ACC311 Past Papers Solved Final Term
ACC311: Fundamentals of Auditing Solved Papers (PDF)
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements of the financial statements.
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ACC311: Fundamentals of Auditing
General Principles of an Audit:
Professional Ethics
There are a number of ethical issues that are important for auditors to consider in their work. It is important for the public image and integrity of the employee that the auditor appears to be behaving in an acceptable manner in addition to complying with ethical requirements.
It is important to note that many groups in the community rely on the work of an accountant, not just the shareholders who act on their behalf. So an accountant has community elf-defense. For this reason, the ICAP code of conduct emphasizes the following key points regarding accountant characteristics:
a) Independence:
The auditor is independent of the management which means he or she is not under any control or influence of managers. acc311 past papers solved final term
b) Integrity:
The auditor is honest and free of corruption. He is looking forward to doing his professional work function. acc311 past papers solved final term
c) Purpose:
He finds the evidence needed to construct a theory and his opinion is based on that evidence alone. He is not subjective in formulating his opinion.
d) Job Skills and Proper Care:
The auditor has obtained a number of professional qualifications and has acquired the required skills and acquired the necessary knowledge in auditing and is performing their duties in an editorial manner and with care.
e) Confidentiality:
The auditor does not disclose information obtained during his or her audit without the consent of his client (unless required by a court of law) or to use such information. ACC311 Solved Papers Download
f) Professional Behavior:
He should not only act professionally but also be seen as professional. He or she must maintain his or her professional knowledge and skills to the extent required to ensure that the client or employer receives the benefit of a competent professional service based on the latest developments in the audit process and relevant legislation.
g) Performance Standards:
Auditing should be done in accordance with specific, international, or national standards.
International Standards on Auditing (ISAs)
The Auditor-General must follow the basic principles and procedures and related guidelines as contained in the ISA. International Standards on Auditing (ISAs) are issued by the International Audit Committee (IAPC). The IAPC is a permanent committee of the International Organization for Migration (IFAC), founded in 1977 and based in New York.
IFAC has more than 150 member organizations, representing more than two million refugees in more than 100 countries, and IFAC membership automatically provides IAPC releases standards and statements on audits and related services to improve the standard of audit and related services. . all around the world.
The IAPC works closely with its members and national-level organizers to gain acceptance of International Standards on Auditing (ISAs). Member bodies continue to seek to reconcile national and international rankings if IFAC and the IASC have gained influence and recognition. Ordinary setters increasingly refer to international positions in their consultation documents as authorized support for a particular idea.
The international auditing and accounting standards currently do not violate local laws. No IFAC or IASC can currently force any organization to comply with international standards; nor are there any specific sanctions when organizations claim to have them combined with international standards, but they have not yet done so. Introduction to International Standards on Auditing and Related Services (ISA 100) states that IAPC guidelines fall into two categories:
International Standards on Auditing (ISAs).
The ISA contains basic principles and procedures (identified by bold black type), and descriptive guidance related to other things (in simple form) including appendices. Basic principles and procedures must be understood and applied in the context of the definition and other factors that guide their application. The complete text is considered in order to understand and apply the basic and essential principles and procedures.
International Audit Statements (IAPSs).
In conducting an audit in accordance with the ISA, the auditor is aware and considers International Audit Statements (IAPSs) applicable to audit involvement. IAPS provides practical assistance to auditors in applying standards and promoting excellence to practice. They are not intended to be the authority of standards. The auditor may also conduct research in accordance with both the ISA and the local research standards.
Expert doubts
Research should be organized and done with the attitude of professional skepticism i.e. construction opinion only after obtaining sufficient and appropriate audit evidence instead of blindly accepting any information or explanation provided by management.
The skepticism of the expert means that the auditor conducts an in-depth, logical, and questionable examination, with the integrity of the audit evidence obtained, and is vigilant to consider the evidence. Contradicts or questions the authenticity of the documents and the answers to the questions and other information obtained from management and those charged with governance.