Many of the times, external auditors are unable to detect corporate fraud as they are more focus towards financial audit. It has nothing to do with the competency level. Forensic accounting work entails a different set of skills and experience besides the usual accounting skill whereas the financial audit is more to express an opinion [...]

In the event that an auditor has to review and diagnose the going concern difficulties of his/her clients, he/she should at the very least: compare the client’s cash flow forecasts with the overdraft or other loan facilities available for up to twelve months from the accounting date obtain written confirmation from the board of the [...]

The following are some recommendation extracted from CIMA’s guideline: A Framework for Internal Control which might be useful to those who wish to familiarize with the minimum role of the Audit Committee: to confirm and ensure the independence and objectivity of external auditors and review with management any areas of disagreement between management and the [...]

Audit planning is an important audit process which should not be overlooked in every audit assignment. Some of the pertinent points we need to understand about audit planning are: (a)    Understand  the need to do Audit planning: This is basically to ensure that: ·     The audit is carried out in an effective, efficient and timely manner; [...]

The responsibilities of the External Auditor are: To express an opinion whether the financial statements give a true and fair view of the state of the company’s affairs and of the profit or loss for the year and whether they comply with the Companies Act and International Statements of Accounting Standard; In order that the [...]