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 lyric 5 % References and evidence of research 5 % Contents of the propound 90% Total 100% Question 1: following(a) his resignation, MedTrans former chief monetary officer met Gordon Johns, the Deloitte scrutinise engagement partner. Did the chief pecuniary officer throw away a responsibility to state 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 taboo in the financial statements of MedTrans 1992. The tribal chief Financial Officer (CFO) is a corporate ships officer who in general responsible for managing the financial risks of the comp whatsoever, financial planning and record-keeping, as whole slightly as the financial account 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 institute any error or misstatement in the audit report. They should bash the auditors responsibility is to express his assent and make any corporality judgments on the audit report. Nowadays, roughly CFOs of large companies bring in finance qualifications likes story circumstance and a finance plane section would usually have some accountants with Certified Public Accountant.

According to IFAC economy and MIA By-laws, on that point argon 5 sound principles of superior ethical motive(prenominal) which characterize the expected qualities of a profession. The 5 fundamental principles are as following: Integrity (Section cx 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 debt instrument on all passe-partout such as accountant, to be straightforward and honest... If you want to get a full essay, swan it on our website: Orderessay

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