[Solved]1.Explain the term ‘ethical framework’ and why is this important to the auditor?

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[Solved]1.Explain the term ‘ethical framework’ and why is this important to the auditor?

AUDIT AND CONTROL – LEVEL 7 ELECTIVE. BA7010

DeFERREDSIT/RESUBMISSION Assessment – 50%

Assessment will be coursework and examination.  The coursework will comprise one piece of written work, and prepare a presentation. You are expected to research and submit an assignment on one of the nine questions listed below and to prepare a presentation on that assignment.

QUESTIONS:

1             Explain the term ‘ethical framework’ and why is this important to the auditor?

2             Explain what you understand by the term ‘Governance’. Why is Governance relevant to the auditor?

3             Explain why risk assessment is important to the auditor.

4             Explain the various types and qualities of audit evidence and why evidence is important in arriving at an audit conclusion.

5             What is a post balance sheet review and why is it important to the auditor?  Your answer should consider the “Going Concern” concept.

6             Explain the nature and content of audit reports. Explain the different types of modification and qualification.  Has the new expanded report format worked?

7             Explain what you understand by the term “Expectation Gap”. Identify what has been done to close the gap and to what extent these measures have been successful.

8             Explain to what extent the auditor is liable for giving an opinion that later proves to be incorrect.

9             How does the auditor use IT to help him in his work?