This chapter is based on Audit and Assurance. explain the auditor’s liabilities to shareholders and auditees. Explain the concept of due care and the circumstances giving rise to negligence in the conduct of an audit. identify issues and rulings of legal cases with respect to the auditor’s liability to third parties. Enumerate the precautions the auditor should take to avoid litigation.
Audit company - Audit for companies - PKC Management ConsultingPKCIndia2
An audit company is usually hired to perform the audit process. The auditor will work closely with the company's finance team to review financial statements, internal controls, and other relevant documents. we will provide an overview of how audits work, including the different stages and levels involved in the process. Whether you are a business owner or a professional looking to learn more about auditing practices, this article will serve as a useful guide. In conclusion, PKC Management Consulting is a reputable audit company that offers comprehensive and efficient auditing services for companies of all sizes. With their team of experienced auditors and consultants, they provide valuable insights and recommendations to improve business operations and financial management. Their commitment to integrity, professionalism, and customer satisfaction sets them apart in the industry. If you're looking for an audit partner that can help you achieve your business goals, PKC Management Consulting is the right choice. Contact them today to learn more about their services and how they can add value to your organization.
International Staandards on Auditing 200FarhanNasir21
Overall Objectives ISA 200: To obtain reasonable assurance on the financial statements. To report on the financial statements, and communicate as required by the ISAs, in accordance with the auditor's findings
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Audit company - Audit for companies - PKC Management ConsultingPKCIndia2
An audit company is usually hired to perform the audit process. The auditor will work closely with the company's finance team to review financial statements, internal controls, and other relevant documents. we will provide an overview of how audits work, including the different stages and levels involved in the process. Whether you are a business owner or a professional looking to learn more about auditing practices, this article will serve as a useful guide. In conclusion, PKC Management Consulting is a reputable audit company that offers comprehensive and efficient auditing services for companies of all sizes. With their team of experienced auditors and consultants, they provide valuable insights and recommendations to improve business operations and financial management. Their commitment to integrity, professionalism, and customer satisfaction sets them apart in the industry. If you're looking for an audit partner that can help you achieve your business goals, PKC Management Consulting is the right choice. Contact them today to learn more about their services and how they can add value to your organization.
International Staandards on Auditing 200FarhanNasir21
Overall Objectives ISA 200: To obtain reasonable assurance on the financial statements. To report on the financial statements, and communicate as required by the ISAs, in accordance with the auditor's findings
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Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
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Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
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What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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2. Learning objectives
After studying this presentation, you should be able to:
1.1 explain what an audit is, what it provides, and why it
is demanded
1.2 describe how assurance relates to auditing
1.3 evaluate whether audits meet the demands of users
1.4 discuss the importance of the environment, case law
and regulation to auditing
1.5 explain the importance of national and international
auditing standards.
3. What is an audit?
“A systematic process of objectively obtaining and
evaluating evidence regarding assertions made about
economic actions and events to ascertain the degree of
correspondence between those assertions and established
criteria and communicating the results to interested users”
American Accounting Association (1973)
4. What is an audit?
• systematic process
• objectively obtaining and evaluating evidence
• regarding assertions made about economic
actions and events
• ascertain the degree of correspondence
between those assertions and established
criteria
• communicate the results to interested users.
5. The objectives of an auditor
• sets out to achieve enhanced credibility of
information disclosed to increase reliability for the
users of the financial statements.
• obtain evidence to validate management’s
assertions and ensure economic events are
appropriately communicated to users.
7. What does an audit provide?
• Auditor’s responsibility:
– To express an opinion on the financial report
– Audit report to state that the audit was conducted in
accordance with Australian auditing standards
– An audit should be described (performed procedures
to obtain evidence based on assessment of the risks
of material misstatement)
– Audit report shall state that sufficient and
appropriate audit evidence has been obtained to
form an opinion.
ASA 700
8. What does an audit provide?
• Auditor’s opinion:
– Fair presentation framework: forms an opinion on
whether the financial report presents fairly, in all
material respects (or a true and fair view) in accordance
with the applicable financial reporting framework
– Compliance framework: forms an opinion on whether
the financial report is prepared, in all material respects,
in accordance with the framework. ASA 700
• Reasonable level of assurance
9. Why is there a demand for audits?
• Agency theory
• Information hypothesis
• Insurance hypothesis
• Regulation
10. Agency theory
• A principal contracts an agent to work on their
behalf
• Each party is motivated by self interest
• Information asymmetry arises
• An independent audit reduces the incentives for
problems
12. Information hypothesis
• Investors demand quality information in assessing the risks
and returns of their investments
• Audits improve the quality of information in financial
reports
• Reduces information risk and leads to improved decision
making
13. Insurance hypothesis
“the ability to shift financial responsibility for reported data
to an auditor lowers the expected loss from litigation or
related settlements to managers, creditors, and other
professionals involved in the securities market. As potential
litigation awards increase, this insurance demand for an
audit from managers and professional participants in
financial activities can be expected to grow.
Wallace (1980)
14. Insurance hypothesis
• Interested parties:
– Investors and creditors demand an audit to be prudent
and insure against losses
– Regulators to insulate themselves from criticism by
directing blame to auditors.
15. Regulation
• Annual audits required by:
– Companies, registered schemes & disclosing entities
(excludes small proprietary companies)
– Commonwealth and state government departments,
statutory authorities, government companies and
business undertakings, and municipalities
– Not-for-profit organisations including educational
institutions.
16. Who provides audits?
• Financial audits are provided by independent auditors
• Must be registered with ASIC to be able to perform
audits on reporting entities
• Criteria set out in s.1280 Corporations Act:
– Educational qualifications
– Work experience
– Good character (fit and proper person)
– Ordinarily resident in Australia
– Member of CA ANZ, CPA Australia, or IPA.
17. What is assurance?
In the Australian auditing standards an assurance
engagement is defined as:
“An engagement in which an assurance practitioner
expresses a conclusion designed to enhance the degree of
confidence of the intended users other than the
responsible party about the outcome of the evaluation or
measurement of a subject matter against criteria”.
18. Assurance engagements
• May be financial or non-financial
• The level of assurance will vary according to the particular
engagement (according to the amount of evidence
collected)
• Audits of annual financial reports imply a reasonable (or
high) level of assurance
• In comparison (for example) half-yearly reviews imply a
moderate (or low) level of assurance
21. Do audits provide good value?
• Assessing value can be examined by asking:
–How often are they associated with company failure
–Do auditors get the audit report correct
–How much do they cost?
–Do audits provide economic value in the market?
22. The audit expectation gap
“the difference between what auditors actually do when
they conduct an audit and what shareholders and others
think auditor's do, or should do, in conducting the audit”
Report of HIH Royal Commission
23. Audit expectation gap
Perceived
Performance
of auditors
Society’s
expectation
of auditors
Deficient
performance
Deficient
standards
Unreasonable
expectations
Audit expectation-performance gap
Performance
gap
Reasonableness
gap
24. Audit expectation gap
• Remedies to address unrealistic expectations:
– Education of stakeholders about what an audit provides
• Remedies to address deficient standards:
– Reporting on internal control
– Detection of fraud
– Evaluation of going concern.
26. Case law
• Early cases associated with detection of fraud
• Change of focus resulting from growing complexity,
greater separation of owners from managers and
increasing size of businesses
• Greater emphasis on ‘reasonable skill and care’
• Concept of ‘reasonable assurance’.
27. Case law
• Pacific Acceptance case (1970):
– Auditor should pay due regard to the possibility of
fraud and actively investigate the possibility of fraud if
suspicious circumstances exist.
–Concept of ‘reasonable care and skill’ called for
changed standards to meet changed business
conditions or changed understanding of the dangers.
28. The early 2000s – challenges and changes
• Corporate collapses overseas and in Australia
• Collapse of Enron led to the Sarbanes-Oxley Act
• Collapse of HIH led to a Royal Commission
• Ramsay Report
• Some recommendations from the HIH Royal Commission
and the Ramsay Report were incorporated in Corporate
Law Economic Reform Program (CLERP 9).
29. Audit Quality
Definition: that all relevant auditing standards are
adhered to, demonstrating the appropriate level of care,
diligence, competence and professionalism that are
required of the auditor.
30. Regulation and other oversight
• CLERP 9 changes
– Major impacts:
• Role of audit in corporate governance
• Auditor independence
• Audit quality.
31. Auditor Independence
• To conduct the audit without bias and appear to be
objective to those relying on the results of the audit. Key
issues include:
– Non-audit services
– Audit partner rotation
– Auditor working for the client.
32. Quality-related changes
• Role of Financial Reporting Council:
– role broadened to include oversight of the AUASB
– auditing standards given the force of law.
• Annual general meetings:
– Shareholders permitted to submit questions to the
auditors before the AGM
– Auditor must attend the AGM and answer questions
asked by shareholders.
33. Regulation and other oversight
• Australian Securities and Investment Commission (ASIC):
– Regulates corporate, markets and financial services
sector
– Advise on selling of and disclosure of financial products
and services to consumers
– Majority of work carried out under Corporations Act.
34. Regulation and other oversight
• Companies Auditors Disciplinary Board (CADB):
– Established under ASIC Act
– Hears breaches under Corporations Act by auditors and
liquidators.
• Australian Securities Exchange (AXS):
–Monitors specific aspects of the businesses of other
organisations
– Listing Rules are enforceable against listed entities
under the Corporations Act.
36. Auditing Standards
• Auditing and Assurance Standards Board (AUASB):
–AUASB’s role is to develop high-quality auditing and
assurance standards
–Standards have the force of law under the Corporations
Act s. 336
–Ensure ASAs conform with their IAASB equivalents,
address local regulatory issues and promote consistency
in application
–Also issues ASREs (review engagements), ASAEs
(assurance engagements) and ASRSs (related services).
37. International auditing standards
• Issued by the IAASB under the auspices of the
International Federation of Accountants
• IASSB’s objective:
– serve the public interest by setting high-quality
international standards for auditing, quality control,
review, other assurance, and related services
– facilitating the convergence of international and
national standards.