Role and Effectiveness of Auditing Essay Example for Free
This essay is to provide a brief overview of the current regulation of corporate governance in Australia in the role of auditors, and illustrate some gaps in the regulation with examples....
Role and Effectiveness of Auditing Essay
On the other hand, the business processes and associated controls need to be thoroughly scrutinized to ensure they are right for the attainment of the business objectives. As a result of carrying out that task, the internal audit is expected to be the spring of any information pointing to fraud, errors or irregularities. In an organization, many different aspects warrant the internal audit review especially to point out unacceptable levels of risk. Corporate governance cannot be effective without the illuminating effect of the internal audit on these aspects of the organization. On the finishing of examination by the internal audit function, the corporate management board expects recommendations that will aid in optimizing the available organizational resources. In addition to these recommendations, a report detailing the attainment of organizational goals and objectives coupled with an opinion on the adherence policies, ethics and regulations in an organization is expected (Gray & Manson, 2008 pg 78).
In establishing the overall audit strategy, the auditor should develop and document an audit plan that includes a description of (a) the planned nature, timing, and extent of the risk assessment procedures, (b) the planned nature, timing, and extent of tests of controls and substantive procedures, and (c) other planned audit procedures that must be performed so that the engagement complies with auditing standards.
Select a public company and determine a significant risk that could affect its financial statements.
Auditing Question 2: Cost of Goods Sold | Premium Essay …
They are the project audit initiation, project baseline definition, establishing an audit database, preliminary analysis of the project, audit report preparation, and project audit termination....
of internal control to plan the audit and to determine the nature ..
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