- Ensuring that proper books of accounts are maintained by company
- Ensuring that the financial statements as income statement, Balance sheet and cash flow statements have been prepared in accordance with identified relevant reporting framework e.g. international Accounting Statements.
- Timely preparation of financial statements
- Designing an internal control system
- Implementing internal control system
- Ensuring accuracy, completeness of financial statements
- Designing appropriate accounting policies and procedures e.g. for depreciation
- Ensure that accounting policies adopted are consistently applied from period to period
- Ensure that any departure from reporting framework is properly reflected, disclosed in financial statements
- Ensure uniformity in application of International Accounting Standards and accounting policies
- Ensure that they inform the shareholders of the contents in financial statements. They should interpret the policies adopted and other technical financial matters.
- Implementing an internal control system that ensures errors and frauds are detected.
- Ensuring preventive measures are instituted to ensure errors and frauds do not occur
- Where errors and frauds have occurred, ensure that controls are in place to correct such
- Ensure controls are in place to detect errors and frauds in financial statements
Wilfykil answered the question on February 23, 2019 at 07:27
-
Outline the audit procedures an audit firm should follow in the verification of a manufacturing company‘s liabilities.
(Solved)
Outline the audit procedures an audit firm should follow in the verification of a manufacturing company‘s liabilities.
Date posted:
February 23, 2019
.
Answers (1)
-
Highlight the possible defences available to an auditor in a court of law who has been sued for failure to detect fraud in client‘s company
(Solved)
Highlight the possible defences available to an auditor in a court of law who has been sued for failure to detect fraud in client‘s company
Date posted:
February 23, 2019
.
Answers (1)
-
Explain the ways in which an auditor can minimize his potential liability for professional negligence
(Solved)
Explain the ways in which an auditor can minimize his potential liability for professional negligence
Date posted:
February 23, 2019
.
Answers (1)
-
Outline the procedures an external auditor should follow if he suspects that fraud; or error have been perpetrated
(Solved)
Outline the procedures an external auditor should follow if he suspects that fraud; or error have been perpetrated
Date posted:
February 22, 2019
.
Answers (1)
-
Outline the respective responsibilities of an entity‘s management and the external auditor with respect to the prevention and detection of fraud and error
(Solved)
Outline the respective responsibilities of an entity‘s management and the external auditor with respect to the prevention and detection of fraud and error
Date posted:
February 22, 2019
.
Answers (1)
-
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
.
Answers (1)
-
Briefly explain the methods which an auditor might use to ascertain a client‘s internal control system.
(Solved)
Briefly explain the methods which an auditor might use to ascertain a client‘s internal control system.
Date posted:
February 22, 2019
.
Answers (1)
-
State the factors that the external auditor should consider before placing reliance on the work of the internal auditor
(Solved)
State the factors that the external auditor should consider before placing reliance on the work of the internal auditor
Date posted:
February 22, 2019
.
Answers (1)
-
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
.
Answers (1)
-
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
.
Answers (1)
-
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
.
Answers (1)
-
State and briefly explain an auditor‘s responsibilities with regard to the detection of errors and frauds
(Solved)
State and briefly explain an auditor‘s responsibilities with regard to the detection of errors and frauds
Date posted:
February 22, 2019
.
Answers (1)
-
Identify and briefly explain any four inherent limitations of an internal control system
(Solved)
Identify and briefly explain any four inherent limitations of an internal control system
Date posted:
February 22, 2019
.
Answers (1)
-
Identify and briefly explain four situations under which an auditor would consider qualification of his audit report
(Solved)
Identify and briefly explain four situations under which an auditor would consider qualification of his audit report
Date posted:
February 22, 2019
.
Answers (1)
-
Clearly outline the statutory responsibilities of an external auditor in relation to the audit of a company‘s financial statements
(Solved)
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
.
Answers (1)
-
Identify five audit benefits that could be derived from using Computer Assisted Audit Techniques (CAATs) when carrying out testing of computer records
(Solved)
Identify five audit benefits that could be derived from using Computer Assisted Audit Techniques (CAATs) when carrying out testing of computer records
Date posted:
February 22, 2019
.
Answers (1)
-
Briefly explain how an audit firm may use third party confirmations to provide evidence in relation to six difference balance sheet items
(Solved)
Briefly explain how an audit firm may use third party confirmations to provide evidence in relation to six difference balance sheet items
Date posted:
February 22, 2019
.
Answers (1)
-
List four advantages and four disadvantages of using the risk-based audit approach when auditing the financial statements of limited companies
(Solved)
List four advantages and four disadvantages of using the risk-based audit approach when auditing the financial statements of limited companies
Date posted:
February 22, 2019
.
Answers (1)
-
State and briefly explain the action auditors should take if the management refuses to provide a letter of representation.
(Solved)
State and briefly explain the action auditors should take if the management refuses to provide a letter of representation.
Date posted:
February 22, 2019
.
Answers (1)
-
Explain the nature and purpose of a post-audit review
(Solved)
Explain the nature and purpose of a post-audit review
Date posted:
February 22, 2019
.
Answers (1)