ISA 400, Risk Assessments and Internal Control, provides guidance in the understanding of the "accounting and internal control systems and on audit risk and its components: inherent risk, control risk and detection risk" (ISA 400, par. 4). The main purpose of this is not to assess the effectiveness of the internal control system but to understand those procedures and controls that may impact the "nature, timing and extent of substantive procedures" (ISA 400, par…
Marketing as management process Marketing was viewed as a separate department in several traditional organizations for ages. But, modern day corporate companies consider marketing as a management process, rather than a dedicated department. The concept of integrated marketing was first introduced by Kotler.
Investors, government regulatory bodies and the public, in general, set such store in the auditing function that they feel cheated when the actual outcome do not meet the level of auditing that they are expecting. The result: auditors are blamed, alongside with top management, for the company's failures.
The IASC was set up in 1973 by the professional accounting bodies of nine countries with two principal objectives including: 1) the formulation and publication of accounting standards to be observed in financial statements and to promote their worldwide acceptance and; 2) To work generally for the improvement and harmonization of regulations, accounting standards, and procedures relating to the presentation of financial statements.
Reinforcing the positive incentive is the realization that a capital market, which ignores the development of a global accounting system, may find itself with a unique set of accounting standards while the rest of the world relies on a common set of accounting standards.
automation of the auditing process makes it necessary for auditors to be trained in that field. The transition gave rise to the need for specialist and this indicates that specialized training will have to take place. The authors Nikoloyuk, March and McNiven, identified four approaches that Audit executives seem keen to use.