Can an Auditor prepare the Financial Statements and then audit them?
Who is responsible for the preparation of the Financial Statements? Management is responsible for preparing and fairly presenting the financial statements under the applicable financial reporting framework. These responsibilities include: Accounting and bookkeeping services comprise a broad range of services, including: Accounting and bookkeeping services that are routine or mechanical: Examples of services that might […]
What are a ‘Hot’ and a ‘Cold’ file Review?
As discussed in this post titled “Who Inspects the Auditor’s work to ensure that they are doing it correctly?“, audit firms are frequently subjected to mandatory reviews of their audit work by either their professional body regulatory inspectors [The Audit Oversight Board (“AOB”)] or both. In addition, the audit firm may either be forced to […]
