Provide the objectives for a successful audit program according to ISO9001:2015
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Provide the objectives for a successful audit program according to ISO9001:2015
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- You are undertaking an audit programme. Discuss teh roles and responsibilites that the lead auditor would undertake when managing the audit program. according to ISO19011:2018AU-C 500 Audit Evidence, in the AICPA auditing standards refers to information produced by the entity. What must the auditor do to evaluate whether information provided by the client is sufficiently reliable?International Standards on Auditing (ISAs) are issued by the International Auditingand Assurance Standards Board (IAASB). Use the IAASB Web site (http://www.ifac.org/IAASB/) to learn more about the IAASB and its standard-setting activities.a. What is the objective of the IAASB? Who uses International Standards on Auditing?b. Summarize the due process followed by the IAASB in setting standards.c. How is the IAASB committed to transparency in the standard-setting process?
- Discuss why we have a dual system of auditing standards in the U.S. (AICPA Auditing Standards Committee-Statement on Auditing Standards and the PCAOB-Auditing Standards). Be certain to identify when each system used.distinguish between audit, attest, and assurance services. What is GAAS? Which agency is responsible to set these standards in the U.S.?How do IAASB audit standards compare to US audit standards?
- Refer to Exhibit 2.5 and answer the following questions. a. (Sections 101, 104, and 105) How does the establishment and operation of the PCAOB help to ensure quality external audits? How will audit firm inspections and investigations by the PCAOB help ensure high audit quality? b. (Sections 201-203) How do Sections 201-203 address audit ()r independence concerns? c. (Section 206) What is a cooling-off period, and how does it address auditor independence concerns? d. (Section 301) How do the audit committee requirements help ensure effective corporate governance? e. (Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility? f. (Section 401) How does this section relate to the Enron fraud? g. (Section 404) How do the management assessment and audit or attestation of internal controls contained in this section help to address the risk of fraud in publicly traded organizations? h. (Section 407) Why is it important that at least one member of the audit committee be a financial expert? What are the financial reporting implications if the audit committee does not have any individuals serving on it who possess financial expertise? i. (Section 802) How does this section relate to the Enron fraud?Discuss how the setting up of the AOB can enhance the audit quality in Malaysia.For whom were IAASB International Auditing Standards created?
- Elaborate or explain the following: International Internal Audit Standard 2040. International Internal Audit Standard 2340. International Internal Audit Standard 2330 A.1 and 2330 A.2 International Internal Audit Standard 2330 C.1 International Internal Audit Standard 2440.A2A uniform set of auditing practices should be established (GAAS). What is the purpose of GAAS?Standardize auditing procedures by identifying industry consensus (GAAS). What's the point of GAAS, exactly?