Audit Essay

Forensic audit includes lots of activities and it is not part of regulatory guidance. Forensic auditing are the wide range of activities for investigation purpose, which are performed by accountant in practice. The work of the forensic auditor is to investigate the financial affairs of the organization and most importantly includes investigation of any fraudulent activity. Internal auditor can use a third party forensic auditor for this purpose and than report the findings to the Board and audit…

The audit process, which can be considered the systems and methods an auditor uses in order to gather sufficient audit evidence, this can vary from firm to firm as well as auditor to auditor (Manita & Elommal, 2010). The main factors that will influence the audit process will be how compliant the audit teams are regarding the auditing standards, laws and control procedures, the level of interaction between the audit team and relevant parties, and finally the amount of appropriate audit…

financial statements are presented fairly and accordance with the financial reporting framework. When providing auditing and other attestation services, an auditor should be independent. Amanda was assigned to audit LAW LLC financial statements. Amanda was faced with an ethical dilemma when LAW LLC’s audit report showed little evidence of the different assets on its balance sheet. Also, LAW LLC violated their loan covenant which due whether it was on the financial statement. As an auditor, you…

Concurrent audit also investigate the ongoing of the PSI. For instance, infection control, to monitor how frequent staffs used sanitiser cleaning wipe after every use of the cover for the catheter stand. As a result, a rang of methods can be used in both retrospective and concurrent audits to collect appropiate evidence about the quality of care including observation, checklist of compliance, documentation of approve audit, questionnaire and interview both stakeholders (Smith 1992). The…

Audit risk evaluation and planning materiality for the audit of “2016 Annual Report” Toshiba Corporation A. Introduction The auditor must assess client risk and perform audit planning after accepting client engagement. The assessment includes understanding the client, identifying factors impact the risk of a material misstatement, performing a risk and materiality assessment and developing an audit strategy (Moroney, Campbell, & Hamilton, 2014). This essay will discuss what the inherent risk…

Thank you for your consideration on potentially interested in having audit for your company, Scottish Treats Ltd and reaching out to our firm. The queries you laid out in your letter are a great sources of information in order to determine that the company needed in having an audit. In the next part of the letter, I will be explaining the answers to your queries and clearly clarify whether the company need in having an audit. The information for the company hoping to go for listing on stock…

Competitive Tendering and Audit Quality The UK Competition and Markets Authority(CMA) implemented a compulsory Order in September 2014 for the purpose of improving audit independence. This essay will discuss whether the order will improve audit quality by answering several questions from two perspectives, academic research and auditing theory. The questions include the meaning of ‘audit quality ', opinions for and against mandatory rotation, the advantages and disadvantages of competitive…

power quality audit we must know about what is audit. Audit The word audit is derived from a Latin word "audire" which means "to hear". During the medieval times when manual book-keeping was prevalent, auditors in Britain used to hear the accounts read out for them and checked that the organisation's personnel were not negligent or fraudulent. Quality Audit Quality audits are performed to verify conformance to standards through review of objective evidence. A system of quality audits may…

material misstatement. To reach that the auditor needs to collect evidences that have reasonable quantity and quality “sufficient appropriate audit evidence”. In AU-C 230, the objective of the auditor is to plan and perform the audit work in order to obtain sufficient appropriate audit evidence to reduce the audit risk. Therefore, based on GASS, the audit opinion on the report can’t be absolute assurance and this match with Ms. Stitt’s testimony about the concept of reasonable assurance. Also, I…

public perception of an audit and what auditors claim is expected of them. In the wake of recent accounting scandals, the expectations gap can be seen in the area of fraud detection. There is a divergence in what the investing public expects when it comes to detecting fraud and what the auditing profession reasonably believes can be detected. The public often does not realize that it is management’s primary responsibility to prevent and detect fraud. To improve the audit model, it is…