What are key audit matters? How do these affect the format of the audit report? (Australian Standards)
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What are key audit matters? How do these affect the format of the audit report? (Australian Standards)
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- 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?Urgent Answer please 2. Explain Audit Commitee by decribing the role and responsibilities. This is full question and not an eassy question at all. Answer must be plagirism free and in reasonable length. Length should not be too short or too long. Give reasonable answer please.Choose the documents which should be included in the audit documentation a. Summaries of significant matter O b. Issue memoranda O c. Audit program O d. All the options
- Urgent Answer Please 1. Are Audit Committees important to an organisation and why? This is full question and not an eassy question at all. Answer must be plagirism free and in reasonable length. Length should not be too short or too long. Give reasonable answer please.The standard uniquified audit report Select one: a. is sometimes called a disclaimer report b. can be issued only with an explanatory paragraph c. can be issued if only a balance sheet and income statement are included in the financial statements. d. is sometimes called a clean opinion1.) The Information Systems Audit and Control Association (ISACA) developed guidelines and procedures on how to follow the standards that apply specifically to the specialized nature of the IS Audit. The guidelines serve as guidance the IS auditor should normally follow. However, there may be situations where the auditor will not follow that guidance. In this case, what happens now to the work done by the IS auditor? 2.) Audits are conducted for various reasons. It can help an organization ensure effective operations, affirm its compliance with various regulations, and confirm that the business is functioning well and is prepared to meet potential challenges. There are three typical phases in an Audit, explain each phase and its relation to the other. 3.) Every organization has controls in place. Such controls must be effective. They are effective if they prevent, detect, or contain incidents and enable recovery from events that cause risks. Enumerate those three types of control…
- 1.) The Information Systems Audit and Control Association (ISACA) developed guidelines and procedures on how to follow the standards that apply specifically to the specialized nature of the IS Audit. The guidelines serve as guidance the IS auditor should normally follow. However, there may be situations where the auditor will not follow that guidance. In this case, what happens now to the work done by the IS auditor? 2.) Audits are conducted for various reasons. It can help an organization ensure effective operations, affirm its compliance with various regulations, and confirm that the business is functioning well and is prepared to meet potential challenges. There are three typical phases in an Audit, explain each phase and its relation to the other.Explain the role and responsibilities of the audit committee of Pastells with regard to: (i) the external audit of the company's financial statements.(ii) the internal control system and internal audit function. Should not be copied on googleIn the auditing process Select one: a. the criteria for evaluating information will not vary depending on the information being audited. b. the audit report communicates the auditor's findings to users. c. the types and amounts of evidence remain constant from audit to audit d. evidence are gathered by the auditor to determine whether the audited information is stated in accordance with SEC standards.
- 19-In case of doubt about the reliability of Journal, ledger and other documents what are the requirements of International Standards on audit? a. Further investigation b. Determination of required modifications c. Determination of additional audit procedure d. All the optionsYou have been asked to prepare a presentation to new recruits in your audit firm on the use of working papers. You have also been asked to include in your presentation a distinction between files held in permanent and current files, the design and use of audit programmes and the purpose of an audit trail with respect to the conduct of the audit. Required a) State four matters you would expect to find recorded in working papers in the permanent audit file and explain their purpose. b) Explain the design and use of audit programmes. c) Explain the importance of recording details of the actual evidence examined in the course of the audit on which the conclusions are drawn. d) Post your response to the discussion forum and engage two of your peers in a critically constructive dialogue about their responses.AICPA Independence and Other Services. The Independence Rule of the AICPA Code of Conduct cites several “other services” that do and do not impair audit independence.Required:Go to the AICPA website (www.aicpa.org) and find whether the following items impair independence (Yes) or do not impair independence (No) when performed for audit clients.a. Post the client-approved entries to a client’s trial balance.b. Authorize the client’s customer credit applications.c. Use CPA’s information-processing facilities to prepare the client’s payroll and generate checks for the client treasurer’s signature.d. Sign the client’s quarterly federal payroll tax return.e. Advise client management about the application or financial effect of provisions in an employee benefit plan contract.f. Have emergency signature authority to cosign cash disbursement checks in connection with a client’s hospital benefit plan. g. As an investment advisory service, provide analyses of a client’s investments in comparison…