Answer 8 questions given below. Clearly Define, summarise and give example.
1. When become imperative to do auditing?
– duty + obligations company and auditors
– duty + obligations company principal and shareholders
– direct current : battery ( measuring electricity at all)
Electricity : direct V alternative current
Electricity is dangerous in Australia 220 volt in North America 110 volt.
How to get electricity in 110 volt amperage.
Amperage that kills and it’s a key factor.
Key factors involves: what is the reason and correct way to do it.
Capital punishment : do it right/polite/well.
Follow procedures and respectful/polite (you could possibly do it better).
2. Social nature of accounting and auditor.
Accounting : 10.000 years . Does something important. Eg. Religion 30-50k years.
3. Audit opinion means and types.
Unqualified : no qualification to make/ state an opinion of to whether…..
Qualified:
4. What happen to auditor that don’t do the job right.
There are 3:
Revenge, restitution and rehabilitation.
If you want to revenge what do you need.
Need to prove the tort: 3 legs of tort ( duty of care, breach of duty, and additional legs of tort).
5. How to select the company you want to do audit.
How to identified audit risk, use arm model.
What do we look to?
6. Event after reporting date. ( balance sheet).
7. Relies on work from outsider. Eg, medicine mfg, they use illegal medicine (pseudo effect).
How to choose an expert.
– psychic( no trust because predicting future)
– doctor ( work experience and qualification expertise).
Group to rely : internal auditor and see who they are reporting: manager/vise president of accounting, board of audit committee.
8. ARM/ components and how to use it.
How to select a sample.
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