- Stating in audit report the purpose of the report and that it may not be relied upon for any other purpose
- Advising the client in the engagement letter of the need to obtain permission to use the name of the accountant and withholding permissions in appropriate cases
- By limiting or excluding liability by a term in the engagement letter or third liabilities by a disclaimer in a report.
- By agreeing the duties and responsibilities in an engagement letter. This should specify the specific tasks to be undertaken and exclude specifically those that are not to be undertaken by the client and specify and limitations on the work to be undertaken
- By defining in their report the precise work undertaken, work not undertaken, any limitations to the work. This is so that any third party will have knowledge of the responsibility accepted by the auditor for the work done
- Identifying the authorized recipients of reports in the engagement letter or to third parties, by a disclaimer in the report
- Defining the scope of professional competence. The auditor should not undertake work that they are not competent to carry out
- By obtaining a professional indemnity insurance
Wilfykil answered the question on February 23, 2019 at 06:33
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(Solved)
Highlight the qualities required of the final accounts prepared by a client company
Date posted:
February 23, 2019
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February 23, 2019
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February 23, 2019
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Your are currently engaged in planning the audit of the payroll system of Ujenzi Ltd a manufacturing company, for the year ending 30 June 2005,...
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February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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(Solved)
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February 22, 2019
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Cash in hand and cash at bank are commonly referred to as liquid assets. Because of this liquidity, these assets represent the most vulnerable of...
(Solved)
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Required
(i) State and explain any the audit procedures you would undertake in order to determine whether or not there has been any misappropriation of cash.
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February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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Answers (1)
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Explain five circumstances under which an auditor can disclose information to an appropriate authority without client‘s permission....
(Solved)
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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(Solved)
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Date posted:
February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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Outline and briefly explain the procedures that the internal auditor can conduct on behalf of the external auditor.
(Solved)
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Date posted:
February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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(Solved)
List and briefly explain the main functions of an audit committee
Date posted:
February 22, 2019
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Answers (1)
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Explain five circumstances under which an auditor can disclose information to an appropriate authority without client‘s permission
(Solved)
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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Answers (1)
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Outline the ways in which an auditor may be held criminally liable in the course of his audit duties
(Solved)
Outline the ways in which an auditor may be held criminally liable in the course of his audit duties
Date posted:
February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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Answers (1)
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(Solved)
Identify and briefly explain any three procedures for obtaining audit evidence.
Date posted:
February 22, 2019
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Answers (1)
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In the context of the Companies Act (Cap. 486), outline the procedure for the removal of an auditor
(Solved)
In the context of the Companies Act (Cap. 486), outline the procedure for the removal of an auditor
Date posted:
February 22, 2019
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Answers (1)