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Challenges with harmonization of auditing standards
Generally Accepted Auditing Standards
Challenges with harmonization of auditing standards
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Azadzoi Auditing Company (AAC)
ACC Head Office │ Golayee Wazirabad, Kabul
Phone: 020.223.0752 │ Email: info@aac.com
April 26, 2014
Matthew Richard Dallaway
Senior Finance Officer
Non-Profit Organization (NGO)
P.O. Box 458, Central Post Office
Darulaman Road
Kabul, Afghanistan
Dear Mr. Dallaway:
Reducing the risk of misstatements in your financial statements caused by fraud or error is the key to gaining the trust of your donors. Azadzoi Auditing Company is pleased to propose auditing services to your non-profit organization to help you become a trustworthy organization for your donors.
Background and Objectives:
Azadzoi Auditing Company (AAC) is an Afghan and registered company, that has over six years of auditing and accounting experience in Afghanistan. As one of the largest auditing companies in Afghanistan, ACC employs 200 auditors with high qualifications in Kabul, Mazar and Herat. ACC provides the best auditing services in Afghanistan and adds credibility to the financial statements of non-profit organizations. Furthermore, Azadzoi Auditing Company exists to ensure that an organization’s position and performance is fairly presented to its donors and proposes financial solutions that are inclusive.
Key Points of Proposal:
The Azadzoi Auditing Company (ACC) offers services on the following two areas:
Auditing Services:
In order to ensure an organization’s financial order, auditors with international standards are a vital part. However, very few auditing companies exist in Afghanistan that can provide auditing services in compliance with international accounting standards. Fortunately, ACC is one of those few auditing firms that can confidently say that its auditing services are in the highe...
... middle of paper ...
... $100
Transportation $100
Total costs $17,500
Authorization:
We are convinced, Mr. Dallaway, that our highly qualified company with its skilled and experienced staff will enhance your financial performance and ensure the trust of your potential donors. If you accept this proposal and sign the contract by June 1, we will commence and complete delivery of all services specified in the contract. We agree to abide by this proposal only until July 1.
Sincerely,
Eshwa Azadzoi,
President at ACC
Arens, Alvin A., Elder, Randall J., and Beasley, Mark S. (2012). Auditing and Assurance Services:
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As audit firms look to invest in big data, it will be even more critical to understand the implications of using big data and analytics on the audit profession. There are multiple ways in which data analytics would enhance the effectiveness and efficiency of external audits. From looking at the complete population, to finding trends, to allowing employees to do less routine tasks, there are multiple ways big data benefits audits. Big data would also enhance critical procedures performed for the sales and collection cycle. These benefits are not without some drawbacks that would need to be addressed by the profession.
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...e financial reports and statements are correct. This auditing will be conducted by auditing department of the organization, even may be done by an independent auditor who is not part of the organization, and sometimes public officials are elected. In case of unmatched consequences the organization need to give explanation on the misrepresentation of wrong statements. Auditors purpose is then to ensure that the misrepresentations are corrected, then maintain accurate, reliable financial documents and statements.
4) . One of the largest bankruptcies in history was enabled by accountants hiding debt and destroying the evidence to avoid implication (Buckstein, part 2 pgs. 1, 2, and 3). These unfortunate events led to the need for increased scrutiny and regulations, including the Sarbanes-Oxley Act (Buckstein, part 3 pg 1). This legislation inspired the creation of the Canadian Public Accountability Board (CPAB) (Buckstein, part 3 pg 1). These changes have led to an increased awareness of the need for auditor independence as well as higher standards for accounting and business in general (Buckstein, part 3 pg 1). While these measures have helped to reassure the public, there is still the question of why Accountancy is not a protected
Auditing has been the backbone of the complicated business world and has always changed with the times. As the business world grew strong, auditors’ roles grew more important. The auditors’ job became more difficult as the accounting principles changed. It also became easier with the use of internal controls, which introduced the need for testing, not a complete audit. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. Computers played an important role of changing the way audits were performed and also brought along some difficulties.
The major characters of the tradition audit are all information what is needed by auditors are on the paper and the manual calculators and without high communication technology. Auditors usually were limited by the place in the paper time. When a several people are working on the same auditing project for a client with offices in cities across the country, even worldwide, it takes a lots all time those auditors get the information which they need from the client, even there is risk paper information disappear for many reasons. on the another hand, mail paper information increase the auditing cost. The mistake caused by the manual calculators inevitably, no matter how fixed auditors concentrate on recalculate is, after all auditors are human. The global business become major in the modern business world, some example, several auditors who are in different locations are working a same auditing project, or auditors are in different city even country with the client, when there is issue among these auditors or between auditors and client, they only can communicate with each other by phone or be together and have meeting. Phone call can not make sure information been watched in the same time when the voice is talking about the issue, but having a meeting takes time and money make all people together, it increases auditing cost.