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When the auditor cannot express an overall opinion, the auditor should state the reasons therefore in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the ...
Identification of the service to be rendered: One type of service is a financial statement audit. Provided in this section is a brief description of the nature of the particular service. Other services that are planned for the audit (e.g. evaluation of internal control, preparation of regulatory reports) are also identified in this section.
Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide the assurance that the audit was performed in ...
The role and the responsibilities of the audit committee, in general terms, are to: (a) Discuss with management, internal and external auditors and major stakeholders the quality and adequacy of the organization's internal controls system and risk management process, and their effectiveness and outcomes, and meet regularly and privately with ...
The auditor's report is modified to include all necessary disclosures by either presenting the report subsequent to the report on the financial statements, or combining both reports into one auditor's report. The following is an example of the former version of adding a separate report immediately after the auditor's report on financial statements.
The auditor determines the adequacy of the company's insurance coverage (particularly property and casualty insurance) through a review of the company's insurance policies and other research. Among the items that the auditor needs to verify are: the scope of the policy (including any stated exclusions), that the amount of coverage is sufficient ...
Health officials in California are alerting consumers of a voluntary recall of a batch of cream top, whole milk that was produced by Raw Farms, LLC, in Fresno County after bird flu was detected in ...
Ensure that the status (e.g. stipulated in an audit charter), strategy, resources of the internal audit department are aligned and are consistent with the organization's objectives and governance policy. Establish appropriate policies and procedures to guide the internal audit function, and ensure the quality of the assurance services delivered.