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

Audit points - audit process, Audit points - Audit Process Key audit p...

Audit points - Audit Process Key audit points are as 1. Internal control particularly along with regard to computerisation and internal audit.  2. Provision for doubtful

Dealings with directors and other parties, Dealings with Directors and Othe...

Dealings with Directors and Other Parties - Sundry Debtors and Loans Dealings along with directors and other related parties: The auditor's duties are follows as: i. The revi

What is transferred basis, Q. What is Transferred Basis? Transferred Ba...

Q. What is Transferred Basis? Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner'

Auditing different from studying other accounting topics, 1. Why is studyin...

1. Why is studying Auditing different from studying other accounting topics? 2. How might understanding auditing concepts prove useful for consultants, business managers, and other

What do you understand by yellow book, Q. What do you understand by Yellow ...

Q. What do you understand by Yellow Book? Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMEN

Reliance on the work of other auditors, Reliance on the Work of Other Audit...

Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that

Co-operative societies and parastatals, Co-operative Societies and Parastat...

Co-operative Societies and Parastatals Co-operative Societies An audit in this case is carried out as a general audit except you should notice that the auditor is appoi

Contents of working papers - audit, Contents of Working Papers - Audit ...

Contents of Working Papers - Audit The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along w

Audit sampling, Audit Sampling ISA 530 Audit Sampling and Other Selecti...

Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures states Audit sampling is the application of a compliance or substantive procedure to less than 100%

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