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Specification of the responsibilities of the auditor of the company: This section refers to the specific professional standards and responsibilities of the auditor. Constraints on the accounting firm: For example, timing of access to client facilities and accounting records may delay the engagement.
The standard provides examples of conditions that may be identified during the audit that might indicate fraud. One example is management denying the auditors access to key IT operations staff including security, operations, and systems development personnel. The auditors must determine whether the results of their tests affect their assessment.
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 ...
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 ...
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 ...
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.
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 ...
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.