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Shareholders of the company, the directors of the company, the accountant of the company and future investors or creditors
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How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
What is the difference between audit report and audit certificate?
Guidance Note on Audit Reports and Certificates for Special Purposes 1. Introduction 1.1 Government authorities may, under various statutes or notifications, require reports or certificates from auditors in support of statements or other information prepared by an enterprise. Reports or certificates on specific matters may also be required from auditors by an enterprise, for its own special purposes. These reports or certificates cater to specific requirements of the individual users unlike a 'general purpose report' e.g. an auditor's report on financial statements which is intended for general use. An audit report or certificate for special purpose is one to which the format of general purpose audit report is not applicable. 1.2 This note is intended to provide guidance to members who way be called upon to give audit reports or certificates for special purposes (herein referred to as 'reporting auditors'). Reports on profit and/or financial forecasts and on tax audit do not fall within the scope of this guidance note.* 2. Scope of Special Purpose Audit Reports and Certificates 2.1 Audit reports or certificates for special purposes may be issued in connection with: a. financial statements which are prepared in addition to general purpose financial statements; b. specified elements, accounts or items of a financial statement; c. compliance with requirements of any agreement or statute or regulation; d. financial information given in special purpose formats or schedules; e. compilation of statistics or ascertainment of basic figures e.g., for the purpose of fixing quotas or levies. 2.2 A reporting ' auditor Should appreciate the difference between the terms certificate' and 'report'. A certificate is a written confirmation of the accuracy of the facts stated therein and does not involve any estimate or opinion. A report, on the other hand, is a formal statement usually made after an enquiry, examination or review of specified matters under report and includes the reporting auditor's opinion thereon. Thus, when a reporting auditor issues a certificate, he is responsible for the factual accuracy of what is stated therein. On the other hand, when a reporting auditor gives a report, he is responsible for ensuring that the report is based on factual data, that his opinion is in due accordance with facts, and that it is arrived at by the application of due care and skill. 3. Responsibility for Preparation of Special Purpose Statements The primary responsibility for the contents of a special purpose statement rests with the enterprise and this would be evidenced by a suitable declaration or authentication by the management on the face of the statement.
An audit team's responsibility would not include?
Designing client's internal controls
Why do you want to join audit or tax or advisory?
You may face to face this question if you apply for an audit company:D
What are the 5 types of audit report?
+Unqualified Opinion: The financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the entity in accordance with applicable accounting standards, other mandatory professional reporting requirements, and relevant statutory and other regulations. +Emphasis of Matter: Still an unqualified opinion, but has an additional paragraph to draw the reader's attention to specific circumstances that would be useful for decision-making. +Qualified Opinion: "except for" a specific section of the financial report, the remained can be relied upon as being true and fair, free from material misstatement, and prepared in accordance with an applicable financial reporting framework. +Disclaimer of Opinion: Expressed when the possible effect of limitation of scope is so material and pervasive that the auditor has not been able to obtain sufficient appropriate audit evidence on which to form an opinion an the accounts. +Adverse Opinion: Expressed when an auditor's reservations about the preparation of the financial reports are of such a magnitude that they believe the financial report, taken as a whole, is misleading and is of little use to the addressee of the financial report.
Mention three stakeholders who would be interested in the audit reports?
mention three stakeolders that will be intrested in the audit report
Would a general liability Insurer cancel a policy after an audit upon finding out the company did not report all employees?
It would depend on how the policy was written as to whether or not a general liability insurer would cancel a policy after an audit where they found out that the company did not report all employees.
Who would you send a report to?
You would typically send a report to a superior, such as a manager or supervisor, as well as any relevant stakeholders who need to be informed of the report's contents. The recipients would depend on the purpose and subject matter of the report.
What are the five components of an audit report?
It would be: Opinion Income Statemet Balance Sheet Schedule of cash flows footnotes
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
After completing an audit of financial records and they are accurate what kind of a statement should I make to the board?
If you don't know the answer to this question, then you obviously are not qualified to perform an audit (at least not a GAAP / GAAS / GAGAS, etc ). To answer question however, you would prepare an audit report which would be included in the financial statements, you would prepare a communication regarding internal controls to the board and you would also have a closing conference which would include the board and possibly management.
How can an investor verify the validity valuation and Existence of the Accounts Receivable?
Answer:Investors usually cannot verify the amount of accounts receivable. In order to do this, investors would need to perform an audit. This is why an audit by an external auditor has value to investors. The auditor visits the copmay to perform an audit. While performing the audit, the company is supposed to give the auditor full access to all files/records. The auditor reports its findings of the audit in the annual report.
What is the audit?
A diagnostic audit is typically an audit done on certain medical examinations. For example, mammograms are diagnostic, therefore a diagnostic audit would include mammograms.
What is the diagnostic audit?
A diagnostic audit is typically an audit done on certain medical examinations. For example, mammograms are diagnostic, therefore a diagnostic audit would include mammograms.
Types of listening that would be required with important internal and external stakeholders?
Types of listening that would be required with internal and external stakeholders?
What are the marketing activities a market audit would concentrate on?
whaat are the marketing activities a marketing audit would concentrate on?
How do you report a Ripley's record?
First of all, Ripley's is not a record book. If you want to report a world record, buy a Guinness world records book for further instructions. Secondly, if you would like to report something very odd, so that Ripley's would be interested, you will have write a letter for them.
