StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Issue in contemporary auditing - Essay Example

Cite this document
Summary
Issue in Contemporary Auditing Letter of Engagement Land Securities Group Plc., Dear Sir, Thank you for assigning us as auditor for Land Securities Group Plc. In accordance with the recommendations of Financial Reporting Council (FRC), we would prefer to officially start out our understanding about the audit services you want us to conduct…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.4% of users find it useful
Issue in contemporary auditing
Read Text Preview

Extract of sample "Issue in contemporary auditing"

Download file to see previous pages

Governance Reporting Reporting is a vital way of sharing financial information. Therefore, it will be our responsibility to report to you on whether the financial accounts have been arranged according to the accounting strategies as stated by you. Furthermore, we would report according to auditing process undertaken by us, on whether anything has emerged to our consideration for specifying that the revenue figure described in financial reports has not been appropriately extracted from book of records, or book of records do not record and clarify the transactions, with respect to the understanding of activity.

Scope of Work Our auditing process will include those activities we consider essential to allow us to report on the aspects of financial reporting and will comprise evaluating information and descriptions provided to us for conducting such investigations about the managers as we believe essential. It is to clarify you that we are not liable for the maintenance of bookkeeping records of the business, however we shall be pleased to advise on these aspects if required. The financial statements will have a declaration for your approval for having every relevant accounting record.

As a consequence of our tasks, we can be capable of providing suggestions on improvements that can be made to the accounting records. Nevertheless, our work must not be dependent on the disclosure of misdeeds. However, if an examination is required particularly to detect misdeeds, it can be independently conducted on request (The Institute of Certified Public Accountants in Ireland, 2003). Applicable Legislation The engagement letter will be administered by and construed according to International Standards on Auditing (ISA) 540 and pertinent national standards and practices.

ISA deals in duties of auditors with respect to fair value bookkeeping and associated financial disclosures. These standards necessitate that we plan and perform the audit in order to attain practical assurance regarding if the prepared financial statements determined to be are free from misstatements or not. Restriction on Audit Liability Due to the characteristics of audit and other inherent restrictions, there is always inevitable risk of financial mistreatments to remain undiscovered (Financial Reporting Council, 2012).

Agreement on Terms We will look forward towards complete collaboration with your employees and we believe that they will provide us whatever we require to accomplish our tasks. The fees will be based on the time required for addressing the required tasks along with other additional expenses. Once these terms are agreed, the letter would be effective until it is changed. Please confirm us about your agreement with the provided terms by signing this letter and returning to us. Yours Sincerely, Loughran and Shrives Chartered Accountants Acknowledged on behalf of Land Securities Group Plc by Signature: Date: Ethical Issues Leaflet The leaflet deals in legal and ethical implications of audit.

It provides the standards to which we are committed to maintain utmost professional and ethical standards in order to assist our clients about quality auditing. Integrity The first ethical issue is integrity. It states that we will undertake the auditing tasks and responsibilities with the utmost level of intelligence and integrity. Our work will be

...Download file to see next pages Read More
Tags
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Issue in contemporary auditing Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Retrieved from https://studentshare.org/finance-accounting/1404548-issue-in-contemporary-auditing
(Issue in Contemporary Auditing Essay Example | Topics and Well Written Essays - 3000 Words)
https://studentshare.org/finance-accounting/1404548-issue-in-contemporary-auditing.
“Issue in Contemporary Auditing Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/finance-accounting/1404548-issue-in-contemporary-auditing.
  • Cited: 0 times

CHECK THESE SAMPLES OF Issue in contemporary auditing

Contemporary Issues in Accounting and Finance

Contemporary Issues in Accounting and Finance Your instructor Introduction Any Individual or Organization that participates in auditing the financial or legal statements is entitled to freedom.... The independent organizations that undertake to offer auditing services of the constitution have an obligation to do it with dignity and without doubt.... It is from this that the general theme of the work is, “the obligation of auditing”.... Whenever the auditing is to happen, the outstanding statute is the objective of the auditor....
5 Pages (1250 words) Essay

The Major Challenges That Are Usually Faced by the Editors of the Newspapers

Research conducted on the newspaper Your name Instructor Course Institution Date Research conducted on the newspapers Introduction According to Gomez (2002,pg, 96), the news papers are the publications containing the news and the comments about the events that happen.... hellip; News also contains the advertisements on the products made by the companies and some organization and business formations....
7 Pages (1750 words) Essay

Legislation and the Auditing Profession in the UK

[auditing AND ASSURANCE] (Name) (Instructor/Tutor) (Course/Subject) (Institution/ University) (City, State) (Date) The auditing profession is largely self-regulating within the UK, and sits within a regulatory framework, encompassing Legislation, Common Law, and Regulatory and Professional elements.... hellip; Each of these elements controls the auditing profession in the UK in a certain way.... This paper explains how Legislation, Common Law, and Regulatory and Professional elements control the auditing profession in the UK....
6 Pages (1500 words) Essay

The Changes in the Auditing Environment

Running head: auditing 7th December 2013 Introduction As companies engage in local and international operations, management have emulated various strategies in order to maximize the use of their financial resources to cater for the expansion of their firms.... One of practice that firms use to ensure reliable financial information is auditing.... auditing entails a systematic examination of records, financial performance, and statements.... Quality auditing by independent auditors is a vital aspect in that it ensures that capital markets are effectively working while at the same time public and investor's interests are protected....
5 Pages (1250 words) Essay

Auditing and Accounting Ethics

The value of auditing depends heavily on the public's perception of the independence of auditors.... It is not surprising that independence is the first subject addressed in the rules of conduct.... Whether independence is impaired depends on the nature of the threat, the specific safeguards applied to reduce or eliminate the threat. … Hayes, R....
12 Pages (3000 words) Essay

Contemporary Issues in Auditing - Carter and Corbin

hellip; We will conduct our audit in accordance with generally accepted auditing standards.... We will audit the Corporation's balance sheet as of December 31, 2008 and the related Income Statement, and Statement of Cash Flows for the year then ended.... The financial statements are the responsibility of management....
11 Pages (2750 words) Assignment

Contemporary Auditing

An auditing service also helps in investigating and evaluating with evidence the contemporary auditing.... contemporary auditing.... t present satisfying the needs of the customers and improving, the strategies have become important concerns of contemporary auditing....
2 Pages (500 words) Essay

Auditing Practices, Professionalism, Ethics, And Standards

The paper "Auditing Practices, Professionalism, Ethics, And Standards" critically discusses the contemporary auditing practice and its flaws with particular focus to the professional ethics regarding auditor independence and a critique of the relevant standards.... hellip; Although some experts have argued that auditing firms may still be able to legitimize their status by appealing to and incorporating professionalism in their practice, this is often difficult as they are often motivated to increase their profits and market niches just like other capitalist enterprises....
8 Pages (2000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us