Towards Reducing the Audit Expectation Gap Possible Mission? Teck Heang Lee, Dr. Azham Md. Ali & Shamini Kandasamy 18 ACCOUNTANTS TODAY • February 2008 Towards Reducing the Audit Expectation Gap: Possible Mission? The auditing profession believes that the increase in litigation and criticism against auditors may be due to the audit expectation gap. The audit expectation gap is defined as the difference between what the public expects from an audit and what the audit profession accepts
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bond payment. That pressed auditors and banks to inspect company accounts. Grant Thorton SPA served as auditors for Parmalat from 1990 to 1999. The scandal may have stayed undetected if not for Italian law which required that companies must to change audit firms every nine years. In 1999 Deloitte & Touche replaced a Grant Thornton company and was the first company who started scrutinizes the nonexistent accounts. Parmalat continued to retain the Grant Thornton as auditor firm for the Cayman Islands
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Ryan Smith Fraud and Illegal Acts We have been hired to perform a year-end audit on Jersey Johnnie’s Surfboards Inc., an SEC registrant. Before the audit had been completed, the engagement partner received a call from the director of ethics and compliance stating that the ethics and compliance hotline received a call from an anonymous employee informing the Company of possible accounting improprieties as well as concerns about management’s overall commitment to accurate financial reporting
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This is a continuation of Audit and Assurance 1. It intends to strengthen and enhance the students’ understanding in auditing. Among the topics that will be discussed are code of ethics, auditors’ liability and in-depth explanations on analytical procedures, computer assisted audit techniques, audit sampling, materiality and audit risk, group audit and current issues facing the auditing profession. This course will justify other activities than financial statement audit that can be performed by a
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ESAMI EXECUTIVE MBA ASSIGNMENT FOR ELIJAH S. DLAMINI INTAKE 27 MBABANE COURSE: CG601 STUDENT ID# 27EMB12312 INSTRUCTOR: MR G. KACHALI TOPIC DISCUSS THE NEXUS BETWEEN CORPORATE GOVERNANCE AND PREVENTION OF FRAUD AND CORRUPTION IN THE WORKPLACE This paper will discuss the relationship between corporate governance and prevention of Fraud. One can safely argue that corporate governance is a medicine to cure corporate fraud in an organisation. The systems, procedures and policies set by
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paper will demonstrate, auditing is made up of a group of conceptual, empirical tools that let auditors discover, consolidate, and evaluate evidence from the statements of another party (Boynton & Johnson, 2006). Audit Services Audit services are one type of attestation service,
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North Face Case Questions 1. Should auditors insist that their clients accept all proposed audit adjustments, even those that have an “immaterial” effect on the given financial statements? Defend your answer. No, clients are not required to accept all proposed audit adjustments that need to be made to the financial statements. However, the auditor is required to challenge management to justify not recording these adjustments. Regardless of the justification, the auditor needs to be aware that
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have been an issue on the communication of the independent auditors’ report as the message intended to be brought forward by the preparers are misinterpreted or confused by the users (Asare and Wright, 2009). The reason for such misinterpretation and confusion by the users of the independent auditors’ report is mainly the use of technical language. For example, from the independent auditors’ report in the annual report of SP Setia Berhad 2012, it was mentioned that the audit was carried according to
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Lecture 1 Chapter 1- Demand for audit and assurance services. Assurance services * Independent professional services that improve the quality of information for decision makers. 1. Attestation services * A type of assurance services in which the public accounting firm issues a written communication that express a conclusion about the liability of a written assertion of another party. * Three categories of Attestation services: a. Audit historical financial statements A
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Beginning the Audit – Apollo Shoes Anderson, Olds & Watershed, CPAs, LLC Phoenix, AZ 85210 October 15, 2012 Mr. Larry Lancaster Chairman, President & CEO Apollo Shoes 1 Shoeplace Shoetown, Maine 00001 Dear Mr. Lancaster, The Objective and Scope of the Audit of the Financial Statements You have requested that we audit the financial statements of Apollo Shoes Incorporated, which comprise the balance sheet as of December 31, 2012, and the related statements of operations, changes
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