Discuss the importance of considering business risks in audit planning.
As the support for risk management and COSO ERM grows AIAUDITOR stood as a leader supporting issues in the arrears of GRC as AUDITOR aims to ensure that the firm complies with the relevant quality control standards. It involves reviewing selected audits and review engagements of the firm. AUDITOR is designed to review and evaluate that portion of firms accounting and auditing practices that are not subjected to inspect by PCAOB.The PCAOB is only required to inspect firms that audit public US companies, while any firm that is a member of AUDITOR participates in AUDITOR peer review program.
AUDITOR’s should be more concerned about the issues in the area of Enterprise Risk Management within the next decade in order assess himself with the AUDITOR and to ensure that his knowledge will be well equipped with the of the COSO framework with ERP.As we can also see that Sarbanes-Oxley Act of 2002 (SOX) requires all publicly held companies to establish and maintain the internal controls the are adequate to their business standards and procedures for financial reporting to reduce the risk of corporate frauds.Sox enhance the corporate transparency to protect the interest of the shareholders in relation to the financial reports.
AUDITOR should ensure that he maintained adequate knowledge in the aspects will help him to get stabilized with the changes of ERP and Risk management techniques in the next decades.
All this is to provide auditor a proper idea of planning the audit such that it will address all the business risks involved in the audit which can be countered by proper set of internal controls in place.
It is always the responsibility to ensure that the financial statements are free from material misstatements. Accounting standard in particular does not distinguish between auditor’s responsibility in detecting the errors or frauds.
Auditor should always take extra care with respect to detecting frauds than errors because mostly there will be management involvement and they will try to conceal it. However it is all auditor who have to plan and perform the audit in such a way that financial statements are all free from material misstatements caused by error or fraud.
Discuss the importance of considering business risks in audit planning.
Summary of the importance of planning an audit to consider the risks of material misstatement in a set of financial statements. The summary to include at least one reference.
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