ADVANCED AUDITING AND ASSURANCE WEEK 4 …

1 STARRY GOLD ACADEMY +2348023428420, +2347038174484, , Page 1 ADVANCED AUDITING AND ASSURANCE week 4 questions topic : emerging ISSUES IN AUDIT AND ASSURANCE Kindly go through (chapter 1-3) in the video lecture before you attempt the questions because the topic have been simplified and analyzed for easy understanding. question 1 ABC is a Group of companies specialize in importation of spare parts from Asia, Germany and Italy. Later, they agreed to valued their respective net worth of business subjected to having Taiwo and Kehinde limited as their main AUDITING firm .There is a mutual understanding of business of the information and financial reporting systems of their respective business among them due to adequate allocation of man, materials and machine in order to attain a stated organizational goals or objectives.

2 They also apply the principle and practice of accounting and AUDITING standards and procedures, they give adequate evidence gathering and investigative techniques, and litigation processes and procedures to perform their work. Required: What are the procedure to be carried out when dealing with Transnational and Forensic audit? STARRY GOLD ACADEMY +2348023428420, +2347038174484, , Page 2 question 2 OLORI and OKO are prolific friends and members of an institute of AUDITING . After some time s vacant position in separate owner of an independent audit firms in Lagos and Abuja. They agree to be an audit partners in AUDITING the financial statement of ABC Group of company in Osun was latter discover that certain issue has been left behind in the course of their audit engagement such as written agreement to be agreed upon by both parties before going into any relationship and others.

3 Required: In your opinion briefly discuss on any 5 issues that must be thoroughly reviewed and considered by the company before entering into business relationship when it involved two or more organizations STARRY GOLD ACADEMY +2348023428420, +2347038174484, , Page 3 question 3 An auditors may be involved in recovering proceeds of crime and in relation to confiscation proceedings concerning actual or assumed proceeds of crime or money laundering. An examination of evidence regarding an assertion to determine its correspondence to established criteria carried out in a manner suitable for use in a law court. Some forensic accountants usually do not provide opinions on the work performed and reports issued but often provide answers to the how, where, what, why and who.

4 An audit of financial statements which are or may be relied upon outside the audited entity's home jurisdiction for purposes of significant lending, investment or regulatory decisions. They often have to give expert evidence at the eventual trial and they do not determine fraud but the court does. Required: (A) Describe forensic Audit and state how it is used and utilize (B) What is Transnational Audit and itemized its function.