Kong SAR. Albert W.K. KWOK MSc(Civ), CEng, MICE, MIStructE, MHKIE, MIOSH, POSHA. Industrial Centre, The Hong Kong Polytechnic University, Hong Kong SAR. Abstract Safety audit is not new in Hong Kong. It starts in multi-national oil and local power supply companies. Starting from 1996, safety audit has been employed in some selected Government construction projects; independent safety auditors are employed in the auditing exercises. The current number of qualified safety auditors
What is Professional Skepticism? An attitude that includes a questioning mind and a critical assessment of audit evidence. The auditor should not assume whether they relate to academics, safety or business practices – help people identify acceptable levels of quality, and standards are used in nearly all aspects of our lives. Without standards, it’d be harder to tell whether a student is making adequate educational progress. While it sounds as if there are numerous standards valuation professionals
AUDIT QUALITY A BRIEF DISCUSSION REGARDING THE QUALITY OF ASSURANCE AND AUDIT Student ID: 1204335 Xiaoyu ZHENG AUDIT QUALITY A BR IEF D ISC US SI ON R EGAR D IN G THE QUAL IT Y OF A S SUR A N CE AN D A UD IT A INTRODUCTION uditing has inevitably become one of the essential activities in the current business world. It may be attributable to the fact that financial reports still remain the major criteria in evaluating the performance of the business. Audit quality refers to different
to remove of the engagement team under circumstances for example when engagement team would be suspected in failing to maintain independence or when management would find out that engagement team demonstrates lack of expertise while conducting the audit. 5) The auditor exercises professional judgment when making the decision to accept a new client or to continue serving an existing client. To aid in making the judgment, auditing firms apply prescribed procedures to the potential client. Of the
Standards (SAS) No. 99 discusses what things an auditor should consider regarding fraud as part of an audit engagement. As part of this, AU §316.19a states “make inquiries of management and others within the entity to obtain their view about the risks of fraud and how they are addressed”, or interview those in positions to have knowledge about how various items are reported as part of an entity’s financial statements and corresponding disclosures. But are accounting programs providing graduates with
economic conditions that many entities face today, the importance of independence audit is stronger than it ever has been. It is the responsibility of the auditor to undertake a professional and thorough audit, while maintaining an unbiased client relationship. Professional scepticism is arguably one of the most important factors of which an auditor must exhibit during an audit. The heightened importance of an independent audit goes hand in hand with auditors exercising a sceptical mind. Hence, it is important
Assigned auditors were more than aware of the accounting misrepresentation of financial statements, overstating net income. Still instead of walking away from the client and resign, Andersen in pursuing short-term goals stayed with the company and moreover played by the Giant’s rules. More and more accounting firms at that time started
evidence of the audits. The test includes tests of controls, substantive testing, and interviews with client personnel, risk assessment performed during audit planning, and the environment in which the business operates. The auditor should consider, for example: ■ Does the evidence make sense when other relevant trends are considered? ■ Does the evidence support assertions made by management or employees? ■ Does the CAAT pertain to an area identified as high risk? Functions of Audit Productivity Software
Audit Program Design Part II Kendrick Cross, Teresita Gunn, Geri Franco, Heather Swayze ACC/546 July 08, 2013 Joseph Oloyede Sales and Collection Cycle When engaged in auditing a public firm, such as Apollo Shoe Inc., an auditor must determine when to trust in the company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather
for credit unions in the nation. ASI is a small sized company, with approximately 30 employees. The majority of the employees are on the audit staff, made up of Staff Auditors, Senior Auditor and fewer Audit Team Supervisors. Every member of audit staff typically travels within the United States for a week at a time, two to three times a month. ASI conducts audits, or “examinations”, for safety and soundness and insurability. Other facets of the examination cycle include review of Asset Liability Management