AUDITING

Topics: Audit, Auditing, Internal control Pages: 2 (445 words) Published: November 7, 2013
1) A) Why independence is so crucial for auditors?
b) Explain the difference between independence in fact and independence in appearance. Use examples 2) What is the difference between forensic and statutory audit? Explain the other kinds of audit that you know 3) What are the objectives of an audit? Are errors and fraud within the scope of any audit? Explain clearly 4) What is professional clearance? What is the importance of professional clearance in auditing? 5) An audit fee is an auditor’s remuneration. In what ways can the aspect of audit fees affect auditors’ independence? 6) Explain clearly the ethical codes that are required of any professional auditor? 7) Audit planning is an important input in the auditing assignment, discuss. 8) Assume you are an experienced auditor with an audit firm in Dar. Your senior has requested you to advice a client on the importance of doing a professional clearance before accepting a new assignment. Assist the client as much as you can because he has been so furious thinking you are wasting a lot of time to start the assignment. 9) Assume ethical codes were not there for an auditor. What could have been consequences for this phenomenon? 10) What is the difference between vouching and tracing? Where should each of those apply and why? 11) System based audit is very important as it may complement a vouching audit. Explain this statement appropriately using relevant examples where possible. 12) Fraud has been a global problem for decades. Explain how the audit profession can eliminate the problem 13) We have so far learned types of audits. Two of these are internal and external audits. Explain the meaning and differences, if any, of these two types of audit. Are these types of audit related? 14) From the auditing definition we can deduce who is an auditor, what he/she does and what he gives out from his/her audit. Justify 15) Any entity/business without an internal control is like an open basket full of clean water placed at...
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