Audit committee

requesting mandatorily from all banks to establish an audit committee in their board of directors with clear measures regarding the size of the committee, the frequency of meetings, the financial expertise of its members, etc. This decision had positive impact on the banks’ corporate governance in many terms. It helped improving the internal audit work especially in the Anti Money Laundering function. The new decision also made the audit committee able to evaluate the external auditors’…

The two forms of audit have distinct scope, functions and roles. Internal audit actions focuses mostly on nonfinancial procedures whereas external audit concentrates on accounting processes. The acknowledgement of their difference and knowledge that their function serves different purposes is essential to the complementary role played by the two types of audit. It is worthy of note that recognition of the differences will facilitate the…

because on their Integrated report Lewis states that they have committee’s and procedure that are put in place for assurance of proper internal control like the board charter, a governance structure, audit committee, risk committee, social, ethics and transformation committee, and the king…

and independence in the planning and supervision of the audit, to understand the audit structure of the entity audited to obtain…

• The AICPA's Code of Professional Conduct does not require all employees to sever ties with all audit clients. For example, staff auditors not working on a particular engagement need not sever ties. In this case, the firm exceeds the minimum level of conduct for independence. • The case does not address other ethical requirements. • The case does not mention spouses or dependents of the employees. Spouses and dependents must also be independent, as defined by Section 100--Rule 101 of the…

5. Section 407 requires the companies to disclose whether at least 1 member of its audit committee is a financial expert. Section 408 provides for enhanced review of periodic disclosures by Board. Section 409 requires issuers to disclose material changes in the financial condition or operations on a rapid and current basis. This title IV is…

section of their company to be very complicated and susceptible to fraud. When an auditor is approached to complete an audit of DOW’s transfer of financial assets, there are a few steps that need to be taken in order for the auditor to protect himself. The auditor needs to learn about DOW and its environment, assess the risk of material misstatement and look into designing and planning audit procedures needed to complete the…

and the audit committees, which are designed to monitor management’s performance. The board of directors has responsibility to oversee management’s decision-making and the audit committees perform to prevent and to detect false and misleading financial reports. Moreover, the companies should allow the internal auditors to communicate with the audit committees about any matters of concern without having to go through top management. It is critical that the board of directors and the audit…

liabilities or expenses and overstatement of revenue and assets. However, corporations hire forensic experts to do the fraud investigation. After the 2002 Enron scandal, the Sarbanes Oxley act required that a publicly traded company to have an audit committee with a financial expert. The CPA firm does the auditing of the financial statements and makes sure every…

Following the preliminary engagement activities, the audit team should go about setting an audit strategy and have an audit plan developed. The strategy will go over aspects of how the audit procedure and discuss the scope, timing, and direction of the audit itself. This well help determine resources that the audit team will need in order to carry out the audit including experience of auditors, and the industry specific skills that may be necessary. Amount of resources should also be taken into…