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Love You Thousand Times Essay

1975 words - 8 pages

Chapter 1 Professional Ethics & Conduct
* Non-auditor services. Pg 654
* Whether auditor can prepare financial statement for the bank?
1. Listed (Cannot)
2. Not Listed (Can) Section 201 of SOX
-Provided of some safeguards
-Not involved in decision making
* Gift & Hospitality pg 644
* Amount is insignificant
X Amount is significant
* Fees & Pricing pg 651
* Effect the quality of the job
* Low pricing “ low bolling”
* If you’re the auditor of B, you notice there is a mistake, you told them to change but they refuse. You resign. They appoint another auditor. Can you review the successor?
* Can review if you ...view middle of the document...

However in the cases such as Re Kingston Cotton Mill and Re London and General Bank has suggested that the auditors would have exercise due care if he or she exercise the skill and care of a reasonably competent members of the profession.
* Despite why auditors still take compensation even they have not breach of duty?
1. Litigation is always expensive and time consuming
2. Litigation will create bad publicity and causes reputation damage to the auditors
3. Effect the morale of audit staff
4. Effect on the confidence of the public

Chapter 3 Risk & Materiality
* What is materiality? Pg 100
* Governed by ISA 320
* Definition
* Quantitative and Qualitative ( compliance to law) pg 103
* Why auditors need to perform opinion on financial statements free from misstatement?
1. Because this is a legal requirement to audit financial statement and present an opinion on those financial statement in relations to Companies Act 1965. If the auditor do not detect the materials misstatement in the financial statement, they will form the True and Fair opinion. True and Fair does not mean there is no material misstatement. Misstatement might still exist but it is not material.
2. If there are 2 owners or directors, the directors or owners might want to know whether there are any material misstatements in the financial statement. The auditor has the responsibility to inform the members of shareholders or owner whether the financial statement consists of material misstatement or otherwise.
* Audit risk
* Scenario 1
* IR- 1. Nature of business ( IT related biz-high risk); (change of fashion-stock); (internet biz)
* 2. Whether the person is familiar on the business. Eg, from technology to fashion biz.
* 3. Company borrow money from Bank to finance new operations. The risk is Bank might not giving the loan which lead to going concern problem and high interest.
* 4. Company want to joint venture aggressively – overtrading which lead to giving concern problem and financial difficulty
* Scenario 2
* If the auditor conduct audit for the 1st time – DR high (unable to detect the misstatement and high error)
* If the company really need Bank loan for the biz. Look into whether the company urgently rely on the loan – company might manipulate the account (possibility there could be a fraud)

Chapter 4&5 Completion of Audit
* Going concern
* Definition- ISA 570; FRS 101
* Indicators of going concern (4) pg 565
* Draft of report/ memorandum
* Implications of an appropriate assumption of going concern in financial statements
1. Accounts prepare under going concern assumption could prove to be continue misleading & not true & fair if the assumption was shown to be untrue and reason to believe that the company will continue to exist when accounts will prepared and audited.
* Break-up value ( if company going concern)

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