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Why auditors need to be independent?
TO ENSURE THE FINANCIAL STATEMENTS GIVE A TRUE AND FAIR VIEW
Why do organisation require internal and external auditors?
auditor check reliability of financial data of the organization, and he give assurance about financial data of an organization.
Does a trial balance with both sides' totals matching give you 100 percent assurance that there are no errors in your accounting books?
Does a trial balance with both sides' totals matching give you 100% assurance that there are no errors in your accounting books
What are the rights of the persons being audited?
Basically none if you are talking about a government audit. Any attempt to conceal information or mislead the auditors is considered illegal. Government audits are normally done under performed within the legal system and structure of the country in which you live; generally they give auditors the right to access all relevant financial information (not necessarily personal information) that pertain to the audit.
The Challenge of Internal Audit Jobs?
Internal auditors have the responsibility of making sure that their company's financial records are in order. They evaluate the controls that govern the company's income and expense accounts to make certain they are sufficient. These accounts must meet company and government requirements. Company requirements are based on company policy; government requirements are drawn out through various laws and procedures. Internal auditors must assure that the controls are sufficient to eliminate error or fraud. They prepare the company's tax records for the government. Dealing with overall budgets, internal auditors have also become computer savvy with a handle over the various computer software packages that aid in organizing and reporting accounts. Internal auditors generally have no responsibilities for producing strategy based on accounts or company projections. Internal auditors in the United States become Certified Internal Auditors by passing the Institute of Internal Auditors four-part examination. The examination is based on such topics as risk and control, governance concepts, fraud elements, tools for audit engagement, financial accounting, information technology concepts, and competitive analysis and strategies. After passing the test, the internal auditor must decide in which one of four areas he or she would like to receive a certificate. One can qualify for the Certified Internal Auditor certificate; the Certified Government Auditing Professional certificate; the Certified Financial Services Auditor certificate or receive Certification in Control Self-Assessment. The IIA expects internal auditors to have bachelor degrees and to follow the IIA Code of Ethics. The IIA standards are promoted and recognized across the globe, and many international internal auditors obtain their certification to practice in their countries from the IIT. Internal auditors have a medium salary of $54,000. After experience, the upper levels of internal auditors command $94,100. The number of jobs is expected to increase by 22 percent through 2014. By obtaining an MBA in accounting, internal auditors can reach a much higher salary level. The MBA degree will give the auditor necessary skills to interpret and adapt new laws to their work. Internal auditors have privileged status positions. It is important that they have a good knowledge of the law to protect their access to and knowledge of sensitive and confidential information.
Why auditors need to be independent?
TO ENSURE THE FINANCIAL STATEMENTS GIVE A TRUE AND FAIR VIEW
Why do organisation require internal and external auditors?
auditor check reliability of financial data of the organization, and he give assurance about financial data of an organization.
What is absolute assurance?
Absolute Assurance is the highest level of assurance an auditor can give, if s/he checks each and every transaction. Therefore, absolute assurance is the level of assurance that can only be given if the auditor does not perform sampling testing. However, because of the time and costs involved, it is not feasible for an auditor to give 100% level of assurance. With much fewer costs and time involved, s/he will be able to provide around 60% level of assurance by providing what is called Reasonable Assurance.
What assurance does Athena give to telemachus?
That his father is not dead and is in Ithaca
Difference between assurance and insurance?
Assurance is a feeling you give someone when they are confident in you. Insurance is a financial instrument that protects you if you experience a loss.
What assurance does Scrooge beg the spirit to give him?
That the scene he has witnessed are scenes of what may be an not will be
Does a trial balance with both sides' totals matching give you 100 percent assurance that there are no errors in your accounting books?
Does a trial balance with both sides' totals matching give you 100% assurance that there are no errors in your accounting books
What is an audit expectation gap?
Expectations gap === The expectation gap is the gap between the auditors' actual standard of performance and the various public expectations of auditors' performance (as opposed to their required standard of performance). Many members of the public expect that:auditors should accept prime responsibility for the financial statements,auditors 'certify’ financial statements,a 'clean’ opinion guarantees the accuracy of financial statements,auditors perform a 100% check,auditors should give early warning about the possibility of business failure, andauditors are supposed to detect fraud (See Wisconsin Law Journal article entitled, "Why Didn't Our Auditors Find the Fraud?").Such public expectations of auditors, which go beyond the actual standard of performance by auditors, have led to the term 'expectation gap’. Above retrieved from Abrema http://www.abrema.net/abrema/expect_gap_g.html Viper1
What is an effective sentence?
An effective sentence is one that shows the dependent and independent clauses that expresses the complete idea of the story. Basically, this sentence could give you a strong idea of what you are about to read.
What is the best free government cell phone?
Assurance because they give you 250 minutes and 250 text
What is the limitation in auditing?
Conflict with others: - Auditor may have differences of opinion withthe accountants, management, engineers etc. In such a casepersonal judgement plays an important role. It differs from person toperson.Effect of inflation : - Financial statements may not disclose truepicture even after audit due to inflationary trends.Corrupt practices to influence the auditors :- The managementmay use corrupt practices to influence the auditors and get afavourable report about the state of affairs of the organisation.No assurance :- Auditor cannot give any assurance about futureprofitability and prospects of the company.Inherent limitations of the financial statements :- Financialstatements do not reflect current values of the assets and liabilities.Many items are based on personal judgement of the owners. Certainnon-monetary facts can not be measured. Audited statements due tothese limitations can not exhibit true position.Detailed checking not possible :- Auditor cannot check each andevery transaction. He may be required to do test checking
Give an example of an independent organism?
spiders
