Complying With Your Responsibilities as an Auditor

Assignment

When performing attest
services in connection with expressing an opinion on a company’s financial
statements, you have a responsibility to comply with various standards related
to the performance of your duties. Expressing an opinion on a company’s financial
statements is the principal activity that auditors provide to serve the public
interest. Therefore, execution of these duties has to meet the highest tests
established by the profession. These standards and requirements are based on Generally
Accepted Accounting Standards in the Public Company Accounting Oversight Board.

What are the objectives of audit
risk assessment, and why is it important to assess the likelihood that
fraud may occur? How might the assessment influence the auditors’
evaluation of ICFR?
Explain the content of each
section of the audit report. Evaluate the importance of each section with
respect to the users of financial reports.
Distinguish between an auditor’s
responsibility to detect and report errors, illegal acts, and disclosure
of such events.
What are the auditor’s responsibilities
to communicate information to the audit committee under PCAOB standards?
If the auditor discovers that the audit committee routinely ignores such
communications especially when they are critical of management’s use of
GAAP and the financial statements, what steps might the auditor take at
this point?

Complying
With Your Responsibilities as an Auditor
Identify the tenets of the AICPA
Code of Professional Conduct.

Recognize the auditor’s
responsibility under the AICPA Code of Professional Conduct.

Recognize ethical issues involved
in financial reporting.

Assess the cause and nature of
fraud, and the measures to identify them.

Distinguish the differences
between ethical and legal issues.

Identify the auditor’s ethical
and legal obligations.

Communicate professionally
according to the expectations of the field of accounting.

Communicate in a manner that is
professional and in accordance with the expectations of the field of
accounting.

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