Who Inspects Auditor’s work to ensure that they are doing it correctly?
Statutory audit work is necessary for many jurisdictions (However, certain businesses may opt to have a voluntary audit, their financiers or investors may need an audit, or the entity’s Constitution may dictate that the financial statements must be audited). Audit firms will have to do internal reviews of their work. They will also be visited […]
How do Accounting Standards interact with the work of an Auditor?
Accounting standards, such as the International Financial Reporting Standards (IFRS), Malaysian Financial Reporting Standards (MFRS) and Malaysian Private Entities Reporting Standard (MPERS), are among the most important components of a set of financial statements. 会计准则，如国际财务报告准则（IFRS）、马来西亚财务报告准则（MFRS）和马来西亚私营实体报告准则（MPERS），是一套财务报表的最重要组成部分。 As a result of its role in prescribing how the accounting treatment of material items should be handled within the […]
What are the Responsibilities of Auditors in relation to Fraud?
To start, it is not the responsibility of the auditor to either prevent or discover fraud within the entity that is being audited! Management and those charged with governance are the ones responsible for this task. However, this does not absolve the auditor of their responsibility to devise audit procedures based on their risk assessment […]
What Terms have to be agreed upon between an Auditor and their Client?
It is crucial to the relationship that the auditor and the client agree on the terms of engagement before beginning their work together. In the absence of such terms, there is no clear understanding of responsibilities, and the absence of clear terms of engagement can generate a lot of issues both during the engagement and […]
