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In reference to the audit quality and usefulness of external audit, highlight recent cases of Audit failure in the UK and the resulting developments in Audit Practice and Regulation, and discuss the safeguards that would improve Honest’s confidence in the quality and usefulness of the External Audit.

Description PART A – ASSESSING AND ACCEPTING AN AUDIT ENGAGEMENT You are an Audit Senior at the KGMP, and part of the engagement team to audit a new client, Honest Constructions Ltd (Honest) for the year ending 30 April 2021. The engagement Partner had a pre-audit meeting with the Finance Director of Honest to obtain […]

Critically evaluate the importance and the impact of certain audit committee characteristics (i.e., independence, expertise and time commitment) on the overall effectiveness of the audit committees and quality of the external audit function.

With reference to the governance and audit regulatory debate and the relevant research evidence, critically evaluate the importance and the impact of certain audit committee characteristics (i.e., independence, expertise and time commitment) on the overall effectiveness of the audit committees and quality of the external audit function.

Identify and prioritize internal factors fosters communication across functions and allows functional employees to articulate their concerns about the organization’s business condition.

Develop both an external factor evaluation (EFE) matrix and an internal factor evaluation (IFE) matrix for a chosen organization, and write an analysis of the pros and cons and applications for use of each of these analytical tools. An EFE matrix summarizes the results of an external audit. Using an IFE matrix to identify and […]

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