AYB301 Lecture Notes - Lecture 7: Financial Reporting Council, External Auditor, Audit Risk

54 views6 pages
20 Jan 2017
School
Department
Course
Professor

Document Summary

A process by which the owners and creditors of an organization exert control and require accountability for the resources entrusted to the organization. The owners (stockholders) elect a board of directors to provide oversight of the organization"s activities. ". The framework of rules, relationships, systems and processes within and by which authority is exercised and controlled in corporations (asx cgc) Some issues that arose as a result of the audit process. Analytical procedures were used inappropriately to replace direct tests of account balances. Audit firms were not thoroughly evaluating internal control and applying substantive procedures to address weaknesses in control. Audit documentation, especially related to audit planning, did not meet professional standards. Auditors ignored warning signs of fraud and other problems. Auditors were not providing sufficient warning about companies that might not continue as going concerns". Addresses audit standard setting and audit independence. Use international auditing standards as a basis to develop australian auditing standards.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents