Auditor's responsibility during the audit of the application of management's principle of continuity in the preparation of financial statements

Economics. Finances. Law ◽

10.37634/efp.2020.2(1).4 ◽

2020 ◽

pp. 25-27

Author(s):

Serhii SELISHCHEV

Keyword(s):

Quality Control ◽

Financial Statements ◽

Legal Framework ◽

International Standards ◽

Professional Responsibility ◽

Internal Quality Control ◽

Business Continuity ◽

Internal Quality ◽

Audit Activity ◽

Research Show

The article explores the information base on the regulation of auditor responsibility. The types of responsibilities and the main elements that need to be considered when evaluating the auditor's actions that may pose a risk to the entity's continued business are systematized. Recommendations have been made regarding the specific provisions of the internal company quality control audit policy in terms of ensuring that the auditor understands his or her professional responsibility. Therefore, attention should be paid to ensuring the internal quality control of the procedures performed by the auditor in collecting, organizing and analyzing information on threats to business continuity, notably by establishing a clear system of responsibilities and responsibilities between partners for the task. Thus, the rules of the internal quality control system for audit services have been developed in the aspect of ensuring pre-emptive measures of compliance with professional responsibility when planning and conducting audit procedures to verify the assumption of continuity of activity of an entity. The results of the conducted research show that the issue of control of the auditor's responsibility requires further elaboration, first of all, due to the updating of the legal framework for the regulation of audit activity. As a result of our research, we have developed a number of methodological recommendations aimed at combining the requirements of international standards, legislation and practice of auditing, in particular in the aspect of ensuring the responsibility of the auditor, in the process of assessing the risks of termination of the enterprise, by building a regulation that is a system of key elements of the auditor's responsibility, under a time to assess the risk of business continuity that can be adequately monitored by audit.

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The Internal Standard “The Policy and Procedure of the System for Internal Quality Control of Audit Services”

Statistics of Ukraine ◽

10.31767/su.3(86)2019.03.12 ◽

2019 ◽

Vol 86 (3) ◽

pp. 107-115

Author(s):

O. E. Lubenchenko

Keyword(s):

Quality Control ◽

Control System ◽

Internal Standard ◽

Financial Statements ◽

International Standards ◽

Quality Control System ◽

Internal Quality Control ◽

Internal Quality ◽

Audit Firm ◽

Policy And Procedure

New Laws of Ukraine “On Accounting and Financial Reporting in Ukraine” and “On Audit of Financial Statements and Auditing” require the enhanced responsibility of auditors for auditing results. Creation of the body of public oversight over the auditing requires the continuing improvement of the internal control system through implementing internal company standards. The article proposes the elaborated procedure and key components of the internal standard “The Policy and Procedure of the System for Internal Quality Control of Audit Services”. The structure of the internal audit includes the following sections: glossary of terminology; leadership responsibilities for quality within the audit firm; ethical requirements; acceptance and continuance of client relationships; human resources; engagement performance (work documents on performance of previous engagement procedures, on planning of auditing engagements, on final procedures, other work documents); monitoring of quality control system and individual engagements; appendices. For understanding of International Standards of Auditing, the preamble of the internal standard should contain key notions and definitions. An important aspect is recording of issues creating the appropriate environment for control: style and essential principles of the audit firm management; organizational structure and specialization of the audit firm; sharing of responsibility and authorities of management and other personnel; personnel management policy (requirements for recruitment and dismissal, professional development, assessment of work quality, system of rewards). The audit firm sets and records the procedures to be applied to assure the compliance with ethical principles (honesty, objectivity, professional competency, confidentiality, professional behavior), and for identification and prevention of threats to its independence. The general procedures for acceptance are as follows: assessment of the firm’s resources for engagement performance, assessment of the client’s integrity, reaching agreement on the engagement terms and continuance of client relationship. The section “Human resources” of the internal standard contains the procedures for personnel recruitment, continuance of cooperation with personnel, assessment of their competence and capacities to perform auditing engagements, use of disciplinary actions (if necessary). The section “Engagement performance” of the internal standard includes the description of policies and procedures for collecting sufficient and acceptable audit evidence in order to form the auditor’ opinion about financial statements. For companies with public significance, in conformity with the law, the review of auditor’s report is envisaged, and the structure of the reviewer’s report is proposed. Once the reviewer’s report is received by the audit firm and differences in opinions are settled, the auditor’s report on financial statements, the supplementary report to the auditing committee, and the report to supervisory bodies (if necessary) will be made. The section “Monitoring of the internal standard” includes recording of procedures for monitoring of quality control system (the existence of quality control system and its compliance with current legal requirements, International Standards of Auditing and internal standards). Use of the internal standard “The Policy and Procedure of the System for Internal Quality Control of Audit Services” can essentially increase the quality of auditing and other engagements on ensuring confidence and related services.

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Internal quality control of blood products: An experience from a tertiary care hospital blood bank from Southern Pakistan

Journal of Laboratory Physicians ◽

10.4103/jlp.jlp_97_17 ◽

2018 ◽

Vol 10 (01) ◽

pp. 064-067 ◽

Cited By ~ 1

Author(s):

Sadia Sultan ◽

Hasan Abbas Zaheer ◽

Usman Waheed ◽

Mohammad Amjad Baig ◽

Asma Rehan ◽

...

Keyword(s):

Quality Control ◽

Factor Viii ◽

Blood Bank ◽

International Standards ◽

Internal Quality Control ◽

Internal Quality ◽

Minimal Risk ◽

Care Hospital ◽

Blood Products ◽

The Mean

Abstract INTRODUCTION: Internal quality control (IQC) is the backbone of quality assurance program. In blood banking, the quality control of blood products ensures the timely availability of a blood component of high quality with maximum efficacy and minimal risk to potential recipients. The main objective of this study is to analyze the IQC of blood products as an indicator of our blood bank performance. METHODS: An observational cross-sectional study was conducted at the blood bank of Liaquat National Hospital and Medical College, from January 2014 to December 2015. A total of 100 units of each blood components were arbitrarily chosen during the study. Packed red cell units were evaluated for hematocrit (HCT); random platelet concentrates were evaluated for pH, yield, and culture; fresh frozen plasma (FFP) and cryoprecipitate (CP) were evaluated for unit volume, factor VIII, and fibrinogen concentrations. RESULTS: A total of 400 units were tested for IQC. The mean HCT of packed red cells was 69.5 ± 7.24, and in 98% units, it met the standard (<80% of HCT). The mean platelet yield was 8.8 ± 3.40 × 109/L and pH was ≥6.2 in 98% bags; cultures were negative in 97% of units tested. Mean factor VIII and fibrinogen levels were found to be 84.24 ± 15.01 and 247.17 ± 49.69 for FFP, respectively. For CP, mean factor VIII and fibrinogen level were found to be 178.75 ± 86.30 and 420.7 ± 75.32, respectively. CONCLUSION: The IQC of blood products at our blood bank is in overall compliance and met recommended international standards. Implementation of standard operating procedures, accomplishment of standard guidelines, proper documentation with regular audit, and staff competencies can improve the quality performance of the transfusion services.

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