Auditing & Assurance

Running head: AUDITING & ASSURANCE
Auditing & Assurance
Name of Student:
Name of University:
Author’s Note:

1AUDITING & ASSURANCE
Table of Contents
Answer to Question 1......................................................................................................................2
Answer to Question 2......................................................................................................................2
Answer to Question 3......................................................................................................................4
References........................................................................................................................................6

2AUDITING & ASSURANCE
Answer to Question 1
Description
of definition
of auditing
components
Specific Aspect of the narrative above that fits the definition
Established
Criteria
The auditor is considered to be having the best practices for the internal
control framework based on the publication by CPA “Canada (Chartered
Professional Accountants Canada) and (IIA) Institute of Internal
Auditors” (Lieberman et al. 2017).
Reflects
Reality
The necessary information such as corporate audit committee charter,
minutes of the board meetings for both audit team and board in the last
two years is agreed with the scope of work of audit committee. This
scope is also depicted with interviews of the individual audit of the
committee members, executive management and audit partner who is
responsible for auditing of financial statement for “International
Insurance Inc.”.
Objective The primary objective is discerned with comparing the III’s audit
committee to adhere to the best practices of audit committees.
Independent As the auditor is an employee of another consulting organization, he is
seen to be independent in nature.
Competent The hired personnel are considered as certified internal auditor.
Answer to Question 2
The “Canadian Auditing Standard (CAS)” considers the responsibilities of the
independent auditors while conducting the audit of the financial statements which are as per the
guidelines prescribed with CAS. It sets out the objectives to the independent auditor and also