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(a) Section 162 of the Companies Act and related 7th Schedule to the Act deal with the auditor's duties and rights. Required; List four duties of the auditor of a limited liability company that can be inferred From Section 162 and 7th Schedule of the Companies Act. (b) Differentiate between a continuous audit and an interim audit.
Date posted: May 14, 2019.
(a) Define the term "audit committee." (b) Discuss the potential benefits that could accrue to an organisation that sets up and maintains an audit committee.
a) State the reasons why an auditor might not be appointed. b) Identify the matters that a new auditor would discuss with the management of a client on their first meeting.
Identify any four areas in which the external auditor must seek co-operation from an internal auditor in an audit assignment.
Explain the guidelines that have been issued by the Institute of Accountants in your country, to prevent the following matters from posing a threat to an auditor's independence: (i) Fees. (ii) Personal and family relationships. (iii) Loans_ (iv) Beneficial shareholdings.
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