By Emile Woolf
Avoiding Audit Pitfalls bargains actual case experiences overlaying a complete variety of demanding situations and error that any accountant could make in the course of the process their occupation. targeting daily blunders and screw ups universal to auditors in all territories world wide, the publication will hide audit disasters that experience resulted in fraud going undetected in addition to failure to thoroughly check a firm's skill to proceed. This publication will charm not just to basic accountants and auditors but additionally to forensic accountant, and scholars within the box
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Additional info for Audit and Accountancy Pitfalls: A Casebook for Practising Accountants, Lawyers and Insurers
It is therefore impossible for directors ever to guarantee that the systems in place are foolproof, and it is important for the auditors to satisfy themselves that any weaknesses in the system are properly identiﬁed, evaluated in terms of risk and materiality, and taken fully into account when planning the ensuing audit work. At the conclusion of the audit they have a responsibility to draw signiﬁcant weaknesses Auditors’ Failure to Detect Theft 43 to the attention of the directors, explaining the potential consequences of failing to introduce such remedies as may be appropriate in the company’s circumstances.
The shares are obviously worthless. Underwriters insuring the audit ﬁrm were advised to reserve £2 million following criticism of the company’s stock valuation method prior to the acquisition. It was the company’s practice to mark up stock values to reﬂect • additional outworkers’ charges for ﬁnishing garments; and • costs of distribution to retail outlets. No allowance was made for slow-moving or obsolete stock because management always insisted that it would be able to sell everything. The published accounting policies nevertheless adopted the standard formula that stocks were valued at the lower of cost and net realisable value.
She entered cheques in the cash book as having been required for petty cash, again using them for fraudulent purposes. Conversely, cheques shown in the cash book as having been paid to suppliers were in fact made out to cash, which was then stolen. • The total sums passing through the petty cash system were very substantial and totally disproportionate for a company of this size. Yet there was no imprest system whereby the petty cash ﬂoat could be reconciled with payments made by reference to authorised vouchers.
Audit and Accountancy Pitfalls: A Casebook for Practising Accountants, Lawyers and Insurers by Emile Woolf