Auditor's report

    Page 1 of 14 - About 134 Essays
  • Pass/Failure Audit Case

    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 recommended that the auditor’s report more clearly identify the auditor’s role and responsibilities, the limitations of the auditing process, and the degree of reliance to be placed on the audit information presented. These proposed changes are based upon the same premise of avoiding the “illusion of accounting exactitude”. The auditing process requires a great deal of professional judgment and financial statement users must be cautioned against placing more than reasonable assurance on the report. In line with providing greater explanation of the financial statements, greater explanation of the audit process would be required for more uncertain parts of the auditing process, where additional judgment is needed. It is further proposed…

    Words: 1504 - Pages: 7
  • Income Tax Liability

    According to the post-implementation review, “reported information about income tax uncertainties is more relevant since FIN 48 was issued.” It also touches on the “benefits of FIN 48’s improved consistency and reporting… [that] outweigh its costs” (Schroeder et al., Post-Implementation Review Report). These findings are obviously positive with regards to the external stakeholders of these organizations affected by the changes as well as the organizations themselves, but there have also been…

    Words: 1377 - Pages: 6
  • US Public Company Accounting Oversight Board (PCAOB)

    1. Introduction The auditor 's report is one of the crucial means by which the auditor provides a judgement and acceptable assurance on the financial statement to investors and other users of financial statements, which has not changed much since the 1940s. To correspond to the size and complexity of markets that have greatly increased in the past seventy years, and to attract a greater percentage of households to invest in the stock market, a new auditing standard and related amendments to…

    Words: 1424 - Pages: 6
  • The Generally Accepted Auditing Standards

    Board (Varga, Hansen, Sandøe & Olsson, 2010, p.500). The International Audit Standards guides the auditors so as to add value to his work hence building the investors’ confidence. The auditing standards require that the audit information is presented in different sections to ensure relevance and clarity. The sections include introduction, definition, objective, requirements as well as application and explanatory material. The introduction section contains information pertaining the scope,…

    Words: 1062 - Pages: 4
  • Expectations Gap In Corporate Governance

    The auditor’s opinion helps to determine the true and fair financial position and operating results of an enterprise and that enhances the transparency in the company. This is considered as most recognised as well as expected role of the auditors, and mandated so by the corporate laws of most countries of the world . In India also, the auditor is cast with the responsibility of ensuring this aspect. Provisions relating thereto are contained in Chapter X of the Companies act, 2013 from Section…

    Words: 764 - Pages: 4
  • Key Auditing Principles

    Q4. Identify the key auditing principles violated by the E&Y auditors in this case. Briefly explain how each principle was violated. https://pcaobus.org/Standards/Auditing/Pages/Auditing_Standard_3.aspx In this case, E&Y auditors violated several auditing principles among the ten generally accepted auditing standards, and I would like to illustrate specifically four key auditing principles that they violated: 1) Due professional care (General Standards), 2) Sufficient appropriate evidence…

    Words: 1514 - Pages: 7
  • The Challenges: The History Of A Christian Auditor

    all know that the first attempt at something doesn’t turn out perfect. So later, the auditors created a new set of ideas on how to audit. Nonetheless, modern auditing began in 1844 which required the corporate directors’ report to stockholders through a financial statement and balance sheet. Ten years later Scotland and England were the first leaders to establish the modern accounting profession. Now in day auditing in constantly making small changes that auditors need to be aware of. When…

    Words: 1401 - Pages: 6
  • Independence In Auditing

    not feel confident participating in financial markets which would greatly harm the economy. Auditors must further ensure to honor the public’s trust which underlines the importance of being independent in appearance. Auditors have the responsibility to exercise professional judgements when auditing financial statements and the public must trust that their professional judgement is without bias otherwise the reports would be potentially materially misleading. 2. There are number of standard…

    Words: 1290 - Pages: 6
  • Analysis Of The Sarbanes-Oxley Act

    Oversight Board (PCAOB). Sarbanes-Oxley gives the PCAOB the authority to set auditing standards and regulate accounting firms. As opposed to the self-regulation and peer review system of accounting firms that had been employed for sixty years prior, SOX shifted the oversight of audit firms from the AICPA, a private organization, to the quasi-governmental PCAOB. The SEC oversees the PCAOB, but the people on the board and the staff are not government employees. According to the PCAOB website, the…

    Words: 1690 - Pages: 7
  • External Audit Analysis

    auditors have to make changes to their audit process” (McConnell, Banks, 2003) in addition to having implications on the process that auditors have to follow Sarbanes-Oxley Oxley section 201 sets out that there are certain activities that the external auditors cannot perform promises to aid in the separation of the external auditors in the work that they are reviewing. “Prohibited activities… To provide to the issuer, contemporary mania sleep with audit any non-audit services including – (1)…

    Words: 1081 - Pages: 4
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