Purpose of planning ‘The objective of the auditor is to plan the audit so that it will be performed in an effective manner.’ [ISA 300 Planning an Audit of Financial Statements, 4] Audits are potentially complex, risky… Read More
Risk
Audit risk One of the main requirements of the audit is for the auditor to: ‘…obtain sufficient appropriate evidence to reduce audit risk to an acceptably low level…’ [ISA 200 Overall Objectives of the Independent Auditor and… Read More
Ethics and acceptance
The need for professional ethics Professional accountants have a responsibility to act in the public interest. The purpose of assurance engagements is to increase the confidence of the intended users, therefore the users need to trust the professional who… Read More
Corporate governance
Objectives and importance of corporate governance Corporate governance is the means by which a company is operated and controlled. The aim of corporate governance is to ensure that companies are run well in the interests of their shareholders,… Read More
Rules and regulation
The need for regulation The role of the auditor has come under increased scrutiny over the last thirty years due to an increase in high profile audit failures. The most high profile case, and the catalyst for regulatory change,… Read More
Introduction to assurance
What is assurance? An assurance engagement is: ‘An engagement in which a practitioner obtains sufficient appropriate evidence in order to express a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party… Read More