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157094099 Auditing Standards (1)

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  IntroductionLegislation and instructions concerning the activities of the Office of theAuditor General The activities of the Office of the Auditor General are regulated by Act no. 21 of 7 May 2004 relating to the Office of the Auditor General (the Auditor General Act and by the !nstructions concerning the activities of the Office of the Auditor General ado ted by the#torting on 11 March 2004.Through auditing$ %onitoring and guidance the Office of the Auditor General shall ensure that the state&s revenues are aid as intended and that the state&s resources and assets are used and ad%inistered in a sound financial %anner and in 'ee ing ith the decisions and intentions of the #torting$ cf. #ection 1 of the Auditor General Act. The duties of the Officeof the Auditor General are also sti ulated in #ection ) of the said Act and in cha ters 2$ * and 4 of the !nstructions.#ection 10 of the Act sets the folloing re+uire%ents for the erfor%ance of audits, -TheOffice of the Auditor General shall be obective and neutral in the erfor%ance of its duties. Audits shall be lanned$ erfor%ed and re orted as rescribed by the relevant legislation and instructions and by best auditing ractices in the Office of the Auditor General/. Best auditing practices in the Office of the Auditor General – auditingstandards The conce t of -best auditing ractices in the Office of the Auditor General/ is dyna%ic and ill develo over ti%e in 'ee ing ith changes in the legislation$ instructions$ international and national standards$ guidelines and acce ted %ethodology. The obective of the auditing standards is to ensure that the conce t of -best auditing ractices in the Office of the Auditor General/ co% lies ith the general re+uire%ents set by the Office of the Auditor General for the erfor%ance of audits.The auditing standards are based on the !TO#A! standards. !TO#A!&s -ode of thics/for the relevant standards is given in A endi3 2$ and the -ode of thics/ in A endi3 *. -#tandards for auditing and related services/$ issued by the oregian !nstitute of ublic Accountants$ and other international and national standards have also been used as  bac'ground %aterial in the co% ilation of the standards of the Office of the Auditor General.The auditing standards for the Office of the Auditor General a ly to all ty es of audit. The use of the standards is ada ted to the ur ose of each ty e of audit in accordance iththe guidelines for the auditing or'. 5or easy reference$ all the auditing standards can be found in A endi3 1. [Type text]  2006age 2 of 40 [Type text]  The relationship between legislation/instructions, auditing standards andguidelines for auditing work  The relationshi beteen legislation and instructions$ auditing standards and guidelines for auditing or' is shon in the folloing diagra%, egislation8instructions for the Officeof the Auditor GeneralAuditing standards for the Office of the Auditor GeneralGuidelines forGuidelines forGuidelines for  General guidelines and 5inancial erfor%ancecor orate controlfra%eor' conditionsAuditingauditing for auditing The figure shos the levels of rovisions and guidelines that govern the erfor%ance of the auditing or' in the Office of the Auditor General. The Auditor General Act and the Instructions concerning the activities of the Office of the Auditor General  The Act and the !nstructions rovide the fra%eor's for the or' of the Office of the Auditor General. 9eference is %ade to the boo'let -Act and !nstructions relating to the Office of the Auditor General : ith co%%ents/ issued by the Office of the Auditor General in ;une 2004. The Act and !nstructions ado ted by the #torting ta'e recedence over any for% of auditing standard. #tandards and guidelines shall ensure co% liance iththe intentions of the Act and !nstructions in the erfor%ance of the auditing or'.  Auditing standards for the Office of the Auditor General  The auditing standards are intended to define the %eaning of the conce t of -best auditing   ractices in the Office of the Auditor General/. This is a dyna%ic conce t and ill develo over ti%e in 'ee ing ith changes in legislation$ instructions$ international and national standards$ guidelines and acce ted %ethodology. The re+uire%ents in the auditing standards %ay therefore be %ore stringent than the detailed re+uire%ents rescribed in the legislation and instructions. !n this event the auditing standards are to be observed. Guidelines for auditing  The re+uire%ents related to auditing or' laid don in legislation and instructions and theauditing standards are s ecified in the guidelines for each individual ty e of audit. The guidelines describe ho the auditing or' is to be erfor%ed.  tructure of the auditing standards The Office of the Auditor General&s auditing standards are divided into three categories, ã general standards ã field standards ã re orting standards All standards are classified under one of these categories.The general standards ri%arily describe the funda%ental re+uire%ents that a ly to allty es of audit erfor%ed by the Office of the Auditor General.The field standards contain the re+uire%ents for conducting the audit or' and describethe essential re+uire%ents that a ly to the erfor%ance of all ty es of audit.The re orting standards contain re+uire%ents regarding docu%entation and the re orting of   erfor%ed auditing that a ly to all ty es of audit.The structure of the auditing standards is shon in the folloing diagra%, The Office of the Auditor General&s auditing standards General standards ã General rinci les for auditing in the Office of the Auditor General ã !rregularities ã Guidelines ã <uality control of theauditing or' 5ield9e ortingstandardsstandards lanning the audit   9e orting  ã Methodological a roach ã Assess%ent of internalcontrol ã Materiality ã 9is' assess%ent ã =se of or' erfor%ed byother auditors and e3 erts ã Audit evidence ã >ocu%entation ã <uality assurance of theauditing The auditing standards are nu%bered consecutively$ and e3 lanations are given for each standard. The re+uire%ents that are described in the e3 lanations for% art of the auditing standards and %ust be observed in the erfor%ance of the audit.The ter% auditor   is used as a generic ter% in the standards. !t is intended to cover any   erson ho erfor%s audit or' for the Office of the Auditor General and in rinci le covers national auditors$ civil servants at the Office of the Auditor General and others ho carry out auditing services or auditing or' for the Office of the Auditor General.
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