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Case study of audit (Example)

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Case study on Luxury Travels Holidays Presented to: Presented by: Date Assignment Qn. 1 (a) For each situation identify and evaluate any threats in relation to auditor independence Auditors Independence Any opinion given by an auditor attesting to the fairness of the financial statements of the company is regarded as of questionable value unless the auditor is considered to be truly independent. Consequently the second auditing standard requires that in all matters requiring auditing of an independence of the mental attitude should be maintained (Umar and Anandarajan 99-116). It should be noted that if the auditors have share stocks in a company that they audit if they transact in business with the firm for example supplying products to the firm if the auditors have any family relationships with the owners of the company if the auditors serve as members of the board of directors and if the auditors fail the firm to ensure security in this sector the inventory can also be under risks due to the movements from one place to another therefore the is need to keenly look into it to ensure the internal controls are perfectly laid out. In this case the following accounts are affected that is the inventory account and the cash and cash equivalents account (Dow Watson and Shea 913-921). It is important to note that due to the liquidity of the cash and cash equivalents account it is more prone to losses and fraud. References Chen Wei. "Business Risks Business Strategies HRM And De-Globalization". Asian Social Science 5.1 (2009): n. pag. Web.Dow Kevin E. Marcia Weidenmier Watson and Vincent J. Shea. "Understanding The Links Between Audit Risks And Audit Steps: The Case Of Procurement Cards". Issues in Accounting Education 28.4 (2013): 913-921. Web.Gay Grant E and Roger Simnett. Auditing And Assurance Services In Australia. 1st ed. Print. [...]

Order Description:

i have attached the question for case study and answer should be as per the requirement of the question

Subject Area: Accounting

Document Type: Dissertation

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $50

Words 1650

Pages 6

Completed in 2 days

Expert thexpert

Client Review

Thanks a lot for finishing in very short time in a 11 hours

Positive
05.07.2017

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