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    The document outlines 9 questions about the role and responsibilities of external auditors. It asks who decides auditor remuneration, the procedure for auditor resignation and removal, the role of auditors in corporate governance, whether auditors are responsible for detecting fraud, the types of audit opinions that can be issued, the parties auditors owe a duty of care to, factors considered when appointing auditors, provisions around auditor immunity, and why auditor independence is essential as well as potential threats to it.

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    The document outlines 9 questions about the role and responsibilities of external auditors. It asks who decides auditor remuneration, the procedure for auditor resignation and removal, the role of auditors in corporate governance, whether auditors are responsible for detecting fraud, the types of audit opinions that can be issued, the parties auditors owe a duty of care to, factors considered when appointing auditors, provisions around auditor immunity, and why auditor independence is essential as well as potential threats to it.

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    © All Rights Reserved
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    10 views2 pages

    Assignment 5

    Uploaded by

    kemalatha88
    The document outlines 9 questions about the role and responsibilities of external auditors. It asks who decides auditor remuneration, the procedure for auditor resignation and removal, the role of auditors in corporate governance, whether auditors are responsible for detecting fraud, the types of audit opinions that can be issued, the parties auditors owe a duty of care to, factors considered when appointing auditors, provisions around auditor immunity, and why auditor independence is essential as well as potential threats to it.

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    ASSIGNMENT 5

    1. Explain who decides on the payment of remuneration for the


    auditors?

    2. State the procedure for the resignation and the removal of the
    auditors

    3. What is the role of the external auditor in the light of good corporate
    governance practice?

    4. Are the auditors responsible for detecting fraud or errors in financial


    statements?

    5. What type of audit opinion might be given in an audit report?

    1
    6. To whom does the auditor owe a duty of care?

    7. What are the factors to be considered when appointing an auditor?

    8. Explain the provisions relating to auditor’s immunity as provided


    under the Companies Act

    9. Why is it essential that a company’s external auditor should be


    independent and what are the potential threats to their
    independence?

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