- The primary responsibility for prevention and detection of errors and irregularities rests with management
- This responsibility arises out of a contractual duty of care by directors and managers and also because directors and other managers act as stewards with regard to property entrusted to them by the shareholders.
- This duty may be discharged by them by instituting and maintaining a strong system of internal controls.
- The auditor is not required to assist the directors in the task the draft guideline does suggest that an auditor should remind the directors of their responsibility through an engagement letter or other means, and the need to have a system of internal controls as a deterrent to errors and irregularities.
- In regard to errors and irregularities, the auditor should have sufficient, relevant and reliable audit evidence to support his opinion or to conclude that no material errors and irregularities have occurred or if they have occurred, then they have either been corrected or properly disclosed in the financial statements
Wilfykil answered the question on February 22, 2019 at 13:12
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Explain five circumstances under which an auditor can disclose information to an appropriate authority without client‘s permission....
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Explain five circumstances under which an auditor can disclose information to an appropriate authority without client‘s permission.....
Date posted:
February 22, 2019
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Date posted:
February 22, 2019
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February 22, 2019
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Explain five circumstances under which an auditor can disclose information to an appropriate authority without client‘s permission
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Explain five circumstances under which an auditor can disclose information to an appropriate authority without client‘s permission
Date posted:
February 22, 2019
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February 22, 2019
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February 22, 2019
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February 22, 2019
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February 22, 2019
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Identify and briefly explain four situations under which an auditor would consider qualification of his audit report
Date posted:
February 22, 2019
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Clearly outline the statutory responsibilities of an external auditor in relation to the audit of a company‘s financial statements
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Clearly outline the statutory responsibilities of an external auditor in relation to the audit of a company‘s financial statements
Date posted:
February 22, 2019
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Date posted:
February 22, 2019
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Date posted:
February 22, 2019
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Date posted:
February 22, 2019
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State and briefly explain the action auditors should take if the management refuses to provide a letter of representation.
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Date posted:
February 22, 2019
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February 22, 2019
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Date posted:
February 22, 2019
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List three disadvantages of using standardized audit programmes and how these disadvantages can be avoided.
Date posted:
February 21, 2019
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Under what circumstances is one ineligible for appointment as an auditor of a company?
Date posted:
February 21, 2019
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You have been asked by your firm to examine the payment vouchers of a company to establish the level of errors and then decide whether...
(Solved)
You have been asked by your firm to examine the payment vouchers of a company to establish the level of errors and then decide whether better results can be obtained through statistical techniques.
Required:
a) State the steps you would take in order to test the vouchers for the errors.
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Date posted:
February 21, 2019
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Answers (1)
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Outline the statutory provisions with regard to duties of external auditors
(Solved)
Outline the statutory provisions with regard to duties of external auditors
Date posted:
February 21, 2019
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Answers (1)