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Auditing Principles and Internal Control Insights

The assignment covers the relationship between auditing and accounting, emphasizing the importance of internal control, its objectives, components, and its connection to audit procedures. It also discusses International Standards for Auditing (ISA) regarding auditor independence, internal control, and audit evidence, while addressing the necessity of auditor independence and methods to maintain it. Lastly, it outlines the types of audit reports that should be issued under specific circumstances, including client-imposed restrictions and references to other auditors.

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Rejal
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41 views1 page

Auditing Principles and Internal Control Insights

The assignment covers the relationship between auditing and accounting, emphasizing the importance of internal control, its objectives, components, and its connection to audit procedures. It also discusses International Standards for Auditing (ISA) regarding auditor independence, internal control, and audit evidence, while addressing the necessity of auditor independence and methods to maintain it. Lastly, it outlines the types of audit reports that should be issued under specific circumstances, including client-imposed restrictions and references to other auditors.

Uploaded by

Rejal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

Audit principles and practice I Assignment

Briefly discuss the following questions

1. Discuss the relationship of auditing to accounting


2. Discuss the following pointed related with internal control
a. Meaning of internal control
b. Objectives of internal control
c. Components of internal control
d. Internal control and its relation with audit procedure
3. Briefly discuss and summarize International Standards for Auditing (ISA) with
regards to the following points:
a. Auditor Independence
b. Internal Control
c. Audit Evidence
4. Discuss why auditor indigence is required and how to ensure independence of
auditor
5. What type of audit report (unqualified opinion, except for opinion, adverse opinion,
denial of opinion) should the auditors generally issue in each of the following
situations? Explain.

a) Client imposed restriction limit very significantly the scope of the


auditors’ procedures.
b) The auditors decide that it is necessary to make reference to their
report of another public accounting firm (the secondary auditors).
c) The auditors believe that the financial statements have been stated
in conformity with generally accepted accounting principles in all respects other
than the treatment and disclosure of a material uncertainty.

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