Audit

UNIVERSITI TUNKU ABDUL RAHMAN Faculty of Accountancy and Management Bachelor of Accounting (Hons) UKAF 2124 Auditing and self-confidence service II (May 2011, Y3S1) GROUP ASSIGNMENTAssessment Criteria Marks Clarity and run-in 5 % References and evidence of research 5 % Contents of the describe 90% Total 100% Question 1: following(a) his resignation, MedTrans spring CFO met Gordon Johns, the Deloitte analyse engagement partner. Did the CFO throw absent a responsibility to inform Johns of the errors in MedTrans 1992 pecuniary argumentations? beg off your answers. In this case, the CFO has the estimable responsibilities to inform Johns all the errors he finds out in the financial statements of MedTrans 1992. The Chief Financial officer (CFO) is a corporate ships officer who primarily responsible for managing the financial risks of the comp whatsoever, financial planning and record-keeping, as well as the financial reporting to higher management. T he comp eithers management, such(prenominal)(prenominal) as CEO or CFO, has the first-string responsibilities for the financial statement and has to indicate to the auditors and audit committee at one time they found any error or misstatement in the audit report. They should know the auditors responsibility is to express his opinion and make any materiality judgments on the audit report. Nowadays, most CFOs of large companies contract in pay qualifications likes story background and a finance department would usually have some accountants with Certified unrestricted Accountant.

According to IFAC economy and MIA By-laws, there are 5 innate dominion! s of superior ethical motive which characterize the expected qualities of a profession. The 5 fundamental principles are as following: virtue (Section 110 of By-laws) Objectivity (Section 120 of By-laws) Competence and due make do (Section 130 of By-laws) Confidentiality (Section 140 of By-laws) Professional Behavior (Section 150 of By-laws) The principle of integrity imposes an obligation on all professional such as accountant, to be straightforward and honest... If you want to provoke a full essay, order it on our website: OrderCustomPaper.com

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