Integrated case studies (Acc 4291) Case report 1 flat cargo berhad: An auditor’s conundrum Case Synopsis The case is related to one company known as Flat Cargo Berhad (FCB). FCB was one of the largest air freight companies in Malaysia which servicing several government linked companies including Freight Malaysia Berhad. FCB is a listed company and was registered as an investment holding company with several subsidiaries. Among its subsidiaries are FC Spare Sdn Bhd, Cargo Management Sdn
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203 Section 204 Section 206 Section 301 Section 302 Section 305 Section 401 Title IX PCAOB Auditing Standard No. 5 Paragraph #2 Paragraph #9 Paragraph #11 Paragraph #21-22 Paragraph #25 Paragraph #28-30 Paragraph #69 Paragraph #A5 (in Appendix A) Paragraph #A8 (in Appendix A) III. Case Questions – Answer Key 1. Refer to the second general standard of Generally Accepted Auditing Standards (GAAS). What is auditor independence and what is its significance to the audit profession
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AuditQuality Agency theory and the role of audit The Audit Quality Forum comprises representatives of the audit profession, investors, business and regulators who have an interest in high quality and confidence in the independent audit. a Q AuditQuality a Q The Audit Quality Forum brings together representatives of auditors, investors, business and regulatory bodies. Its purpose is to encourage stakeholders to work together by promoting open and constructive dialogue in order to contribute
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The fundamental Principles ( COBIC ) Integrity Members should behave with integrity in all professional, business and personal financial relationships. Integrity implies honesty, fair dealing and truthfulness. Objectivity Members should strive for objectivity in all professional and business judgments. Objectivity is the state of mind which has regard to all considerations relevant to the task in hand or fair judgment. Professional competence Members should not accept or perform work which
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audit The main objective of internal auditing is to assist members of executive and senior management in the effective discharge of their duties and responsibilities with regard to risk management, control and governance processes. To this end, the internal auditor furnishes them with analyses, appraisals, recommendations, counsel and information concerning the activities reviewed. The discovery of errors and fraud is the ancillary objective of internal auditing. The internal auditor as an adviser
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risk appetite, functioning of the board, and organizational structure (Louwers, Ramsay, Sinason, & Strawser, 2007). 2. Risk Assessment - This component evaluates the way in which an organization decides to handle the number of always-evolving external and internal risks. 3. Control Activities - This component seeks to ensure that the directives of management are carried out. These are computerized and manual and serve the purpose of preventing, detecting, and correcting errors (Louwers, Ramsay
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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
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Management: Bedrijfsdomeinen Accounting and auditing Financial misstatements and/or errors are likely to occur in the accounting reports of many firms for a variety of reasons that might involve the complexity of financial information as well as an intent to deceive (e.g. by tampering with the earnings
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ATTACHMENT A: GENERIC TRAINING PLAN EY Zimbabwe – 2013 Instructions for completion · This is a generic training plan for ONE hypothetical trainee · All applicants must complete all the sections TRAINING PLAN Elective: Auditing & Assurance Residuals: Taxation Management Decision-Making & Control Financial Management Internal Audit, Risk Management and Governance COMPULSORY SKILLS BUSINESS ETHICS Mode through which competence will be achieved (i.e. practical experience/ simulation Competency to
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Department of Law, Economics, Accountancy and Risk AUDITOR INDEPENDENCE Introduction The concept of independence is strongly associated with professionally standard auditing (Olagunju, 2011, pp.85). In other to maintain the utmost standard for the accounting profession, independence is seen as being free from control or pressure and not allowing situations which would tend to weaken objectivity or create personal preconceived notions (Porter and Simon et al., 1996). Audit improves the trustworthiness
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