Provide useful guidelines for conducting an audit

Assignment Help Auditing
Reference no: EM13886789

1.Auditing standards have been criticized by different sources for failing to provide useful guidelines for conducting an audit. The critics believe the standards should be more specific to enable practitioners to improve the quality of their performance. As the standards are now stated, some critics believe that they provide little more than an excuse to conduct inadequate audits. Evaluate this criticism of auditing standards.

Reference no: EM13886789

Questions Cloud

What is relationship between level of riskiness of client : What is the relationship between the level of riskiness of the client and the level of misstatement in an account balance that an auditor would consider material?
Consider the iron ore production industry : Consider the iron ore production industry, and assume that there are just two producers, FM and BHP. Initially assume that both firms are identical in terms of their production costs. If the two firms can cooperate, what should they do in order to ma..
What social and political issues arise with the use : What ethical, social, and political issues arise with the use of information systems?
What is the maximum power output : A 90 percent-efficient turbine accepts water at 400 kPa in a 16-cm-diameter pipe. What is the maximum power output if the flow rate is (a) 0.08 m3=s, (b) 0.06 m3=s, and (c) 0.04 m3=s? The water is emitted to the atmosphere.
Provide useful guidelines for conducting an audit : 1.Auditing standards have been criticized by different sources for failing to provide useful guidelines for conducting an audit.
Anticipate the impact of the entry of another producer : Assume that each firm is free to set its production level, but each firm can communicate (via the business press) what they plan to do first. Using an economic model, show that it might be difficult to sustain a cooperative (high-profit) outcome. Wha..
What is the opacity of area a of the negative : A certain negative has an area in it (call it area A) that transmits 6.25 percent of thelight. What is the opacity of area A of the negative? Another area (call it area B) ofthe same negative has an opacity of 64. In terms of factors of two, how m..
Research paper - survey of law : SURVEY OF LAW. RESEARCH PAPER: 6 PAGES. Select a laws (tort, contract, civil, criminal), Brief history of selective laws and Compare and contrast the selective laws
Frictional unemployment and structural unemployment : Identify what type of unemployment each of the individuals below is facing by dragging and dropping the appropriate term into the bins provided. Frictional Unemployment / Structural Unemployment / Cyclical Unemployment

Reviews

Write a Review

Auditing Questions & Answers

  Going concern issue in auto industry

Assume you are an auditor of a small, publicly held "parts" supplier in Detroit. Its major clients are the auto companies, although they do support some appliance manufacturers and the airline industry. What type of questions would you ask about m..

  On 112012 company abc gets 35000 shares of company xyz at

on 112012 company abc gets 35000 shares of company xyz at a cash price of 10 per share. company xyz has 80000 shares

  What are the key business risks to csiro

For three significant classes of transactions or accounts, identify preliminary audit risk components, proposed audit approach and four specific audit procedures for each that you intend to perform, one of which needs to be performed around balanc..

  Why it is desirable for corporations

Using a standard format memo please discuss the why it is desirable for corporations, charities, and NGOs to change their External Audit firms every 7-10 years.

  Evaluation of internal control procedures

Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.

  What kind of audit report auditors usually issue

What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.

  Collection of accounts receivable

What is the normal procedure for handling the collection of accounts receivable previously written off using the direct write-off method? Using the allowance method?

  Cash-basis method

What standard-setters have said as to the superiority of accrual accounting relative to a cash basis. Do you agree with the justification offered for accrual accounting - Would a cash basis be easier or harder to audit than an accrual basis? Why?

  Ap/adms 4551 auditing: and other assurance services

Describe the five components of the definition of auditing. For each component, identify which aspects of the audit committee oversight audit fit the definition.

  Show the components of teamschedule

Show the components of TeamSchedule and how does the use of TeamSchedule and TeamTEC improve the monitoring and reporting of resources?

  Components of the financial statements

Should be included are included; thus, the financial statements are complete - assets, liabilities, equity revenues, and expenses are appropriately valued and are allocated to the proper accounting period.

  Part adescribe why the payment to the taxpayer in fct v

part adescribe why the payment to the taxpayer in fct v dixon 1952 86 clr 540 was assessable income but the payment in

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd