Answers: 1. The code of ethics under APES 110 was issued by Accounting Professional and Ethical Standards Board. It is the independent body that was established in the year 2006. The code is segregated under 3 parts – (1) Part A is applicable to the members (2) Part B is applicable to the members under public practice and (3) Part C is applicable to the members carrying on business, however, the members under public practice may also us...Read More
Answers: A 1. Audit risk refers to the risk that there might be some material misstatement in the financial statements even though the same has been audited. In the given case study of Metha Restaurant has 4 outlets and is engaged in restaurant business. The audit risks which may be associated with the auditing of the business are given below: The auditor appointed might lack the experience which is necessary for a detailed ...Read More
Answer: Introduction The auditing procedure of the financial statements of a company are essentially carried out for the purpose of evaluating the fact as to whether the financial report that is prepared for a stipulated financial year reflects the true image of the corporate entity. This means that the controlled set of guidelines or structures should be necessarily complied with for the purpose of reflecting the fairness of the accounting s...Read More
Answer: Topic 1: The Expanding Role of the Auditor Introduction Organizations might communicate their commitment in the sustainability and might offer their outcomes in their ground through creation or publication of corporate social responsibility statement. Today, there is an increasing number of organization distributing CSR reports as their yearly financial statements or as the separate corporate social statements. In spite the growth th...Read More
Answer: Background and Introduction In the given assignment, 5 different situations have been given which needs to be assessed as per the conceptual framework stated in APES 110 on Code of Ethics for Professional Accountants. The threats along with the safeguards to be ensured have been highlighted for each of the case together with the objective assessment of whether the audit independence can be achieved or not. Discussion and analysis ...Read More
Answer: Introduction The auditors have to provide an objective and impartial report to their clients which is not affected by any prejudice, conflict, compromise and bias. This requires them to observe independence of auditors with respect to their client so that they are free from relationships and situations which could hinder the quality of the reporting to their clients and to the stakeholders who shall be using the reports generated by t...Read More
Answer: Introduction Auditing can be considered as an important process of the companies as it helps in showing that whether the financial statements of the companies are free from material misstatements or not (Louwers et al., 2015). Auditing can be defined as the set of activities for on-site verification like the inspection and examination that the auditors conduct. It needs to be mentioned that there are certain objectives of this report ...Read More
Answer: Introduction This report will look for the importance of audit and assurance in the perspective of International Federation of Accountants’ different journals or the papers published in their website in the said subject. We have chosen two different articles published in their website for referred discussion. This discussion will highlight the importance of audit and assurance in the field of accounting with latest global develo...Read More
Answers: Introduction Auditing is considered as the systematic and methodical process of inspecting as well as examining the financial statements of the companies in order to make sure that there is not any material misstatements in them (Louwers et al. 2015). Before commencing the audit works, it is needed for the auditors to chalk out the audit strategy in detailed manner. An Audit Strategy sets the direction, timing as well as scope o...Read More
Answer: Planning Materiality Planning materiality is the maximum amount of statements that could be misstated by way of any unknown fraud and errors as believed by auditors that would not have any impact on the financial or investment decisions made by the users of financial statements. It is required to quantify the materiality levels as per the clarified accounting standards and such estimates helps in guiding the decision making of auditor...Read More
Answer: Introduction The assignment introduces a brief explanation over auditing and auditing skills that is applied for providing varied analysis and verification of financial values of business entities. In the assignment with different case scenarios usage, validity, assessment, significance and approach of financial ratio and financial auditing system has been discussed. Case analysis 1: The current ratio evalua...Read More
Answer: Introduction The organizational structure and decision making processes which are followed in an organization can be considered as very vital regarding effective implementation of changes as it determines communication efficiency and change readiness of organization which can be considered very vital for organizational change. This report focuses on organizational structure and decision making process followed in Dodo. Analysis As o...Read More
Answer: Introduction At the time of providing the audit clients with the auditing and assurance services, the primary responsibility that the auditors have is scrutinizing the accounting books and accounting records of the audit clients in order to make sure that there is not any material misstatements in them that can affect the decision-making process of the company’s key stakeholders like shareholders, suppliers and others (Byrnes et...Read More
Answer: Introduction Over the years, there are many instances all over the world where the large business organizations faced brutal collapse or unexpected liquidation due to several disputes, mistakes and errors in accounting and auditing practices; and the collapse of Enron can be considered as the greatest among all of them (Johnstone, Gramling & Rittenberg, 2013). In most of the case, the involvement of the auditors can be found in pr...Read More
Answer: Introduction The investors of the business are the owners of a company and therefore they need to know whether the company in they have invested their money is performing well or not. The only way the investors are able to interpret the performance of a business is through audit financial statements. In case the financial statements which is shown to the investors contain material misstatement than the same poses a serious risk for th...Read More
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