1 Auditing and the Public Accountant Profession Importance of Auditing Bodies required to have an annual audit: All public and larger private companies.

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1 Auditing and the Public Accountant Profession Importance of Auditing Bodies required to have an annual audit: All public and larger private companies Government departments, local authorities, NHS Registered charities and other non-profit organizations, including educational institutions Why need an audit? A report can: Contain errors Not disclose fraud Be inadvertently misleading Be deliberately misleading Fail to disclose relevant information Fail to conform to regulations

2 Auditing and the Public Accountant Profession Objectives of Audit To enable the auditor to express an opinion whether the financial statements are prepared in all material respects in accordance with applicable financial reporting framework (Auditing Practices Board). Primary Produce a report with the auditor’s opinion of the truth and fairness of financial statements, so that any user can have belief in them Secondary Advise management of any effects or problems with their accounting systems and to suggest ways of improving it Detect errors and fraud Prevent errors and fraud by the deterrent and moral effect of the audit

3 Auditing and the Public Accountant Profession Auditing as a Service to Provide Reasonable Assurance to Users Assurance engagement: A practitioner expresses a conclusion designed to enhance the degree of confidence that intended users can have about the evaluation or measurement of a subject. Elements of an Assurance Engagement: a three-party relationship, involving the practitioner (auditor), the responsible party (e.g. board of directors) and the intended users a subject matter: financial statements demonstrating the accountability of the directors to the shareholders suitable criteria: truth and fairness, in accordance with international financial and reporting standards sufficient appropriate evidence: the company’s books and records a written assurance report: the auditor’s report

4 Auditing and the Public Accountant Profession Auditing-A Sifting Paradigm Historical Evolution Ensure correctness of the accounts Detect fraud and errors Provide independent opinion on the truth and fairness of the financial statements to the users Detection of fraud and errors In the post-Enron era (2001) it is the auditor’s responsibility to: Evaluate the effectiveness of an entity’s risk-management framework in preventing misstatements, whether through fraud or otherwise. Be proactive in their search for fraud. They are required to assess the risk of fraud occurring. Auditor independence Auditors should not engage in nonaudit functions for audit clients (e.g. consulting)

5 Auditing and the Public Accountant Profession Auditor responsibility Auditors are liable for any negligent performance of statutory rights Due care should be exercised Auditors must express an opinion with: Honesty Integrity Impartiality Objectivity Qualities of auditors Independence Competence Integrity Types of Audit Statutory-required by law Internal audits-conducted by employees or external auditors.