Table of Content EXECUTIVE SUMMARY 2 INTRODUCTION 3 ENTITY AND ITS OPERATING ENVIRONMENT OF THE COMMONWEALTH BANK OF AUSTRALIA 4 MATERIALITY LEVEL FOR AUDIT PURPOSE 4 1.NET PROFIT BEFORE TAX 5 2. TOTAL ASSETS 5 3.TOTAL REVENUE 5 4.TOTAL EQUITY 6 AUDIT RISK 6 A. ELECTRONIC DATA PROCESSING (EDP) 8 B. INVESTMENTS 8 C. CUT OFF PROCEDURES 8 COMMONWEALTH BANK OF AUSTRALIA’S INTERNAL CONTROL STRUCTURE 9 1. THE CONTROL ENVIRONMENT 10 2. RISK ASSESSMENT 10 3. CONTROL ACTIVITIES 10 4
Words: 527 - Pages: 3
ISA ISA 500 March 2009 International Standard on Auditing Audit Evidence 500 INTERNATIONAL STANDARD ON AUDITING 500 Audit Evidence Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in March 2009 for publication. This standard should be read in conjunction with the Preface to Malaysian Approved Standards on Auditing; Preface to International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services; Glossary
Words: 6256 - Pages: 26
this section. Effective for audits of financial statements for periods ending on or after June 30, 1998, unless otherwise indicated. Introduction .01 This section establishes a requirement that the independent auditor obtain written representations from management as a part of an audit of financial statements performed in accordance with generally accepted auditing standards and provides guidance concerning the representations to be obtained. Reliance on Management Representations .02 During
Words: 6883 - Pages: 28
Jamal + Shyam Sunder Illustration: Susanna Denti Has the time come to change the auditor’s report to develop a different grading system and increase the value of auditing to society? Regulatory attempts to improve the functioning of capital markets often try to make corporate activities more transparent. The International Auditing and Assurance Standards Board (IAASB) invited comments on its proposals contained in “Improving the Auditors Report,” with an exposure draft expected to be issued
Words: 2093 - Pages: 9
Bankruptcy Examiner’s Report in Auditor Malpractice Suits A bankruptcy examiner’s report may provide a roadmap to auditors’ negligence, breach of contract, gross negligence, and / or cooperation to cover up fraud committed by the debtor management. A bankruptcy examiner is appointed by the court to investigate the debtor and the debtor’s estate for the purpose to determine if fraud, dishonesty, misconduct, incompetence, and irregularity by the
Words: 1260 - Pages: 6
Introduction The Sarbanes-Oxley Act (SOX) was signed into law in July 2002 with the goal of improving the scope of declared information and the rectitude of financial statements of U.S. publicly traded companies through increasing their reporting standards, the implementation of independent audits, and the institution of steep penalties for corporate executives who submit fallacious filings (Botes, 2012). These actions provide increased investor assurance of the accuracy of public financial filings
Words: 2798 - Pages: 12
Auditing and Assurance Introduction The essay is mainly discussing that Transval Ltd wants to hire a new auditing team and depend on the request that be given to the new auditor, whether the new auditor should accept the offer to audit for Transval Ltd or not. Upon that, the essay also talks about the threats to the objectivity as an auditor and the ways to mitigate these threats. Last part of the essay is talking about the risks that could cause misstatements to the financial statements and
Words: 3060 - Pages: 13
assessment for each area, and then evaluate an organization’s overall level of ITGC risk within the context of an integrated audit. Keywords: internal controls; general control; ITGC; risk assessment. INTRODUCTION he Sarbanes-Oxley Act (SOX 2002) and the Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5 (PCAOB 2007) require that the organization’s chief executive officer (CEO) and chief financial officer (CFO) include an assessment of the operating effectiveness of their internal control
Words: 6299 - Pages: 26
JetBlue Audit Paper Name Institution Introduction JetBlue boasts to be a local low-cost airline in the United States having being incorporated back in 1998 with the delivery of services commencing in 2000. The incorporation of the airline occurred in Delaware in August, and many consider it a New York hometown carrier. Jet Blue had an approximately 32 million passengers in the year 2014 and the mean flights in a day were 825. Last year, the carrier number of passengers increased to 35 million
Words: 2894 - Pages: 12
Introduction Internal control methods and measures are adopted to safeguard assets, enhance accuracy and reliability of accounting records, increase efficiency of operations and ensure compliance with laws and regulations. Control environment. The management style and the expectations of upper‐level managers, particularly their control policies, determine the control environment. An effective control environment helps to ensure that established policies and procedures are followed. The control
Words: 1020 - Pages: 5
