Search results
Results from the WOW.Com Content Network
No audit firm wants to have to explain to the press the loss of a big client. This gives the directors of the large company a commanding position over its audit firm and they may look to take advantage of it. The audit team would feel pressured to satisfy the needs of the directors and in doing so would lose their independence.
The lower the audit risk, the higher the materiality will be set. In terms of the Conceptual Framework (see "materiality in accounting" above), materiality also has a qualitative aspect. This means that, even if a misstatement is not material in "Dollar" (or other denomination) terms, it may still be material because of its nature.
A traditional audit would focus upon the transactions which would make up financial statements such as the balance sheet. A risk-based approach will seek to identify risks with the greatest potential impact. Strategic risk analysis will then include political and social risks such as the potential effect of legislation and demographic change. [3]
For the fiscal year 2009, about 1.4 million taxpayers were chosen for audit. This represents about 1% of the 140 million tax returns filed in 2008 -- pretty good odds. Of those, about 75% were ...
Srivastava R.P. & Shafer G.R. (1992) " Belief function Formula for audit risk " Review: Accounting Review, Vol. 67 n° 2, pp. 249–283, for evidence theory applied on audit risk. Lesage (1999)" Evaluation du risque d'audit : proposition d'un modele linguistique " Review: Comptabilite, Controle, Audit , Tome 5, Vol. 2, September 1999, pp. 107 ...
In the control testing stage, audit evidence is used by the auditor to consider the mix of audit test of controls and audit substantive tests. [9] In the substantive testing stage, audit evidence is defined as the information that the auditor needs to support the appropriation of financial statement assertions. [ 10 ]
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. [1]
Meanwhile Question 3, on allowing app-based drivers to collectively bargain, was the closest of the five statewide ballot questions, despite the fact that it did not have any organized opposition.