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A draft audited accounts: When the external auditors of a company have finished the audt of the company, a draft accounts will usually be prepared. It is called a draft because it is still subject to "alteration" as it has not been finalised. An external auditor will have to sign a fully audited accounts but will not append such signature unless the accounts is finalised in all aspects. So, we may say a draft audited accounts is an accounts already audited by the external auditors but which is still subject to alterations and will eventually become a final audited accounts onces all alterations have been effected and the accounts signed by both the external auditors and the board of directors of the company.

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Arianna Blick

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Who audits an audit firm?

In Canada, the Canadian Public Accountability Board. In the USA, the Public Company Accounting Oversight Board.


Who should internal audit department report to?

The internal audit department should ideally report to the board of directors or an audit committee within the board, rather than management. This structure helps ensure independence and objectivity in the audit process, allowing auditors to provide unbiased assessments of the organization's risk management, control, and governance processes. Reporting to the board also fosters transparency and accountability, enhancing the overall effectiveness of the internal audit function.


How to reduce audit expectation gap?

To reduce the audit expectation gap, it is essential to enhance communication between auditors, clients, and stakeholders to clarify the scope and limitations of an audit. Providing educational resources about the audit process and its objectives can help stakeholders understand what to realistically expect. Additionally, implementing regular updates and feedback mechanisms can foster transparency and improve trust in the audit results. Ultimately, promoting a culture of accountability and continuous improvement within auditing practices can significantly bridge this gap.


Can I deduct if I don't have receipt for donation?

You can deduct if you do not have a receipt for a donation however keeping receipts is best for accountability. Receipt provide and document proof in the event of an audit on your tax return .


What audit object and responsibility?

An audit object refers to the specific entity, process, or system being examined during an audit, such as financial statements, compliance with regulations, or operational efficiency. The responsibility of the auditor is to assess the accuracy and integrity of the audit object, ensuring that it complies with relevant standards and regulations while providing an objective evaluation of its performance. This includes identifying any discrepancies, risks, or areas for improvement, and reporting findings to stakeholders. Ultimately, the auditor's role is to enhance accountability and transparency within the organization.

Related Questions

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In Canada, the Canadian Public Accountability Board. In the USA, the Public Company Accounting Oversight Board.


What has the author Laura Spira written?

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What is Materiality in a financial integrity state managers accountability act audit?

The question of materiality arose from an interview with CAL EPA . The question asked for a definition of materiality and substantial.


How to reduce audit expectation gap?

To reduce the audit expectation gap, it is essential to enhance communication between auditors, clients, and stakeholders to clarify the scope and limitations of an audit. Providing educational resources about the audit process and its objectives can help stakeholders understand what to realistically expect. Additionally, implementing regular updates and feedback mechanisms can foster transparency and improve trust in the audit results. Ultimately, promoting a culture of accountability and continuous improvement within auditing practices can significantly bridge this gap.


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What is government auditing?

Government audit is process of auditing of government organization's account by government auditors. Government auditing is carried out to assess the performance of public accountability by government entities.


What is AFROSAI-E?

AFROSAI-E stands for African Organization of English-speaking Supreme Audit Institutions. It is a regional body that promotes good governance and accountability through capacity building, knowledge sharing, and fostering cooperation among Supreme Audit Institutions in English-speaking African countries. AFROSAI-E is affiliated with the International Organization of Supreme Audit Institutions (INTOSAI).


What audit object and responsibility?

An audit object refers to the specific entity, process, or system being examined during an audit, such as financial statements, compliance with regulations, or operational efficiency. The responsibility of the auditor is to assess the accuracy and integrity of the audit object, ensuring that it complies with relevant standards and regulations while providing an objective evaluation of its performance. This includes identifying any discrepancies, risks, or areas for improvement, and reporting findings to stakeholders. Ultimately, the auditor's role is to enhance accountability and transparency within the organization.


What is the importance of maintaining accurate and organized work papers in the auditing process?

Maintaining accurate and organized work papers in auditing is crucial because they provide a clear trail of the audit process, ensuring transparency, accountability, and reliability of the audit findings. These papers help auditors track their work, support their conclusions, and facilitate review by supervisors and external parties. Ultimately, well-maintained work papers enhance the quality and credibility of the audit process.