Audit Essays

When dealing with the decision to take on work we must first know that we have the ability to do so. We should not say yes to a job before we have full confidence that we can complete it. There are times when we might need to ask questions but …

What is Fraud? Fraud occurs when individuals purposely materially misstate facts with the intent of coercing someone to believe these misrepresentations. Upon believing the misrepresentation, individuals will act upon them and suffer a loss or damages. Fraud occurs in various forms: 1. Misappropriation of assets 2. Fraudulent financial reporting 3. …

INTRODUCTION This report consists of 5 reflections related to auditing standards and each case was extracted from internet sources. The purpose of this report is to reflect and understand each case. REFLECTIONS First reflection is on China sky case for its non-compliances with SGX. Next is the case on corporate …

(a) Answer: The main difference between a financial report audit, an environmental audit and an efficiency audit is the diverse objective of every audit. To be more precise, the objective of financial report audit is embodied in affording rational assurance on whether the financial report is prepared in almost all …

Internal audit is a dynamic profession involved in helping organizations achieve their objectives. It is concerned with evaluating and improving the effectiveness of risk management, control and governance processes in an organization. To do this, internal auditors work with management to systematically review systems and operations. These reviews (audits) are …

The explanatory fore word to the international Standards on Auditing (ISA) defines an audit authoritatively as an “independent examination of an expression of an opinion on the financial statements of the reporting entity by an appointed auditor in pursuance to his/her appointment and in compliance with any statutory obligation. An …

A staff auditor was listening to a conversation between two senior auditors regarding the audit risk model. Following are some statements made in that conversation regarding the audit risk model. Required Indicate whether you agree or disagree with each of the statements. Present the rationale for your answer. 1. Audit …

1. The role of the night audit: ( The night audit requires attention to accounting detail, procedural controls, and guest credit restrictions. In this sense, the night auditor shall track room revenues, occupancy percentages, and other standard operating statistics. He/she shall, also, prepare a daily summary of cash, check, and …

Audit Quality Defined Giving a precise definition of Audit Quality is difficult. Practitioners associates Audit Quality with the audit’s level of compliance with auditing standards (Watkins, Hillison, William, Morecroft citing Krishnan and Schaucer, Tie, McConnell and Banks, Aldhizer et al., Cook). On the other hand, accounting researchers define audit quality …

Paul Polishan apparently dominated Leslie Fay’s accounting and financial reporting functions and the individuals who were his subordinates. What implications do such circumstances pose for a company’s independent auditors? How should auditors take such circumstances into consideration when planning an audit? My question for the Leslie Fay Companies case focuses …