0
What else can I help you with?
What color pen should used by an external auditor in a company while auditing?
red
Can an external auditor subcontract another external auditor?
Yes, an external auditor can subcontract another external auditor, but this practice typically requires transparency and adherence to professional standards. The primary auditor retains responsibility for the audit's overall quality and compliance with relevant regulations. Additionally, the engagement terms should clearly outline the subcontractor's role and responsibilities to ensure accountability.
How do i construct a letter to terminate an external auditor's appointment?
The writing of a letter to terminate an external auditor's appointment should start with your authority to do so if it is not clear who you are to the auditor. The letter should thank the person for their service. Finally, the letter should end with the expected end date.
What color pen should used by an internal auditor in a company while auditing?
green colour
What factors should an external auditor consider when assessing whether a risk is a significant risk?
When assessing whether a risk is a significant risk, an external auditor should consider factors such as the complexity of the transactions involved, the potential for fraud, the degree of estimation uncertainty, and the significance of the risk in relation to the financial statements as a whole. Additionally, the auditor should evaluate the industry-specific risks and the effectiveness of internal controls related to the area of concern. Understanding the entity's environment and prior audit findings also plays a crucial role in this assessment.
What color pen should used by an external auditor in a company while auditing?
red
Can an external auditor subcontract another external auditor?
Yes, an external auditor can subcontract another external auditor, but this practice typically requires transparency and adherence to professional standards. The primary auditor retains responsibility for the audit's overall quality and compliance with relevant regulations. Additionally, the engagement terms should clearly outline the subcontractor's role and responsibilities to ensure accountability.
How do i construct a letter to terminate an external auditor's appointment?
The writing of a letter to terminate an external auditor's appointment should start with your authority to do so if it is not clear who you are to the auditor. The letter should thank the person for their service. Finally, the letter should end with the expected end date.
Why an external auditor should be concerned over internal control?
Good internal controls tell the auditor that the accounting system has the integrity to make him believe that the information he obtains for the reports can be reasonably relied upon to present fairly the results of the company's operations and the balance of assets.
What color pen should used by an internal auditor in a company while auditing?
green colour
What factors should an external auditor consider when assessing whether a risk is a significant risk?
When assessing whether a risk is a significant risk, an external auditor should consider factors such as the complexity of the transactions involved, the potential for fraud, the degree of estimation uncertainty, and the significance of the risk in relation to the financial statements as a whole. Additionally, the auditor should evaluate the industry-specific risks and the effectiveness of internal controls related to the area of concern. Understanding the entity's environment and prior audit findings also plays a crucial role in this assessment.
What are the qualities an individual should posses in order to be an auditor of a public limited company?
Assuming the individual is already employed by an Audit Firm, has the technical expertise in the company's line of business, has adequate training and supervision, etc..... they should be very attentive to details, very analytical, sharp witted, etc. Auditing is a VERY tedious, boring and complicated job.... it has a very high burnout rate.
What should a government auditor use?
The auditor should use professional judgment in planning and performing all audits
What should the auditor consider before accepting the audit of a not-for-profit organisation?
I THINK the auditor consider should be accept
Stakeholder should be internal or external?
Generally, stakeholders are external. If an employee is at the same time a stakeholder of the company he works for, then he is both internal and external.
If an external conpany sends to your company compensation for your employee for attending the external companies workshop. I this a pass through with no taxes taken or should my company withhold taxes?
no
List five recommendation that have been made recenlty to strengthen the independent audit function?
A public company auditor, in order to be independent, should not audit its own work (as it would if it provided internal audit outsourcing services, financial information systems design, appraisal or valuation services, actuarial services, or bookkeeping services to an audit client).A public company auditor should not function as part of management or as an employee of the audit client (as it would if it provided human resources services such as recruiting, hiring, and designing compensation packages for the officers, directors, and managers of an audit client).A public company auditor, to be independent, should not act as an advocate of its audit client (as it would if it provided legal and expert services to an audit client in judicial or regulatory proceedings).A public company auditor should not be a promoter of the company's stock or other financial interests (as it would be if it served as a broker-dealer, investment adviser, or investment banker for the company).
