Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

Problem1. There are similarities and dissimilarity between the responsibilities of internal and external auditors. Both internal and external auditors have responsibilities relating to prevention, detection and reporting of fraud, for instance, but their responsibilities aren’t the same.

Both internal and external audit are part of organisation`s entire corporate governance arrangements. Sometimes, the responsibilities of internal auditors are out-sourced to external organisations.

Required:

(i) Describe the difference between the responsibilities of internal auditors and external auditors for the prevention, detection and reporting of fraud and error

(ii) What are the merits and demerits if an organisation decides to out-source the internal audit function?

(iii) List all the types of activities normally performed by internal audit departments.

Problem2. International standard of Auditing (ISA) 500 defines audit evidence as relevant and reliable information obtained by the auditor, sufficient in arriving at the conclusions on which he bases his opinion on financial statements.

Required:

(i) In brief describe what are relevant, sufficient and reliable audit evidences.

(ii) List all the three sources of audit evidence.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M96303

Have any Question? 


Related Questions in Auditing

Accounting questionyour firm recently signed a letter of

Accounting Question: Your firm recently signed a letter of engagement to audit CitCo, the local city and county government. Over your morning cup of coffee you open the local newspaper and read the following: Police are ...

Assignment accounting and audit enforcementusing the

Assignment: Accounting and Audit Enforcement Using the Internet, Strayer databases, or the Securities and Exchange Commission's Website, located at http://www.sec.gov/divisions/enforce/friactions/friactions2012.shtml, pe ...

Assignment- auditing planthis assignment will require you

ASSIGNMENT- Auditing Plan. This assignment will require you to use the skills gained in Module/Week 8 to create an auditing plan for a sport or entertainment organization. Please select a professional sports team, colleg ...

Assignmentchoose a publicly traded company and research its

Assignment Choose a publicly traded company, and research its annual report. (If you cannot find it online, you can go to the U.S. securities and Exchange Commission Web site and locate a copy). These results have been a ...

Internal audithow could the effectiveness of the internal

Internal Audit How could the effectiveness of the internal audit function be improved to obtain better protection of shareholders and enable external auditors to provide a higher quality of audit opinion? Should any such ...

Assignment question 1impulse pty ltd impulse is an

Assignment Question ( 1) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

Assignment audit assurance and compliancebullthis

ASSIGNMENT: Audit, Assurance and Compliance • This assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook. • It is the responsibility of the student who is s ...

Internal essaywhile there is no minimum length i anticipate

Internal Essay While there is no minimum length, I anticipate one to two pages (single spaced, Times New Roman 12 font) for each question. I would look for clear and well-argued submissions showing your depth of knowledg ...

Smith a certified public accounting firm was engaged to

Smith, a certified public accounting firm, was engaged to audit the financial statements of the Sky-is-the-Limit company. The company has its own IT installation. While obtaining an understanding of internal control, Smi ...

Information security audit assignment -objectives - this

Information Security Audit Assignment - OBJECTIVES - This assignment is designed to assess students' ability to: Produce a concise detailed report about the importance of information security audit policy and its compone ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen