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IA002 Internal Auditing Fundamentals

tag 0 Download 7 Pages / 1,569 Words tag 23-07-2021

Questions:

Question 1
Auditors liability to third parties and responsibility for fraud detection have received much attention in recent years due to increased financial scandals and corporate failures. Discuss the above statement. Your answer should include a discussion of how auditor liability to third parties is established through case law and the perception gap between the public and the auditing profession with regards to an auditors responsibility for fraud detection.
Question 2
All distressed banks in the current credit crunch received unqualified audit reports from their auditors. It would appear that the latter also provided consultancy services and received substantial amounts in non-audit fees from those banks. It is likely that the close relationship between the banks and their auditors and the fee dependence of the auditors compromised their independence and hence the audit. Discuss this statement.
Question 3
The large proportion of non-audit fees paid to audit firms by companies highlights concerns over auditors objective and independence. For example, Deloitte, which failed to qualify the 2007 RBS accounts, was paid $17 millions in audit fees and $14.2 millions in non-audit fees in 2007 by RBS.
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