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Audit Working Papers
Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide the assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was: *Properly planned; *Carried out properly *There was adequate supervision; *That the appropriate review was undertaken; and *That the evidence is sufficient and appropriate to support the audit opinion The Institute of Internal Auditors, a global professional audit standards body, has issued practice advisory 2330-1 stating the goals of audit working papers are to: *Document the planning, performance, and review of audit work; *Provide the principal support for audit communication such as observations, conclusions, and the final report; *Facilitate third-party reviews and r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audit Evidence
Audit evidence is evidence obtained by auditors during a financial audit and recorded in the audit working papers. Audit evidence is required by auditors to determine if a company has correct information considering their financial statements. If the information is correct, a CPA (Certified Public Accountant) can confirm the company's financial statements. Audit evidence is the primary support for an auditor's opinion on if there is a reasonable assurance that the company's financial statements are not materially misstated due to fraud or error. Audit evidence consists of various audit procedures and can often have a different role in the different stages of an audit. Audit evidence must be sufficient and appropriate, which means it is reliable and relevant. The auditor must use their own professional judgement when determining if the audit evidence is persuasive and sufficient. Audit evidence has undergone significant change with the emergence of Artificial Intelligence, Big Data ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Statements
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity or statement of equity, or statement of retained earnings, reports on t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditing
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property). Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. However, there is an expectation that each party's will (rather discretion) with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditor
An auditor is a person or a firm appointed by a company to execute an audit.Practical Auditing, Kul Narsingh Shrestha, 2012, Nabin Prakashan, Nepal To act as an auditor, a person should be certified by the regulatory authority of accounting and auditing or possess certain specified qualifications. Generally, to act as an external auditor of the company, a person should have a certificate of practice from the regulatory authority. Types of auditors * External auditor/ Statutory auditor is an independent firm engaged by the client subject to the audit, to express an opinion on whether the company's financial statements are free of material misstatements, whether due to fraud or error. For publicly traded companies, external auditors may also be required to express an opinion over the effectiveness of internal controls over financial reporting. External auditors may also be engaged to perform other agreed-upon procedures, related or unrelated to financial statements. Most impor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Professional Ethic
Professional ethics encompass the personal and corporate standards of behavior expected of professionals. The word professionalism originally applied to vows of a religious order. By no later than the year 1675, the term had seen secular application and was applied to the three learned professions: divinity, law, and medicine. The term professionalism was also used for the military profession around this same time. Professionals and those working in acknowledged professions exercise specialist knowledge and skill. How the use of this knowledge should be governed when providing a service to the public can be considered a moral issue and is termed "professional ethics". It is capable of making judgments, applying their skills, and reaching informed decisions in situations that the general public cannot because they have not attained the necessary knowledge and skills. One of the earliest examples of professional ethics is the Hippocratic oath to which medical doctors still adh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISA 230 Documentation
ISA 230 Audit Documentation is one of the International Standards on Auditing. It serves to direct the documentation of audit working papers in order to assist the audit planning and performance; the supervision and review of the audit work; and the recording of audit evidence Audit evidence is evidence obtained by auditors during a financial audit and recorded in the audit working papers. Audit evidence is required by auditors to determine if a company has correct information considering their financial statements. If ... resulting from the audit work in order to support the auditor's opinion. ISA 230 statements The auditor should prepare, on a timely basis, audit documentation that provides: #A sufficient and appropriate record of the basis for the audit report #Evidence that the audit was performed in accordance with ISA's and applicable legal and regulatory requirements (Paragraph 2).ISA 230 (UK) The auditor should prepare the audit documentation so as to enable an expe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Order
A court order is an official proclamation by a judge (or panel of judges) that defines the legal relationships between the parties to a hearing, a trial, an appeal or other court proceedings. Such ruling requires or authorizes the carrying out of certain steps by one or more parties to a case. A court order must be signed by a judge; some jurisdictions may also require it to be notarized. Content The content and provisions of a court order depend on the type of proceeding, the phase of the proceedings in which they are issued, and the procedural and evidentiary rules that govern the proceedings. An order can be as simple as setting a date for trial or as complex as restructuring contractual relationships by and between many corporations in a multi-jurisdictional dispute. It may be a final order (one that concludes the court action), or an interim order (one during the action). Most orders are written, and are signed by the judge. Some orders, however, are spoken orally by th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Interest
The public interest is "the welfare or well-being of the general public" and society. Overview Economist Lok Sang Ho in his ''Public Policy and the Public Interest'' argues that the public interest must be assessed impartially and, therefore, defines the public interest as the "''ex ante'' welfare of the representative individual." Under a thought experiment, by assuming that there is an equal chance for one to be anyone in society and, thus, could benefit or suffer from a change, the public interest is by definition enhanced whenever that change is preferred to the status quo ''ex ante''. This approach is "''ex ante''", in the sense that the change is not evaluated after the fact but assessed before the fact without knowing whether one would actually benefit or suffer from it. This approach follows the " veil of ignorance" approach, which was first proposed by John Harsanyi but popularized by John Rawls in his 1971 ''Theory of Justice''. Historically, however, the approa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flowchart
A flowchart is a type of diagram that represents a workflow or process. A flowchart can also be defined as a diagrammatic representation of an algorithm, a step-by-step approach to solving a task. The flowchart shows the steps as boxes of various kinds, and their order by connecting the boxes with arrows. This diagrammatic representation illustrates a solution model to a given problem. Flowcharts are used in analyzing, designing, documenting or managing a process or program in various fields. * ''Document flowcharts'', showing controls over a document-flow through a system * ''Data flowcharts'', showing controls over a data-flow in a system * ''System flowcharts'', showing controls at a physical or resource level * ''Program flowchart'', showing the controls in a program within a system Notice that every type of flowchart focuses on some kind of control, rather than on the particular flow itself. However, there are some different classifications. For example, Andrew Veron ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
User Guide
A user guide, also commonly known as a user manual, is intended to assist users in using a particular product, service or application. It's usually written by a technician, product developer, or a company's customer service staff. Most user guides contain both a written guide and associated images. In the case of computer applications, it is usual to include screenshots of the human-machine interface(s), and hardware manuals often include clear, simplified diagrams. The language used is matched to the intended audience, with jargon kept to a minimum or explained thoroughly. Contents of a user manual The sections of a user manual often include: *A cover page *A title page and copyright page *A preface, containing details of related documents and information on how to navigate the user guide *A contents page *A Purpose section. This should be an overview rather than detail the objective of the document *An Audience section to explicitly state who is the intended audience who is r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Narrative Note
A narrative, story, or tale is any account of a series of related events or experiences, whether nonfictional (memoir, biography, news report, documentary, travelogue, etc.) or fictional ( fairy tale, fable, legend, thriller, novel, etc.). Narratives can be presented through a sequence of written or spoken words, through still or moving images, or through any combination of these. The word derives from the Latin verb ''narrare'' (to tell), which is derived from the adjective ''gnarus'' (knowing or skilled). Narration (i.e., the process of presenting a narrative) is a rhetorical mode of discourse, broadly defined (and paralleling argumentation, description, and exposition), is one of four rhetorical modes of discourse. More narrowly defined, it is the fiction-writing mode in which a narrator communicates directly to an audience. The school of literary criticism known as Russian formalism has applied methods that are more often used to analyse narrative fiction, to non-fictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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