The advice other than assessor constitutes of the proficiency which has been seen to be related to the matters concerning:
Despite of the aforementioned point it needs to discerned that in case the auditors are seen toe be related to the field of the auditing process sufficient and appropriate evidence form the assessor has been seen to be considered with the various types of the factors which has been seen to be associated to the utilization of the specialist service. It needs to be further discerned that as per the assessor the competence of the objectivity has been considered as the main capability of the audit. The external review of the case has been further seen to be considered as per the main capability of the audit process and relating the same with engaging with the enquiry and refer to the interests and objectivity of the specialist services. The assessor needs to determine the nature, scope and objective of the work required for the assessment (Winer et al. 2015).
The main analysis of the case study has been further able to relate to the significant aspects of the reporting standards which ash been related to the inventory obsolescence and anticipated with the decreasing value along with the influence of the vulnerability of storage. The estimated value of the acquired services has been seen to be related to the different types of the factors which has been seen to be associated to the depreciating the assets based on the use of the straight line method (Lad and Dahl 2014).
The recognition for the initial figures for the materiality has been seen to be taken into account with different facets which has been taken into account with fair presentation of the financial statements and compliance with the existing standards. The changes in the business concerns has been seen to be related to the various types of the factors which are associated to the functionalities of the business concern. Essentially, the misstatements in the assertions made in the financial statement is seen to be ideal for the fair presentation of the financial report. Some of the main form of the misstatement has been further seen to be evident in form of the existing issues which are seen to be associated to the material aspects. The misstatements in the financial report may influence the various aspects can have an effect on the fair presentation of the financial report. In addition to this, the misstatements of the financial reports have been related to the frauds and errors. The misstatements have been stated with the omission based on the specific form of the deliberate misstatements and disclosure in the financial statements (Knechel 2016).
The main consideration for the fraud risk has been seen to be related to the operation of the company. The main form of the accounting system discerned with DIPL has been discerned with the use of a novel system of accounting. The significant form of the employee pressure has been discerned with the installation of the new IT system leading to fraud. The incidence of improper handling of the IT process has been seen with the allocation of the transactions at the end of each year. There has been further seen to be significant amount of the losses which has been seen to be incurred every year. The various types of the discussions of the study has been further seen to be taken into account with the inappropriate IT handling procedure at the end of each year (Schmidt, Wood and Grabski 2016).
As per the given situation the raw material valuation has been based on the average inventory count. This has been further taken into account with the different types of the consideration for the present cost consideration. The main reason for this is based on cost on the paper with the average cost. The main aspect of the fraudulent statement is seen with evaluation and monitoring of the financial statement at a time (Kend, Houghton and Jubb 2014).
The main consideration for the fraud risk has been seen to be related to the main operation of the company. The main form of the accounting system discerned with DIPL has been discerned with the use of a novel system of accounting. The significant form of the employee pressure has been discerned with the installation of the new IT system leading to fraud (Ruhnke and Schmidt 2014). The incidence of improper handling of the IT process has been seen with the allocation of the transactions at the end of each year. There has been further seen to be significant amount of the losses which has been seen to be incurred every year. The various types of the discussions of the study has been further seen to be taken into account with the inappropriate IT handling procedure at the end of each year (Duncan and Whittington 2014).
The appointment of CEO can be particularly complicated in nature. The procedure for the appointment of the CEO of the firm has been seen to be based on the significant factors which is related to the commencement of the activities by William Jackson. Some of the processes has not seen to be in compliance with the requisite stratagems (Christensen, Glover and Wolfe 2014).
The different types of the business transactions have been seen to be based on the various types of the facets which has been to affecting the administration of DIPL. The inconsistencies in the process has been further seen to be effective with the various types of the considerations which has been seen to be related to the planning procedure of the sales activities.
The auditing of the financial data has been able to put light on the significant aspects of the various types of the material misstatement scenario. The main reason for the considerations of the factors associated to the material misstatement has been seen to be related to the various types of the response which are seen to be related to the financial and non-financial factors. Despite of the related risks it has been discerned that the omission of the diverse errors is related to the consider the various types of the risk factors (Kubuabola 2013).
As per the given case, there has been significant incidence where the transactions have been seen to be omitted by the accountants. The has been further seen to be stated with the sequential inconsistencies particular related to the relevant planning of the data and the consideration of the various type of the other information for the consideration of sales activity. The main form of the depiction of the report has been base on accomplishment of the profit acquired from the sales. The importance of the calculation of the material loss has been also seen to be significant with the various types of the other consideration which has been seen to be associated to IT issues. DIPL is not considered to be self-sufficient to handle the various types of the execution process associated to handle the execution process and carrying out the relevant reconciliation and the testing with the new arrangement at the end of the financial year (Christensen, Glover and Wood 2013).
The functioning of the IT division has been seen to be based on the influence of the implementation of the machines associated to the corporation. In addition to this, there has been excessive pressure imposed on the workers and the business concerns which has been taken into account for the reconciliation of financial statement done as per the accounting system
The valuation of the inventory for the raw material has been seen to be considered with the special financial transaction directly related to the improper financial depictions. The financial information has been further seen to be based on the various types of the consideration to influence the substantive mechanism of accounting (Winer et al. 2015).
The inability of the management has been further seen to be taken onto consideration with the various types of application associated with the financial assertions. The users of the financial information have been seen to be attaining the planning procedure and this has been taken into consideration with eh various types of the factors of planning and carrying out of the assessment.
As the procedure of the appointment of the CEO has been considered to be meticulous in nature and there has been several ambiguity concerning the matters related to the appointment of the same.
The influence of the overall procedure for the novel accounting system has been seen with the maintaining of the different types of the preparation of the recepts and the presenting the reconciliation assertion. The incapability of the corporation to record the receipts of the reconcile statement and cash has been seen with the collapse of the administration to comprehend with the variances and the business transactions (Ruhnke and Schmidt 2014).
References
Christensen, B. E., Glover, S. M. and Wolfe, C. J. (2014) ‘Do critical audit matter paragraphs in the audit report change nonprofessional investors??? decision to invest?’, Auditing, 33(4), pp. 71–94. doi: 10.2308/ajpt-50793.
Christensen, B. E., Glover, S. M. and Wood, D. A. (2013) ‘Extreme estimation uncertainty and audit assurance’, Current Issues in Auditing, 7(1), pp. 36–42. doi: 10.2308/ciia-50447.
Duncan, B. and Whittington, M. (2014) ‘Compliance with standards, assurance and audit’, in Proceedings of the 7th International Conference on Security of Information and Networks – SIN ’14, pp. 77–84. doi: 10.1145/2659651.2659711.
Kend, M., Houghton, K. A. and Jubb, C. (2014) ‘Competition issues in the market for audit and assurance services: Are the CONCERNS JUSTIFIED?’, Australian Accounting Review, 24(4), pp. 313–320. doi: 10.1111/auar.12063.
Knechel, W. R. (2016) ‘Audit Quality and Regulation’, International Journal of Auditing, 20(3), pp. 215–223. doi: 10.1111/ijau.12077.
Kubuabola, S. (2013) External Quality Audit, External Quality Audit. doi: 10.1016/B978-1-84334-676-0.50005-4.
Lad, P. M. and Dahl, R. (2014) ‘Audit of the informed consent process as a part of a clinical research quality assurance program’, Science and engineering ethics, 20(2), pp. 469–479. doi: 10.1007/s11948-013-9461-4.
Ruhnke, K. and Schmidt, M. (2014) ‘The audit expectation gap: Existence, causes, and the impact of changes’, Accounting and Business Research, 44(5), pp. 572–601. doi: 10.1080/00014788.2014.929519.
Schmidt, P. J., Wood, J. T. and Grabski, S. V. (2016) ‘Business in the Cloud: Research Questions on Governance, Audit, and Assurance’, Journal of Information Systems, 30(3), pp. 173–189. doi: 10.2308/isys-51494.
Winer, R. A., Bennett, E., Murillo, I., Schuetz-Mueller, J. and Katz, C. L. (2015) ‘Monitoring Compliance to Promote Quality Assurance: Development of a Mental Health Clinical Chart Audit Tool in Belize, 2013’, Psychiatric Quarterly, 86(3), pp. 373–379. doi: 10.1007/s11126-014-9331-5.
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