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Audit and Assurance : Sample Assignment

   

Added on  2021-04-17

10 Pages2928 Words46 Views
Running head: AUDIT AND ASSURANCEAudit and AssuranceName of the StudentName of the UniversityAuthor’s Note
Audit and Assurance : Sample Assignment_1
1AUDIT AND ASSURANCETable of ContentsIntroduction......................................................................................................................................2Requirement [a]...............................................................................................................................2Requirement [b]...............................................................................................................................3Situation 1....................................................................................................................................3Situation 2....................................................................................................................................4Situation 3....................................................................................................................................5Situation 4....................................................................................................................................5Situation 5....................................................................................................................................6Conclusion.......................................................................................................................................6References........................................................................................................................................8
Audit and Assurance : Sample Assignment_2
2AUDIT AND ASSURANCEIntroductionIn today’s business world, auditing is regarded as an important factor for both thecompanies and the investors of those companies. Auditing is considered as the process to inspectall the financial statements of the companies in order to make sure that they are free frommaterial misstatements (William Jr, Glover and Prawitt 2016). Ethics is considered as importantfactors in the auditing process. Thus, while conducting the audit operations, it is theresponsibility of the auditors to follow all the standards and principles of auditing ethics. In thisprocess, International Ethics Standards Board for Accountants (IESBA) is a major body for theauditors to comply with the auditing principles (Leung et al. 2014). IESBA is an independentbody, the main responsibility of this is to set different ethical principles for the auditors, andaccountants thus, the auditors are highly responsible for complying with the ethical guidelines ofIESBA. IESBA states that the auditors are not only reasonable for fulfill the needs of the auditclients, the auditors are also responsible to work for the interest of the public (Arens, Elder andMark 2012). This report aims at the analysis and evaluation of the roles and functions of IESBAin order to maintain the audit quality. Requirement [a]From the above discussion, a short overview of IESBA can be obtained. In this context, itis required to mention the specific roles and responsibilities of IESBA in the audit profession.The major role of IESBA lies in the preparation and issue of all the required ethical standards forthe interest of public; at the same time, IESBA is also responsible for the development andannouncements of necessary ethical pronouncements for the accountants all over the world(Sadowski and Thomas 2012). Different codes of IESBA work as the foundation of ethics for theauditors and accountants all over the world. For this reason, the application of different codesand standards of IESBA can be seen in the companies of all over the world irrespective of type,size and industry. This particular aspect imposes regulatory obligation on the companies underInternational Federation of Accountants (IFAC) to comply with all the standards and regulationsof IESBA (Apostolou, Dull and Schleifer 2013).
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