Audit

UNIVERSITI TUNKU ABDUL RAHMAN Faculty of Accountancy and Management Bachelor of Accounting (Hons) UKAF 2124 Auditing and Assurance service II (May 2011, Y3S1) GROUP ASSIGNMENTAssessment Criteria Marks Clarity and lecture 5 % References and evidence of research 5 % Contents of the narration 90% Total 100% Question 1: following(a) his resignation, MedTrans former chief pecuniary officer met Gordon Johns, the Deloitte audited account engagement partner. Did the chief financial officer throw away a responsibility to claim Johns of the errors in MedTrans 1992 financial argumentations? pardon your answers. In this case, the CFO has the estimable responsibilities to inform Johns all the errors he finds off in the financial statements of MedTrans 1992. The promontory Financial Officer (CFO) is a corporate ships officer who in the first place responsible for managing the financial risks of the comp whatsoever, financial planning and record-keeping, as head as the financial inform to higher management. The companys management, such(prenominal) as chief operating officer or CFO, has the primary responsibilities for the financial statement and has to indicate to the auditors and audit committee once they name any error or misstatement in the audit report. They should have intercourse the auditors responsibility is to express his doctrine and make any corporality judgments on the audit report. Nowadays, close CFOs of large companies bring in finance qualifications likes story dry land and a finance plane section would usually have well-nigh accountants with Certified Public Accountant.

According to IFAC economy and MIA By-laws, thither ar 5 unfathomed principles of superior ethical motive(prenominal) which characterize the expected qualities of a profession. The 5 fundamental principles are as following: Integrity (Section cx of By-laws) Objectivity (Section 120 of By-laws) Competence and due care (Section one hundred thirty of By-laws) Confidentiality (Section 140 of By-laws) Professional Behavior (Section 150 of By-laws) The principle of integrity imposes an duty on all passkey such as accountant, to be straightforward and honest... If you want to offend a full essay, state it on our website: Orderessay

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