What international standards if any guide the preparation of the report? Provide examples to support your answer?
As previously stated the purpose of the Audit Report is to analyze and audit the financial statements and all the accounts utilized by the government. This report must be presented to the National Assembly in a timely manner after which it will become public information for scrutiny by the general public. All audits are conducted in accordance with the Constitution of Belize (which gives the Auditor General the authority), the Finance and Audit Act of 2005 and by using the guidelines set out by International Organization of Supreme Audit Institutions (INTOSAI). The reports can be used to indicate whether the public accounts are in compliance with all the regulations and general accounting principles.
INTOSAI provides an institutionalized framework for supreme audit institutions, with the intention to promote development and improve government auditing worldwide. The general auditing guidelines set by INTOSAI are ISSAI 1000-2999 General Auditing Guidelines on Financial Audit, ISSAI 3000-3999 General Auditing Guidelines on Performance Audit and ISSAI 4000-4999 General Auditing Guidelines on Compliance Audit
The ISSAI (International Standards of Supreme Audit Institutions) framework has four levels. The INTOSAI Financial Audit Guidelines is the fourth level of the framework. This level of the framework includes the International Standards on Auditing (ISAs) and Assurance Standards Board (IAASB).
The main purpose of the guidelines on Performance Audit is to assist auditors in managing and executing performance audits effectively and to create a framework to promote development of performance audit methodology.
The gui...
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...the use of public sector resources: How to improve the effectiveness of Public Accounts Committees. Overseas Development Institute
Aruwa A.S. Suleiman, (2005). The Quality of the Information Content of Published Government Financial Statements. Department of Economics and Management Sciences, Nigerian Defence Academy: Kaduna
Goetz, Anne Marie and John Gaventa (2001). Bringing Citizen Voice and Client Focus into Service Delivery. IDS Working Paper No. 138. Brighton: Institute of Development Studies.
Website
http://www.intosai.org/about-us.html http://www.belizelaw.org/web/e_library/constitution_08.html http://wwwwds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2005/01/04/000090341_20050104132520/Rendered/PDF/310420PAPER0So1ity0SDP0Civic0no1076.pdf http://www.bing.com/search?q=themalasiainsider.com&src=IETopResult&FORM=IE10TR http://www.acag.org.au/epsa.htm
Audit quality is one of the most prominent factors on determining the effectiveness of tax auditing. Audit quality is proven by the capacity of office in order to provide useful tax auditing findings and recommendations. The auditor is required to meet the performance standards which able to perform well in work by providing useful audit findings and recommendations for improvement. The office’s capability to correctly plan and perform the audit findings is considered as a proxy of audit quality. Therefore, the high audit quality could lead to an effective tax
An auditor needs to follow, abide and comply with the standards, rules and regulations of their profession, as these will help the auditor to recognize when independence and objectivity are compromised. Works Cited Gray, Iain and Stuart Manson. The Audit Process: Principles, Practice and Cases. London: Thomson Learning, 2008. Print.
...et is important for the realization of public sector reform under the New Public Management ethos. Meanwhile, in the same time, local governments in Indonesia still experiencing a number of challenges regarding to the implementation of public assets management. There are three main aspects that obstruct the effective public asset management. They are include traditional perception in managing municipal assets, lack of government control, and the limitation of human resources who have adequate skills to manage public assets. This problems would affect the local governments’ financial statement audit report and hence influencing the audit opinion. It is recommended that the government either in central or local units to learn from other countries which have been successfully applied a number of strategies to support the implementation of public sector asset management.
According to the conceptual framework, the potential users of financial statements are investors, creditors, suppliers, employees, customers, governments and agencies, and the general public (Financial Accounting Standards Board, 2006). The primary users are investors, creditors, and those who advise them. It goes on to define the criteria that make up each potential user, as well as, the limitations of financial reporting. The FASB explicitly states that financial reporting is “but one source of information needed by those who make investment, credit, and similar resource allocation decisions. Users also need to consider pertinent information from other sources, and be aware of the characteristics and limitations of the information in them” (Financial Accounting Standards Board, 2006). With this in mind, it is still particularly difficult to determine whom the financials should be catered towards and what level of prudence is necessary for quality judgment.
This assignment has three primary objectives with the first being to classify the types of audit opinion issued by the auditors of Petronas Dagangan Berhad. Audit opinion can be found on audited statements and auditor is required to state the opinion whether the statements have followed the generally accepted accounting principles (GAAP) or not. There are four types of audit opinion,
"Treasury Reporting Best Practice Guide." The Corporate Treasurer. N.p., n.d. Web. 06 Feb. 2014. .
The oversight responsibilities of the board, the CAE lacking of expertise or broad understanding of financial controls and responsibilities, and the understaffed internal audit functions lacking of independence and direct access to the board of directors contributed to the absence of internal controls. To begin with, the board should be retrained to achieve financial literacy to review financial reporting. Other than attending formal meetings, the board of directors should be more involved with the management. For the Audit Committee, the two members who were recruited as acquaintances to Brennahan need be replaced with experts who are more sufficiently knowledgeable about accounting rules beyond merely “financially literate”. Furthermore, the internal audit functions need to expand with different expertise commensurate with the expanded activities of the organization, testing financial reporting rather than internal controls from an operational perspective. The CAE should be more independent and proactive to execute audit plans, instead of following orders from the CFO, and initiate a direct and efficient communication between internal audit and audit
Public Administration involves the development, implementation and management of policies for the attainment of set goals and objectives that will be to the benefit of the general public. Since Public Administration involves taking decisions that affect the use of public resources there is often the question of how to utilize public resources for maximum public good. The National Association of Public Administration has identified four pillars of public administration: economy, efficiency, effectiveness and social equity. These pillars are equally important in the practice of public administration and to its success. This paper seeks to explain the role of each of the pillars in the practice of public administration.
...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.
The fundamental duty of an external financial auditor is to form and express an opinion on whether the reporting entity’s financial statements are prepared in accordance with the relevant financial reporting framework. In discharging this duty, the auditor must exercise “reasonable skill, care and caution” (Lopes, J. in Kingston Cotton Mill Co 1896) as reflected in current legal and professional requirements.
The evolution of auditing is a complicated history that has always been changing through historical events. Auditing always changed to meet the needs of the business environment of that day. Auditing has been around since the beginning of human civilization, focusing mainly, at first, on finding efraud. As the United States grew, the business world grew, and auditing began to play more important roles. In the late 1800’s and early 1900’s, people began to invest money into large corporations. The Stock Market crash of 1929 and various scandals made auditors realize that their roles in society were very important. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. The auditors’ job became more difficult as the accounting principles changed, and became easier with the use of internal controls. These controls introduced the need for testing; not an in-depth detailed audit. Auditing jobs would have to change to meet the changing business world. The invention of computers impacted the auditors’ world by making their job at times easier and at times making their job more difficult. Finally, the auditors’ job of certifying and testing companies’ financial statements is the backbone of the business world.
Ohemeng, Frank, L.K. and Leone, Robert P. “Should Public Sector be RUN like a Business.” Approaching Public Administration. Edmond Montgomery Publications Limited, (2011), P. 1-362.
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...
The success of a company is very dependent upon its financial accounting. In accounting there are numerous Regulatory bodies that govern the accounting world. These companies are extremely important to a company because they set the standards when it comes to the language and decision making of a company. These regulatory bodies can be structured as agencies, associations, commissions, and boards. Without companies like the Security and Exchange Commission (SEC), The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), Internal Accounting Standards Board (IASB), Internal Revenue Service (IRS), and other regulatory bodies a company could not make well informed decisions. In this paper the author will look at only four of them.
Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently."