External auditor

Auditor roles According to CA Sanjay R. (2016)., The duties, roles and statutory responsibilities of the auditor basically require the following: i. Duty to make certain inquiries. ii. Duty to make a report to the company on the accounts examined. iii. Duty to make a proclamation in terms of the provisions

Introduction Big Data is one of the most discussed concepts in the business world today. The concept of Big Data is one that has been increasingly debated over the past few years by many different kinds of business industries. One industry where this discussion is prominent is the accounting profession. Big Data will be defined more in-depth later on, but in shorter terms, Big Data refers to the exponential sum of data available in our world today. This amount of data is beyond the traditional analysis

Executive summary This article initiates with the introduction on what is audit planning. It basically addresses the audit plan strategy of K & S Corporation limited’s Financial Statements. Being an external auditor of the company, key factors to be considered in auditing the financials of the subject company have been discussed in the article. The most significant accounts at risk being materially misstated have been critically examined citing the possible risks associated with such accounts.

Idealistically such a multiple of interdependent gatekeepers acting on business transactions simultaneously, form interlocking shields against wrongdoing. Corporate Governance and Auditor’s independence. Auditors are reputational intermediaries that receive a far smaller benefit than do their clients from the operations they certify. Since they share none of the gains and are exposed to a large fraction of the risk in the form of reputational erosion and

increasingly high expectation that auditors are accountable for detecting all frauds, while the standards require auditors to provide reasonable, but not absolute, assurance. The purpose of the report is to discuss the accountability of auditors in detecting fraud by analysing a $16.9 million fraud of Otago District Health Board (ODHB) perpetrated by Swann and Harford from 2000 to 2006. The report will explain the event, the fraud, the stakeholders, the role of auditors and the current situation. About

According to ICAEW, auditor independence mainly refers to the independence of the external auditor from parties that have an interest in the financial statements of the business being audited. It requires having both integrity and an objective manner to the auditing process. In order for the concept to be deemed effective the auditor needs to carry out their work freely. One of the main purposes of auditing is to increase credibility of the entity’s’ financial statements, as they have expressed their

Questions One of the key roles of the external auditor is to protect the interest of the public. To achieve this, it is important for the public to trust and have confidence in the work of an auditor. It is crucial that auditors appear independent to the public in both fact and appearance. For this reason, it is the auditor’s responsibility to ensure that there are no personal or business

also extends to identifying the specific guidelines to be adhered to direct the audit direction in the most professionally way. It can be established that are various guidelines that guide the audit depending on whether it is internal or external. Notably, external audit is guided by various standards, which require financial information to be prepared in a specific way as stipulated by various standard setting bodies. Therefore, in audit planning each body has distinct guidelines to be followed in

Hollate Manufacturing Case Study About this case study: This case study was developed as a joint effort by the Center for Audit Quality, Financial Executives International, The Institute of Internal Auditors, and the National Association of Corporate Directors. These four organizations have formed the Anti-Fraud Collaboration to actively engage in efforts to mitigate the risks of financial reporting fraud. The Collaboration’s goal is to promote the deterrence and detection of financial reporting

that highlighted the importance of proper reporting and the role that must be fulfilled by auditors which is yet to be comprehensively determined and agreed upon by industry leaders, regulators and governments however according PCAOB Chairman « detecting fraud is the responsibility of external auditors and that with few exceptions they should find it »(CFO.com 2004). In deed the responsibility of auditors is being argued