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Auditing - Essay Example

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Auditing 300 Name Tutor Institution 1. i. Confidentiality, professional competency, due care, professional behaviour and integrity are some of the fundamental audit principles (Wild, Shaw and Chiappetta 2011, 811). These are standards that an audit member must adhere to in order to uphold integrity in the profession…
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Auditing

This is unless permission is granted by the client for such discloser (Boritz 2004, 29). However, the above principle can be violated in the following circumstances: if it is a requirement in a legal proceeding, if it is a professional requirement, and to protect public interest in a situation where the fraud is discovered. ii. Wendy has been practicing as an auditor of Ace Limited audit for a number of years and subsequently appointed for the post of secretary, after the retirement former Secretary. When conducting an audit function, auditors are required to be objective and independent in their judgement. If Wendy continued to act in this position, conflict of interest will arise; this is because she will be assessing her own work thus impairing the principle of objectivity. If Wendy wishes to carry on as a secretary, then she should resign first as an audit partner or otherwise compromise the audit firm’s integrity. 2. i. Audit risk can be defined as the risk that an auditor will give the wrong audit report or opinion when the financial report has been significantly misstated or miss presented (Pickett 2006, 214). According to (Gray and Manson (2008, 73), it is the responsibility of the audit team to reduce this risk to the acceptable level for final report’s reliability. ...
The second scenario talks of detection risk which could occur due to failure of the auditor’s substantive procedures to detect any misappropriation and fraud in the company. In this case bankers might have relied on the report to continue providing the finance which could be misleading. ii. According to Gray and Manson (2008, 73), inherent risk is the susceptibility that class of transaction or account balances are materially misstated according to the inherent factors and internal environment. This is without the consideration of control systems. This risk depends on: economic situation of the industry at large, integrity of management team, nature of the business entity, unusual obligation on management and knowledge-base of the entire management team. Getaway Pty Limited is considering a change on its top management with extremely different business strategies and procedures which significantly adds on to its inherent risk. 3. a) As an audit senior of Harmony Pty Ltd together with an audit assistant, the audit function of stock take which is done as per the laid instruction. The report questions will be answered based on sufficiency, reliability and appropriateness of gathered evidence (Vona 2008, 137). Numerous items were selected from the client’s inventory sheet which were tested and found to be correct. On my part, am convinced that there is sufficient appropriate audit evidence to provide a basis for the report. b) It is responsibility for an auditor to perform test of control in order to check the strength and weakness. According to Chorafas (2002, 93), they also check efficiency and effectiveness of the internal control system ... Read More
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