Auditing Essay Example | Topics and Well Written Essays - 1000 words - 6

Auditing - Essay Example The alternative adopted by the audit assistant is the information related to the Club casino has been carefully removed as far as its referencing is concerned. On the other hand, provision for safeguarding the information of the organization may be created against the leakage of information either by the professional or any employee associated with the company.1 ii) The duties of the company secretary cannot be performed by the engagement partner of Ace Limited audit because the engagement partner is not well versed with the work performed by the company secretary of the company. Moreover, the engagement partner is already assigned the tedious task of audit reporting, maintaining relation with the client. However, an engagement partner can be linked to other companies, so the laws that the company abides by should not be disclosed to an external individual as this may violate the law of confidentiality. As an alternative course of action to this violation the company should safeguard itself by appointing any close member from the company itself, like the internal auditor of the company. This way less chances will be there for the internal information of the company to leak out.2 i) Slipway Limited is in a situation where the company is facing constant decline for the past two years and the scope of cost cutting also seems difficult due to the purchase of imported machineries. These machineries were purchased so as to increase falling operations by carrying out the operations of the company more effectively. The bank providing loans to the company may be at whelm of an audit risk, whereby the documents of the company have every possibility of being overstated than the actual financial statements of the company. The audit risk particularly affects the transaction in the financial statement of accounts which portrays wrong information about the current financial position of the organization. However, the three