You have recently joined the audit firm of Smith & Singh as an audit graduate. At your
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Question:
You have recently joined the audit firm of Smith & Singh as an audit graduate. At your first staff training session, the staff training manager comments that underlying all assurance engagements is the need to exercise professional judgment and professional scepticism.
REQUIRED
Discuss the importance of professional judgment and professional scepticism under the assurance framework
b) Chan & Chow offer their clients a range of professional services, including:
Providing advice on accounting policies and accounting standards
- Auditing annual financial
- Providing assistance to management and the board in strengthening internal controls and corporate governance practices
- Providing assistance with the establishment and training of internal audit teams
- Checking compliance with company policies and legislative regulations
- Reviewing half-yearly financial reports lodged with ASIC.
REQUIRED
For each of the services listed above, determine whether it is an assurance engagement, and explain your answer.
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0133125689
15th edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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