Codes of conduct followed by auditors emphasize the importance of independence to achieving audit quality. Explain why

Question:

Codes of conduct followed by auditors emphasize the importance of independence to achieving audit quality. Explain why independence is considered the cornerstone of the auditing profession.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing A Risk Based-Approach

ISBN: 978-1337619455

11th Edition

Authors: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

See More Books

Question Posted: Sep 15, 2018 12:44 PM

See More Questions

Auditing standards emphasize the importance of independence. Explain why independence is often considered the cornerstone of the auditing profession. Explain why independence issues were a primary...
1) Use length.You want to help students at a local high school understand the importance of performing well on their upcoming ACT test for college admission. Express this idea in a sentence giving...
To emphasize the importance of integrity and ethical values among all personnel or an organization, the chief executive officer? 1) Send e-mail messages to all employees, promoting ethical values. 2)...
McGuire Industries prepares budgets to help manage the company. McGuire is budgeting for the fiscal year ended January 31, 2021. During the preceding year ended January 31, 2020, sales totaled $9,200...
An article in the Wall Street Journal explained that the 10 wealthiest four-year colleges in the United States accounted for one-third of the total cash and investments held by all four-year...
The following relations describe demand and supply conditions in the lumber/forest products industry QD = 80,000 - 20,000P(Demand) QS = -20,000 + 20,000P(Supply) Where Q is quantity measured in...
Describe the differences between black box and white box component modeling.
How would you characterize the decision-making styles of the two committees that considered the enrollment management problem? Would you characterize either of these processes as more effective or...
History Netflix was started in 1997 in Scott Valley, CA by Reed Hastings, and Marc Randolph. Reed and Marc wanted people to be able to rent DVDs by mail. A year later, in 1998, Netflix.com was...
Carbon diffuses in iron via an interstitial mechanism-for FCC iron from one octahedral site to an adjacent one. In Section 4.3 (Figure 4.3a), we note that two general sets of point coordinates for...
Baffin College has an endowment that pays one lucky student $7,500 a year forever; of course, it is a different student each year. Long-term yields are 10 percent. a. How much is currently required...
Describe why maintaining auditor independence can help achieve audit quality.
Lewis owns 200 shares of stock in Modlin Corporation. His adjusted basis for the stock is $180,000. On December 15, 2017, he sells the stock for $170,000. He purchases 200 shares of Modlin...
You have extracted a trial balance and drawn up accounts for the year ended 31 December 2010. There was a shortage of 78 on the credit side of the trial balance, a suspense account being opened for...
Gail Dawson is the owner of a retail business. She has employed an inexperienced bookkeeper to maintain her accounting records. (a) On 31 March 2012, the end of the businesss accounting year, the...
A and B are in partnership sharing profits and losses 3:2. Under the terms of the partnership agreement, the partners are entitled to interest on capital at 5 per cent per annum and B is entitled to...
After preparing its draft final accounts for the year ended 31 March 2009 and its draft statement of financial position as at 31 March 2009 a business discovered that the inventory lists used to...
J. Horner is the proprietor of a shop selling paintings and ornaments. For the purposes of his financial statements he wishes the business to be divided into two departments: The following balances...
Describe a conflict you observed in an organization, preferably one you have been associated with. Identify the type of conflict in terms of the people involved and the reasons for the conflict.
The Ranch 888 Noodle Company sells two types of dried noodles:ramen, at $6.50 per box, and chow fun, at $7.70 per box. So farthis year, the company has sold a total of 110,096 boxes ofnoodles,...
The parties relevant to an assurance engagement are: (a) Assurance practitioner, users, responsible party. (b) Assurance practitioner, responsible party, subject matter. (c) Assurance practitioner,...
Under the Canada Business Corporations Act the auditor has a responsibility to: (a) Form an opinion on the subject criteria. (b) Form an opinion on the independence of the company. (c) Form an...
Performance audits are useful because: (a) They include an internal audit. (b) They are concerned with the economy, efficiency, and effectiveness of an organizations activities. (c) They involve...
As a precaution, the levers on gasoline pumps in many provinces in Canada must be manually operated at all times. One of the reasons for this is especially relevant in the winter time because the...
7. A transformer core is shown in cartoon form in Figure 8.26. This is made up of, perhaps implausibly, 29 gage M-36 laminations: the same sort of material described by Figures 8.19 and 8.20. Assume...
2. For a lamp that has a total luminous flux, of 4.5104 lm and total radiant flux, of 300 W, (a) what is the overall luminous efficiency, K for this lamp? (b) if this lamp has a luminous intensity of...

Codes of conduct followed by auditors emphasize the importance of independence to achieving audit quality. Explain why

Question:

Step by Step Answer:

Independence is vitally important to the auditing profession Audits exist to ...View the full answer

Auditing A Risk Based-Approach

Students also viewed these Business questions