropriate governing authority; “in this context, direct reporting means that the governing authority would set the direction and approve the policies of the internal auditing activity “. What types of relationships would compromise independence? Any relationship in which the internal auditor did not directly report to either the audit committee, the board of directors, or the appropriate governing committee as mentioned...

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Auditing

AUDITING 4 INTERNAL CONTROL In business control is required for optimum utilizatiion of resources and for maximising the profits.business operations are carried on with the help of human agents and equipments.both require supervision to ensure that tasks assigned to them are carried out properly to avoid wastes and losses. Internal control required for small business is not identical with that required for a large business in the sense that in case of the former,the entire control...

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accountants These services include book-keeping services, tax services and management consulting services. Also mystery shopping, fraud and illegal acts risk assessment, compliance with trading policies and annual environment audit. Economic demand for auditing The following three factors are based on a bank making a loan 1) Risk free interest rate- Approximately the rate the bank could earn by investing in government bonds for the same length of time as the business loan 2) Business risk for customer-...

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PROCESS OF AUDITING,AUDITING VS INVESTIGATION

Process Of Auditing,Auditing Vs Investigation INTRODUCTION: Introduction to auditing: Economic decisions in every society must be based upon the information available at the time the decision is made. For example, the decision of a bank to make a loan to a business is based upon previous financial relationships with that business, the financial condition of the company as reflected by its financial statements and other factors.As a result the bank has lost both the principal and the interest...

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