Financial statements rely, Auditing

Assignment Help:

Financial Statements Rely

All Financial providers people must be sure that the financial statements can be relied upon.
It should be noted that:

1. The auditor himself must be independent to have credibility.

2. He must have the primary objective of producing a report of his opinion on the truth and fairness of the accounts, so that any person reading and using them can believe in them.

3. Subsidiary objectives can be seen to be the detection of errors and fraud, the prevention of errors and fraud by the deterrent and moral effect of the audit and the ability to provide other benefits to his clients such as:

    • Assistance with accounting;
    • Systems;
    • Taxation;
    • Financial and other problems.

The Companies Act was designed to protect shareholders from directors hence the need for an audit as contained in the Companies Act mainly relates to limited liability companies, but as we shall see any organization can benefit from an audit.


Related Discussions:- Financial statements rely

Beneficial ownership and existence, Beneficial Ownership and Existence ...

Beneficial Ownership and Existence Existence Existence of buildings and Land is not hard to display. You may even be sitting in such building.  Conversely, the audito

Detail work on stocks - audit of current assets, Detail work on stocks - Au...

Detail work on stocks - Audit of Current Assets Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these includ

Valuation and petty-cash - cash and bank balances, Valuation and Petty-cash...

Valuation and Petty-cash - Cash and Bank Balances Valuation Till recently, valuation of banks and cash balances was got for granted till several financial institutions st

Audit process - disclosure and presentation , Disclosure and Presentation -...

Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul

Why audit of procurement is considered important, The Department of Higher ...

The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del

Internal control systems, Internal Control Systems ISA 400: “Internal c...

Internal Control Systems ISA 400: “Internal control system” means all the policies and processes (i.e., internal controls) accepted by the management of an entity to assist in

CODE OF eTHIC, Kelley Brent, CA, is a partner in a one-office CA firm that ...

Kelley Brent, CA, is a partner in a one-office CA firm that audits Dane, Inc., a closely held corporation. Kelley''''s sister was recently appointed as the chief financial officer

Advantages and disadvantages of a continuous audit, Advantages and Disadvan...

Advantages and Disadvantages of a Continuous Audit Advantages: The regular or continual attendance of the auditor might act as a deterrent to scam; Weaknesses in the

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd