It’s been two years since Ramone finished his undergraduate studies in Business Administration with an emphasis in Accounting. He has been trying to seek employment to help the family, as both his parents spent most of their life’s savings to pay his university tuition. Three weeks later, Ramone was called for an interview with the Ministry of National Integrity (MNI). He had forgotten that he had applied for the position of Junior Auditor within the Ministry. The panel consisted of several top-level managers, including the Chief Audit Executive (CAE) and the Senior Director of the Human Resource & Administrative Division (HRMA). The Senior Director of HRM&A stated that they were impressed with his resume, however, before they can decide on giving him the job, he will have to answer some questions relating to the Audit Report. The following were asked of him by the CAE.
It’s been two years since Ramone finished his undergraduate studies in Business Administration with an emphasis in Accounting. He has been trying to seek employment to help the family, as both his parents spent most of their life’s savings to pay his university tuition.
Three weeks later, Ramone was called for an interview with the Ministry of National Integrity (MNI). He had forgotten that he had applied for the position of Junior Auditor within the Ministry. The panel consisted of several top-level managers, including the Chief Audit Executive (CAE) and the Senior Director of the Human Resource & Administrative Division (HRMA). The Senior Director of HRM&A stated that they were impressed with his resume, however, before they can decide on giving him the job, he will have to answer some questions relating to the Audit Report. The following were asked of him by the CAE.
Required:
a. Explain the term ‘audit report’, and state the four (4) types of audit reports that can be issued.
b. Explain what is meant by the term ‘Standard Unqualified Audit Report.’
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