Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

problem 1: Alwaysfast Ltd. was formed on 1 July 2007 and its action is to deal in computer and accessories. The directors are hesitant as to their responsibilities, and the nature of their relationship with the external auditors. The audit partner has asked you to visit the client and describe to the directors the more basic aspects of the accountability.

You are required to describe to the directors of Alwaysfast Ltd:

a) Why there is a requirement for an audit?

b) How the auditor of a company might be appointed under the Companies Act.

c) What is the auditor’s right under the Companies Act.

problem 2: The examination of evidence is basic to the audit procedure. International Standard of Auditing (ISA) 500 states that: the auditors must obtain adequate appropriate audit evidence to be capable to draw reasonable conclusions on which to base the audit opinion. Evidence is available to the auditors from sources under their own control, from management of the company and from third parties. Each of such sources presents the auditors with differing considerations as to quality of the evidence so generated.

Required:

a) In brief describe what are relevant, reliable and adequate audit evidences.

b) Describe the quality of the following kinds of audit evidence, giving two illustrations of each form of evidence.

• Evidence originated by the auditors
• Evidence made by third parties
• Evidence made by the management of the client.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M96915

Have any Question? 


Related Questions in Auditing

Assignment full disclosure in financial reporting - verizon

Assignment: Full Disclosure in Financial Reporting - Verizon Communications According to the textbook, the goal of financial reporting is to report financial information that is transparent and complete and truthfully re ...

Assignmenta credit union is developing a new ais the

Assignment A credit union is developing a new AIS. The internal auditors suggest planning the systems development process in accordance with the SDLC concept. The following nine items are identified as major systems deve ...

Background informationthis assignment is based on the

Background information This assignment is based on the Professional Application Question 2.37 in your e-text. Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of c ...

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 ...

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 ...

Generally accepted auditing standardscomplete problem below

Generally Accepted Auditing Standards Complete problem below and submit to your instructor. Write under the generally accepted auditing standards column the specific standard that was violated and how the action of Jones ...

Audit assurance and compliance assignmentquestion 1

Audit, Assurance and Compliance 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 ...

Accounting - auditing paper questionsapa format minimum 3

Accounting - Auditing Paper / Questions APA format, minimum 3 pages +title,reference Please Answer Following Questions 1. Describe what are the 3 conditions that are likely to be present when a fraud occurs. 2. Which of ...

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 ...

Assignment 4 corners community nursery incthe organizations

Assignment: 4 Corners Community Nursery INC. The organization's mission is to act as a nursery school providing an enrichment program for pre-school children. Link to their website http://www.4ccn.org Link to IRS form 99 ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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