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business
auditing 12th
Auditing 12th Edition Alan Millichamp, John Taylor - Solutions
Describe the relationship between the financial statements of a company, the shareholders, the directors and the auditors.
From the point of view of shareholders, what may be the problems associated with only receiving detailed financial statements annually?
What is the primary objective of an audit?
What other benefits are obtained through the audit process?
What are the objectives of an audit report?
What qualities are required in an auditor?
Distinguish statutory and internal audits and other assignments.
Define an audit.
Bolington Ltd is a rapidly growing company presently owned by the Bolington family. It sells designer clothing and accessories which it sources from around the world and trading results are exceeding expectations. The family is looking to cash in on the success of the business and also provide some
What was the principal report from which most corporate governance requirements originate?
Extract from the financial statements of Megablast Ltd regarding corporate governance: 'Mr Tidyman is the Chief Executive Officer and board chairman of Megablast. He appoints and maintains a board of six executive and two non-executive directors, one of whom is his father, the former Chairman of
What are the duties of directors with regard to corporate governance?
If there is a need for a uniform set of international accounting standards and international auditing standards, there is also a need for global corporate governance standards.Required:Discuss and reach a conclusion.
How does the UK approach differ from that of the USA?
What is ‘substance over form’?
How do the Wates Principles affect private companies?
What are the roles of non-executive directors in connection with corporate governance?
Mainbrace Ltd is a book publisher and retailer which trades via the internet. The company was formed using a kit bought from a legal stationer, start-up capital was provided by the major shareholder, Bertie Bracewell’s father, another friend, and co-owner Angela Main also provided some capital.
What is the main piece of legislation regulating companies?
Winfred Metal Reclamation Ltd, a small company, buys scrap metal residues from local companies and treats the residues to recover the metal which is then sold to other local companies. The company is 75 per cent owned equally by Joe Winfred and his brother Eric, with their mother owning the
All professions have standards to which members of that profession are expected to adhere. These may encompass standards of both professional practice and personal conduct. Auditing in the UK is subject to a regulatory framework which includes a process for setting audit standards impacting
What are the limits for the statutory audit to apply to a company?
Who can be an auditor?
List the main rights of auditors.
How are auditors appointed?
What should auditors do on resigning their office?
What exemptions apply to smaller organizations?
What is the role of a Recognized Supervisory Body?
Which are the Recognized Supervisory Bodies in the UK?
Cicero Ltd has now realized that it needs to improve its financial records and send some accounts to Companies House. So far it has managed with a series of spreadsheets devised by the company accountant, Eric Chopper, who is not a qualified accountant, and simply records revenues, payments and
What must appear in books of account?
List the statutory books.
Who are responsible for maintaining the books of account and the statutory books?
What is the auditor’s interest in these documents?
What documents are issued by the FRC?
The profession has been criticized by politicians for its role in monitoring potential corporate failure. Radical reforms have been called for the way in which the audit is regulated. For example, politicians have stated there should be a change of legislation in the following ways:• Auditing
What material is contained in an International Standard on Auditing?
International Standards on Auditing (ISAs) apply equally to the audit of all entities, whatever their size. However, the manner in which ISAs are applied differs from entity to entity and depends on the use of the auditor’s judgement. The characteristics of smaller entities may
In the audit of small companies which Financial Reporting Standard is particularly important?
Why are financial reporting standards important to auditors?
Sweet & Lowe are auditors of McColl Holdings plc, a chemical manufacturer. The financial director has left the company recently to take up another post and McColl have so far been unable to find a suitable replacement. They have therefore asked Sweet & Lowe to be responsible for the preparation of
List the fundamental principles.
The objectivity of the external auditor may be threatened or appear to be threatened where:i) There is undue dependence on any audit client or group of clients.ii) The firm, its partners or staff have any financial interest in an audit client.iii) There are family or other close personal or
What general ethical rules are there?
A waste disposal company has breached tax regulations, environmental regulations and health and safety regulations. The auditor has been approached by the tax authorities, the government body supervising the award of licenses to such companies and a trade union representative. All of them have
What should an accountant do if faced with an ethical dilemma?
Enumerate the guidelines to independence.
What should an accountant do about commissions?
Give examples of areas where conflicts of interest may occur.
What restrictions are there on advertising?
How can an accountant obtain publicity in an ethical manner?
What are the rules on auditors’ remuneration?
What are the implications for auditor’s independence and objectivity in connection with small company audits?
What is insider dealing? What does an audit team member do when they know their mother has shares in Risky plc and that, whilst on the audit of Risky, they discover that the company's new pharmaceutical product of which the market expects much, has been banned as unsafe? An announcement of the ban
What is whistleblowing? When may an auditor inform the proper authorities of a breach of the law?
What criteria apply to the decision of auditors as to whether they can assist their client in non-audit ways?
Quality control policies and procedures should be implemented at both the level of the audit firm and on individual audits states ISA(UK)220 Quality Control for an Audit of Financial Statements.Required:Describe the nature and explain the purpose of quality control procedures appropriate to the
In Newtown there are three small firms of qualified accountants and registered auditors who, between them, have most of the large businesses, farmers and landowners and other service providers as clients. They have heard a rumor that one of the 'Big 4' firms want to set up an office in the town
What are the key aspects of good organization in an audit firm to ensure quality?
You are an audit manager in Fayre & Even, a firm of Chartered Certified Accountants. Your specific responsibilities include planning the allocation of professional staff to audit assignments. The following matters have arisen in connection with the audits of three client companies:(a) The finance
What are the responsibilities of the audit partner/director?
What is the difference between a hot review and a cold review and when is each one carried out?
What control procedures should be applied to individual audits?
Juliet B., a partner in Stamp & Hoppit, Registered Auditors, receives a telephone call from the CEO of Chateaubriand Ltd which runs a chain of restaurants and bars. They wish to appoint Stamp & Hoppit as auditors as they have a disagreement with the existing auditors. The audit would be due to
List the purposes of an Engagement Letter.
Viswa is a company that provides call center services for a variety of organizations. It operates in a medium-sized city and your firm is the largest audit firm in the city. Viswa is owned and run by two entrepreneurs with experience in this sector and has been in existence for five years. It is
What happens if they are not met?
What is an acceptable reporting framework?
What are the procedures connected with Engagement Letters?
List the principal contents of an Engagement Letter.
What other forms of communication might it be wise to discuss when agreeing the Engagement Letter?
How are Engagement Letters dealt with in a group situation?
Skye Antiques Ltd operates a large shop in the center of North Bromwich and two smaller shops in adjacent towns. They sell expensive reproduction antique furniture. Normally customers see the furniture in the shop and place an order for delivery in the company van within four weeks. The delay
Define internal control and control risk and tests of control.
You are the audit manager in charge of the audit of Millipede Ltd a manufacturer of children's furniture. Their products are made of wood and consist mainly of small versions of adult-sized furniture, principally children's chairs, small tables, beds, cots and nursery furniture often painted in
List the types of internal controls.
What categories of internal controls are comprised in the term ‘organization’?
What functions should be segregated so that no two are under the control of one person?
What types of arithmetical and accounting controls are possible?
What are the internal control objectives of personnel policies?
What personnel policies achieve these ends?
List two management controls.
What budgeting benefits have internal control implications?
When are physical controls especially important?
List four physical controls.
List three controls over a petty cash system.
How can the issue of fraudulent cheques be prevented?
List four possible wages frauds.
What is a control environment?
List four limitations of internal control.
You are working on the audit of your client Sweetie Ltd for the year ended 31 March 202X. The company employs 100 workers in a doughnut manufacturing plant. Wages are paid weekly. The following procedures are carried out:• Employees clock cards are signed by supervisors and brought to the wage's
Outline the key stages of the audit.
You have been presented with the following draft financial information about Hivex, a very successful company that develops and licenses specialist computer software and hardware. Its fixed assets mainly consist of property, computer hardware and investments, and there have been additions to these
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