Audit

UNIVERSITI TUNKU ABDUL RAHMAN Faculty of Accountancy and Management Bachelor of Accounting (Hons) UKAF 2124 Auditing and Assurance service II (May 2011, Y3S1) GROUP ASSIGNMENTAssessment Criteria Marks Clarity and expression 5 % References and evidence of research 5 % Contents of the answer for 90% Total 100% Question 1: following(a) his resignation, MedTrans former chief monetary officer met Gordon Johns, the Deloitte canvas engagement partner. Did the chief monetary officer throw away a responsibility to tell Johns of the errors in MedTrans 1992 financial argumentations? pardon your answers. In this case, the CFO has the estimable responsibilities to inform Johns all the errors he finds come forward in the financial statements of MedTrans 1992. The chief Financial Officer (CFO) is a corporate ships officer who generally responsible for managing the financial risks of the comp whatsoever, financial planning and record-keeping, as advantageously as the financial report to higher management. The companys management, such(prenominal) as chief executive officer or CFO, has the primary responsibilities for the financial statement and has to indicate to the auditors and audit committee once they show any error or misstatement in the audit report. They should complete the auditors responsibility is to express his assessment and make any physicalness judgments on the audit report. Nowadays, to the highest degree CFOs of large companies bring in finance qualifications likes story ambit and a finance segment would usually have around accountants with Certified Public Accountant.

According to IFAC economy and MIA By-laws, thither are 5 vestigial principles of superior ethical spring which characterize the expected qualities of a profession. The 5 fundamental principles are as following: Integrity (Section one hundred ten of By-laws) Objectivity (Section 120 of By-laws) Competence and due care (Section one hundred thirty of By-laws) Confidentiality (Section 140 of By-laws) Professional Behavior (Section 150 of By-laws) The principle of integrity imposes an agreement on all schoolmaster such as accountant, to be straightforward and honest... If you want to upraise a full essay, revisal it on our website: Orderessay

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