Audit Essay example
Undergraduate
Essay
Finance & Accounting
Pages 6 (1506 words)
Download 0
Audit Table of Contents Introduction 3 A Brief Perception on the Purpose of the External Audit Report 3 A Brief Explanation about How and Why the Wording has Evolved in the External Audit Report 4 A Critical Appraisal of the IAASB’s Proposals, Possible Alternatives and Expected Reaction from Stakeholders 6 A Critical Discussion and Comment on Possible Future Developments In Relation To Audit Reporting 7 8 Conclusion and Recommendations 9 References 10 Bibliography 12 Introduction The ‘International Auditing and Assurance Standard Board (IAASB)’ was formed in the year 1978 and formerly it was known as ‘International Auditing Practices Committee (IAPC)’…

Introduction

In the year 2003, IAPC was accepted as a series of restructuring regarding the auditing guidelines in order to further reinforce the setting-standard procedures. The IAASB mainly contributes in delivering auditing process related information clearly to the public as much as possible (International Federation of Accountants, 2011). This paper intends to analyse and critically discuss the development of the wording of the external audit report and the IAASB’s proposals on its further improvement. A Brief Perception on the Purpose of the External Audit Report An external audit report is considered as an assessment concerning the business operation, internal control, governance and financial reporting of a particular company. This report i.e. external audit report is primarily organized by external auditors belonging to different government agencies and other public accounting organizations. ...
Download paper
Not exactly what you need?

Related papers

Audit Committee
It assists a business to achieve the aim through fetching methodical, closely controlled advance towards appraisal as well as develop efficiency of risk management, control, and governance processes. The Code of Ethics is essential as well as suitable in favour of the career of internal auditing, originated since it is resting on faith placed in its aim promise regarding governance, risk…
audit
The company’s reserves have also increased during the current financial year which shows that its investors are considering the company lucrative and are planning to have a long term association with it. The company’s current ratio is 2 which portray quite strengthened financial outlook of the company in terms of liquidity and optimum utilization of its resources. We have been appointed as the…
Audit & Assurance
Therefore US introduced the Sarbanes Oxley Act in 2002 and UK, in 2003, set up two reviews- RRAP (Regulatory Regime of Accountancy Profession) and CGAA (Coordinating Group on Audit and Accounting) (Gray & Manson, 2007, p.140). The audit committee consists of board of directors who are entrusted with the oversight of financial reports preparation and disclosures. The more reliable the information…
Finance: Audit and Assurance
One of the major scandals that the United States has witnessed with respect to corporate involves the Enron scandal and as such, a number of measures have been put in place to build trust in corporate affairs. According to Gray and Manson (2011; 22) auditing has been used for a number of years to provide surety for honest dealing in company affairs but this measure falls short taking into…
Audit proposal
This therefore shows that an audit should be frequently undertaken and in a very concise manner. Another reason it should always be undertaken is that it helps mitigate the possibility of any risks in the operations of the business. In line with the above, an auditor selected to conduct one to an organization needs to write an audit proposal to convince the management on the importance of…
Audit
The auditor should consider whether to acknowledge the commitment since inherent risk increases the generally risk of the audit. It is often beneficial to set aside transactions into three types- routine, non-routine, and evaluation when valuing inherent risk.  Little Digger’s auditors may not use the system that gives the precise outcome to them, the result is mainly inherited by the risk…
Audit
This has resulted in the emergence of the phrase that “auditors are the dogs that did not bark during the crisis”, and thus their role in helping avert financial crisis through detecting and reporting any anomaly or perceived misrepresentation of the financial truthfulness of organizations has been put to question (Fielding, 2011 p35). Therefore, considering that there are four major auditing…