Role Played by Professional Auditors in Uganda - 2345 Words

Role played by professional auditors in Uganda Auditing is the independent examination of financial statements and the underlying books of account so as to form an opinion on whether they are prepared in all material aspects in accordance with the financial reporting framework. Such reporting framework includes International Accounting Standards (IAS), the Companies Act Cap 110 (for Uganda) and any other relevant legislation. This is however carried out by a person termed as auditor. Internal Audit, Internal audit is conducted by the internal auditor who is an employee of an organization. The main purpose of internal audit is to find out whether the internal control system is working successfully or not. The report of the internal†¦show more content†¦the provision of the company Act †¢ The statement of financial position shows a true and fair view of the state of the company affairs as at the end of its financial year †¢ The income statement shows a true and fair view of the company profit or loss for its financial year However there are two complications with this area †¢ Group accounts have to be prepared for holding company and these also have to be prepared to comply with the company Act and shows a true and fair view †¢ Certain company (Bank, shipping company, insurance company) are exempt from certain company Act requirements and the charge to the auditor is to give an opinion on whether or not the accounts have been properly prepared in accordance with the provision of the company Act Auditor duty to carry out investigation so that they can form an opinion on; †¢ Whether proper books of accounts have been kept by the company †¢ Whether proper returns adequate for audit purposes have been received from branches not visited by the auditor †¢ Whether the statement of financial position and the income statement is in agreement with the books of accounts and returns If the investigation shows that proper books of accounts have not been kept, proper returns not received or the accounts are not in agreement with the books and the return, then the auditor must say so in his report Every auditor of a company shall have a right of access at all times to the books and accounts and vouchers of the company and to suchShow MoreRelatedCoca Cola Sabco12641 Words   |  51 Pages400 189 Namibia +264 613 207 Namibia +264 61 320 7000000 Nepal +997 143 506 Nepal +997 1435 0602 02 South Africa +27 41 395395 4083 South Africa 4083 41 Sri Lanka +94 11 248 7700 700 +94 1.1 2 487 Tanzania +255 22 2700 700 Tanzania 222 700 Uganda +256 288 415 Uganda +256 41 312 365 00 Vietnam +848 896 1000 Vietnam +848 896 1000 Further information can be obtained at www.cocacolasabco.com Corporate Responsibility Review 2007 CEO’s Message CCS Overview Corporate Governance Corporate ResponsibilityRead MorePoor Revenue Collection by Local Authorities: Case Study of Kakamega Municipal Council8140 Words   |  33 Pageslocal authorities Western Province; A case Study of Kakamega Municipal Council. First, it will describe the important role the local authorities play in the service delivery. They provide infrastructure and services that contribute to economic development at the local level (Ministry of Local Government _MOLG, Budget guidelines, 1999) and how lack of revenue affects this important role. This paper will go on to account for why there is the poor collection of revenue, looking at possible explanatoryRead MoreNokias Human Resources System144007 Words   |  577 PagesP.O. Box 226, FI ­00045 Nokia Group, Espoo, Finland and our telephone number is +358 (0) 7 1800 ­8000. Nokia Corporation furnishes Citibank, N.A., as Depositary, with consolidated financial statements and a related audit opinion of our independent auditors annually. These financial statements are prepared on the basis of International Financial Reporting Standards as issued by the International Accounting Standards Board and in conformity with International Financial Reporting Standards as adopte dRead MoreExploring Corporate Strategy - Case164366 Words   |  658 Pagesformulation for a wide audience of public and commercial stakeholders. Fisons – disastrous consequences of stakeholder management. Iona – Mission-driven strategy and stakeholder management. HomeCo – wrestling with governance and strategy in the boardroom; a role play. BMW – driving organic growth through market development in the automotive industry. VSM – the development of global competitive strategy in a declining market. Thorntons – a variety box of strategies in the manufacture and retail of chocolates