AUDITS AND AUDITORS

Contents



1.0Introduction

2.0Types of Audit
2.1Financial command Audit
2.2 inbred Audit

3.0Types of Auditor
3.1Independent Auditor
3.2Internal Auditor
3.3 presidency Auditor

4.0Legal Requirements of an Audit

5.0Benefits of an Audit
5.1Conflict of interest
5.2Consequence
5.3Complexity
5.4Remoteness
5.5Lower Cost of detonator
5.6Deterrent to Inefficiency and Fraud
5.7Control, Risk Assessment and Operational Improvements

6.0Responsibility for notice Fraud and Error

7.0Liability

8.0 Privity of Contract

9.0Liability to Third Parties

10.0 Case Law
10.1 capital of Jamaica Cotton Mills Co. (No.2) (1896) 2 Ch. 279

11.0Conclusion

12.0Bibliography

13.0Word Count







In this report I will look at the pursual two questions;

Why do accounts need to be audited
 passel we bring the auditors to court if they make mistakes


1.0INTRODUCTION


Auditing plays a key spot in our economy, government and business. They be essential as they admit assurance and credibility to the companys accounts


2.0TYPES OF AUDIT


2.



1Financial Statement Audit

AKA External Audit

The audit will be performed by an autarkical auditor, who must collate and evaluate evidence regarding the financial statements of a company, with a view of expressing his opinion on the accuracy of the accounts. The auditor will focus solely on the financial statements of an agreement and must be satisfied that the worrys assertions are in line with the Financial Reporting Standards, as per ISA cc Objective and General Principles Governing and Audit of Financial Statements


2.2 Internal Audit

This type of audit is usually performed by audit professionals who are employees of the company being audited. An internal audit is a management tool used by the organization to monitor and meliorate internal control systems. The management will decide the fine purpose of the audit....If you want to get a full essay, ordinance it on our website: Orderessay



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