ISA 400 (Risk Assessments and Internal Control) deals with internal control objectives andinternal controls. The audit committee is the body that is charged by legislation, the board of directors and shareholders, to ensure that the audit is carried out in accordance with the applicable legislation and without any restriction whatsoever, and that the auditor’s concerns are heard and acted upon. It is the responsibility of the directors to ensure that the company maintains full and accurate accounting records. Boards of Directors will define their role and responsibilities of their audit committees. Explains the possible effect of each weakness.iii. This audio is hosted on a service that uses preferencestracking cookies. As a visitor to the Companies House website, it may be that you have newly taken on the role of company director. The IAASB believes that the proposed ISA will help: Improve audit quality by bringing greater consistency around the world regarding auditors’ customers. It does not operate holidays itself. Sarbanes Oxley in the US requires auditors to state an opinion on the system of internal control and whether the company has complied with corporate governance requirements. The directors are obliged to arrange for an audit by a statutory auditor3 of the annual financial statements unless the company is entitled to and chooses to avail itself of, audit exemption 4 . Internal control environment and internal control procedures that should be in place to achieve the internal control objectives. Breach of responsibilities Directors are subject to a variety of sanctions for breach of their duties. Order detailsare transferred manually onto the company’s internal inventory control and sales system, anda two part packing list is printed in the seed warehouse. Formal presentations will show the four pillars of corporate governance to include the board of directors, internal auditors, management, and external auditors. To hold regular meetings to permit adequate and timely discussions of audit The responsibility for this remains that of company directors and we recommend that all our clients revisit their obligations and how they fulfil them. To form an opinion on the financial statements the auditor concludes as to whether: 1. sufficient appropriate audit evidence has been obtained; 2. uncorrected misstatements are material, individually or in aggregate; 3. the financial statements, including the disclosures, give a true and fair view;2and 4. the financial statements are prepared, in all material respects, in accordance with the requi… Both internal and external auditors are required to dealwith risks to the entity.Required:Explain how the internal audit function helps an entity deal with the risk of fraud and error. Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss for that period. To assist the directors, the UK regulator has revised its auditing standard on how auditors complete their work over management’s assessment. Auditing and Assurance – Assignment 1 Ashley Erasmus With reference to Caltex Australia 2012 Annual Report discuss the following: The role and responsibilities of Auditors and Company Board of Directors and the CEO and Senior Management with respect to the Accounting information reported on in the Annual report. However, the auditor is responsible for communicating any internal control related matters that are required under professional standards.More details on responsibility attributable to auditors and management can be found in the audit engagement letter and documents contained within the audit report, including draft/final letters, management letters, and representation letters.

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