Auditing & Assurance: Review of International Insurance Inc.
VerifiedAdded on 2023/06/15
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Report
AI Summary
This auditing and assurance report provides an analysis of audit committee practices at International Insurance Inc. (III). It begins by defining auditing components and then compares III’s audit committee practices to published best practices based on internal control frameworks from CPA Canada and the Institute of Internal Auditors (IIA). The report assesses specific aspects of III's practices, including established criteria, reflection of reality, objectivity, independence, and competence. It further evaluates potential violations of Canadian Auditing Standards (CAS), particularly concerning advertising practices, fee quotations, and handling of misstatements. The report also examines the quality of audit evidence obtained through various procedures, such as re-performance of payroll calculations, physical examination of equipment, and inquiries of management, categorizing the evidence as high, moderate, or low based on its reliability and relevance.
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