ATTESTATION, AUDIT & ASSURANCE
OVERVIEW
Our Assurance, Audit and Attestation services are aimed at assisting stakeholders. They could either be money lenders or investors. Moreover, these facilities aid the organisations seeking to expand to international financial markets. S K Patodia & Associates offers a panoptic range of services inclusive of compilations, audits and reviews. Such services facilitate an organisation with a deep understanding of the core of business growth. Our audit stratagem stresses on an in-depth comprehension of the clients commercial ideology, human resources and operating systems. Additionally, our audit approach incorporates ideal practices that are customised in accordance with the capacity of an organisation.
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They are essentially created to plan corrective measure to be undertaken on the audit reports. The outcome of this may then be conveyed to the external auditors.
Information Systems Audit
This type of audit involves an inspection of a firms IT structure, programme and performance. They are generally classified into three types:
• General Controls Review: an assessment of the authorities that oversee the running, upkeep and safeguarding of application systems in a certain milieu.
• Application Controls Review: this could incorporate an introspection of authority over the input, processing and production of system material.
• System Development Review: this involves an introspection of the progress of a new application system. This includes an assessment of the development procedure as well as the end-product.
Integrated
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We employ personalised and constructive review methods in order to gain an understanding on how to achieve outstanding performance results. Other advantages include a clear insight into the areas that require improvement and enhancing overall performance of the organisation.
Revenue Audit
This helps in discerning revenue leakages. It could either be due to deficiency of internal control policies, frauds or errors by the personnel. It is generally conducted once or twice year. S K Patodia & Associates possess expert skill in this section in the banking segment of the firm.
SOX Audit
This is not directly for managing Information Technology. But the main essence is to ensure the transparency behind monetary statements. The main motto behind SOX Audit is to enhance corporate management and liability. It is mandatory for all public companies to company with the SOX Audit.
Statutory
Arens, Alvin A., Elder, Randall J., and Beasley, Mark S. (2012). Auditing and Assurance Services:
...iary. We achieved that by requesting a SOC3 report from the third party and interpreting/learning about the boundaries of their system. We learned that the company maintained effective controls over its system, which included controls over the infrastructure, software, people, and procedures. Therefore, we concluded that the system works effectively and the information gathered through this third-party intermediary will be reliable.
There are some limitations of internal controls. One is a person knowing the system. This person knows when everything is done and how it is done he or she can find a loophole and use it to his or her advantage. Another limitation is...
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...
In 2002, Congress passed the Sarbanes-Oxley Act (SOX) to strengthen corporate governance and restore investor confidence. The act’s most important provision, §404, requires management and independent auditors to evaluate annually a firm’s internal financial-reporting controls. In addition, SOX tightens disclosure rules, requires management to certify the firm’s periodic reports, strengthens boards’ independence and financial-literacy requirements, and raises auditor-independence standards.
Controlled Requirement Expression (CORE) was developed for the British Aerospace programs while the UK Ministry of Defence was carrying out a requirement analysis (Hull et al., 2010). The fundamental component of the CORE methodology is viewpoints as different users see systems in different ways. There are many different stakeholders involved in a system; using CORE methodology involves finding all the different viewpoints of those stakeholders that have an interest in the system whether it’s a person, role or organisation ext.… (Sommerville and Sawyer, 2000). By organising viewpoints hierarchy it assists experts to read the scope and supports the analysis process. CORE Methodology is extensively used for real time system requirements specification.
The purpose of an auditor's job is to make an assertion. In order to do so, evidence must be collected to authenticate said opinion. AS 1105 details the characteristics of audit evidence and the steps necessary to obtain an appropriate level of audit evidence. If the risk of material misstatement is high, the amount of required evidence collected also increases. Quality over quantity is another precept of audit evidence. The higher the quality, the less evidence is needed; whereas increasing the amount of substandard evidence collected does not bolster a position. The relevance and reliability are also two metrics used to evaluate audit evidence; both are required characteristics and must be
In the workplace feedback is given among employees or from leaders to employees. A performance review is an example of how employers can provide constructive feedback to their employees to help them identify their strengths and weaknesses to assist them to improve and develop the necessary skills to be successful within the organization. For information on how to provide better feedback, please visit: http://www.dummies.com/how-to/content/giving-constructive-feedback.html
The Newham Company is a publicly traded company that recently has had a change in executive management due to an inappropriate bonus structure based on company performance. As this type of bonus structure often leads to material misstatement of facts resulting in falsified financial reports, the new management at Newham has commissioned SNHU INC. to conduct an audit which assesses their risk of misstatement. The audit to follow will be broken down into three parts: Overall business risk, sample audit plan and a report of recommendations based audit results.
The seven best practices in the roles and responsibilities of an internal audit function include:
Moreover, an audit allows organizations to assess their methods, determine any problems, and to produce cost effective and efficient solutions to fix them.
Gray, Iain and Stuart Manson. The Audit Process: Principles, Practice and Cases. London: Thomson Learning, 2008. Print.
The audit risk is consists of three elements which are inherent risk, control risk and detection risk. The audit model is important to the audit process. The audit risk model provides the basic for the current emphasis on the risk-based audit approach and it assists the auditor in determining the scope of auditing procedures for a particular account balance or class of transactions. Based on the assessed risk, the auditor may determine whether the use of more tests of control or substantive procedures is appropriate to address the
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.
Audit is a process to evaluate and review the accounts and financial statement objectively. We can divide it into internal auditors and external auditors. Internal auditors have a inner knowledge of business process. Auditor has access to the much confidential information and all levels of management. But they may lose their judgement and they are not acceptable by the shareholder. “The overall objective of the external auditors is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to report on the financial statements in acco...