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Question -
1. Before accepting the audit engagement, the auditor has evaluated the client management. Why is this so?
2. At present there is no legal definition of the term "accountant" as a result, any person or firm can describe themselves as accountant regardless of their education qualifications or experience do you believe this is appropriate? Provide reasons for your decision.
3. Audit committee has been established as subcommittee of the board of directors or other governing body. State who is in that committee and the purpose of its establishment?
4. What is the difference between the role of an audit committee and the role of an auditor?
Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?
Code of Ethics for Professional Accountants
Prepare Swag's consolidated balance sheet
Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to
Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
State whether Event is adjusting or non-adjusting event.
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
To identify principal audit risk and corresponding audit procedures
Show the audit inherent risk and rate the risk as low, medium or high.
Explain the role of the following three 'bodies' in National Health Reform
Prepare a memo on the 'state of the company's industry' and associated risk factors.
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