Auditing principles

1. What are the types of audit report opinions? When should an auditor issue each report? (2 Marks).
2- What is the importance of Auditor’s Risk Assessment process? Detail your answer. (1 Mark).
3- What is the difference between substantive analytical procedures and test of details? Detail your answer. (1 Mark).
4- Discuss how does internal control assessment affects audit risk model? (1 Mark).

Sample Solution

An independent external auditor as a result of an internal or external audit, as an assurance service in order for the user to make decisions based on the results of the audit. An auditor’s report is considered an essential tool when reporting financial information to users, particularly in business. When performing an audit, you use risk assessment procedures to assess the risk that material misstatement exists. This step is very important because

Machiavelli the Comedian

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By Christopher S. Celenza

portrait”Comedian,” in fact, isn’t the principal word you partner with Machiavelli—and “entertaining” isn’t a word ordinarily applied to Lucretius. But then, through some peculiar speculative chemistry of time, condition, and the rhythms of Renaissance life, those apparently dissonant components met up in an astounding manner. You could contend that Machiavelli’s whole perspective was funny, yet comic in an impossible to miss way: amusing, wry, somewhat despairing, punctuated by a natural indecency that, nowadays, would get him lost a college staff in a moment. More than this, the focal premises of what was clever have changed so remarkably that it welcomes us to consider how satire functions and when the time has come to state that a parody, anyway admired, simply isn’t amusing any longer.

Take his play, Mandragola, or, in English, “The Mandrake Root.” The odd title (and it would have been odd in Machiavelli’s day, as well) has to do with richness. The plant shows up in the Bible, in settings where sexual relations is being referred to, similar to when Leah, one of Jacob’s two spouses, needs to persuade him to lie with her (Gen. 30:14-16), or when, in the Song of Songs, a lady sings her very own tune enchantment “I am my beloved’s, and his longing is toward me … The mandrakes give a smell, and at our entryways are all way of lovely organic products … .” (Song of Songs, 7:10-13). On the off chance that the enduring scriptural relationship of the plant had to do with adoration, the herb additionally had mysterious and spell-like implications. It could be thought to instigate an incredible and ground-breaking rest, and in certain records, was even idea to shout out when pulled from the earth.

Machiavelli’s title encased a considerable lot of these implications. The play concerns a youngster, Callimaco, who however Florentine in birthplace, spent quite a bit of his childhood in France. From pieces of information in the play, we learn he is around thirty years of age and that the activity is set in the year 1504. At a social event of companions, all male obviously, a discussion breaks out over who has the more wonderful ladies, France or Italy. Despite the fact that the debaters give the palm to French ladies, one of his Florentine companions says he has a family member, Lucrezia, whose excellence is unrivaled anyplace. Callimaco gets inquisitive to the point of leaving France and going to Florence. There his interest heightens to enthusiasm, as he is everything except made frantic by adoration after at long last looking at Lucrezia.

As it occurs, Lucrezia is hitched to a moderate witted legal advisor named Messer Nicia. They have been attempting fruitlessly to have kids. Ligurio—a relational arranger and, not adventitiously, a companion of Callimaco—proposes that the couple’s difficulties may permit Callimaco to draw near to Lucrezia. From the start, Ligurio recommends that the couple go to the showers, known to improve richness. Callimaco says he will go, so he can see Lucrezia and in light of the fact that di cosa nasce cosa—”one thing generates another.” He is prepared to heed his gut feelings and ad lib as need be to figure out how to be with Lucrezia. Be that as it may, at that point another arrangement is brought forth. This one includes a detailed plan whereby Callimaco, acting like a specialist, persuades dull-witted Nicia to have Lucrezia take an extraordinary elixir to enable her to imagine.

The catch? The primary individual to have intercourse with Lucrezia after she takes this elixir will pass on. In any case, from that point, she will be ripe, kids will follow, and all will be well, so the prepared story goes. Nicia consents to this “arrangement.” Lucrezia’s mom consents to help, as does a corruptible minister named Timoteo, and obviously Lucrezia is never to know about the lethal results of her one-time, totally essential, extra-conjugal issue.

What’s more, who lines up to assume the job of that conciliatory, lovemaking sheep? Callimaco (in ensemble), with Ligurio’s excited assistance. Ligurio reveals to Callimaco how to break the updates on this to Lucrezia:

Disclose the secret to her, show her the adoration you bring her, reveal to her the amount you love her and how she can be your sweetheart with no shame and how she can be your foe, however with an incredible loss of her respect. When she goes through the night with you, she won’t need it to be the last.

Everything works out as expected. Lucrezia, having had Callimaco with her for a night and understanding that her respect would be lost on the off chance that she blew the whistle, in a manner of speaking, consents to take Callimaco as a darling in the desire that, when Nicia (more established as he seems to be) in the long run dies, she and Callimaco will wed. Poor old Nicia is tricked into tolerating “specialist” Callimaco as a nearby family companion, and the play closes with Lucrezia being “presented” to this marvel working specialist.

Furthermore, here is the place things get muddled, in light of the fact that in all actuality what is being depicted in the play is, basically, a sort of date assault. I had never been very OK with the content for exactly this explanation. Valid, there have been some women’s activist researchers who have contended that it was Lucrezia’s decision to go ahead, so it is truly she who has “organization.” But we recognize what the story is: Callimaco and Ligurio figured out how to get unadulterated, gullible Lucrezia into bed, snickering as far as possible.

This satire, just as Machiavelli’s other comedic works, has from numerous points of view a conventional solidarity with the remainder of his (better known) oeuvre. All framed piece of what we can call the “satire of life,” in which life’s irregularity, capriciousness (di cosa nasce cosa), and incomprehensibility invest heavily of spot. Machiavelli himself had endured absurd slings of fortune. He went from being a regarded open authority who took an interest in more than forty conciliatory missions for Florence (from 1498–1512) to going under ridiculous doubt for scheme, enduring prison time, and being constrained into house capture. An amazing conditions encouraged him all he had to think about existence’s capriciousness.

In any case, there was more to the story—some time around the year 1498, when a generally youthful Machiavelli had not yet entered open life authoritatively, he set aside the effort to hand duplicate two writings into a composition (that today dwells in the Vatican Library). The writings were: Lucretius’ On the Nature of Things and Terence’s Eunuch.

It is an abnormal juxtaposition, at any rate superficially. Lucretius had gotten famous in the fifteenth century after Poggio Bracciolini found a full form of On the Nature of Things during the Council of Constance. The main century BCE mastermind had composed a reflective sonnet in six books. Its superseding subject was Epicureanism, and the greatness of its Latin hypnotized Renaissance masterminds consistently on the caution for complex models. As an Epicurean, Lucretius embraced “atomism” as a premise of his normal way of thinking. He accepted, that will be, that all things were made of particles. At the point when the conventional solidarity of some random thing finished—when a tree kicked the bucket, say, or when an individual died—the constituent particles at that point scattered into the void, to join and recombine perpetually into different things. This procedure was absolutely regular: “… nature is free and uncontrolled by pleased bosses and runs the universe herself without the guide of divine beings.” And however divine beings exist, they live in their own domain, totally indifferent with human issues: “… All their needs are provided commonly, and nothing whenever blisters their true serenity.” Human creatures are individually, and if there is a reason behind human life, it isn’t self-evident: haphazardness is all.

Lucretius is a ton of things. One thing he isn’t, is amusing. In any case, Terence is, in any event by the models of pre-present day Florence. Indeed, Renaissance masterminds preferred Terence a considerable amount, both as a model of how to compose Latin as individuals talked it everyday and as a model for satire. Tangled plots, romantic tales, clever workers, love-causing “franticness” in youth: these things and more filled in as fundamental components of parody in the antiquated world, as they did in the Renaissance.

With regards to the Eunuch itself, it set elegantly in Athens, where a youngster, Phaedria, is frantically infatuated with an outside conceived concubine and is offered hardcore guidance on adoration by his wily worker. Sub-plot after sub-plot develops, and other love-struck characters become possibly the most important factor. These incorporate Phaedria’s sibling acting like an eunuch who utilizes his faked status to be distant from everyone else with a lady with whom he is frantically enamored and on whom he at that point drives himself. He flees, yet then is compelled to return, whereupon he announces his adoration for the lady he assaulted, and they end up together.

We don’t generally have the foggiest idea why Machiavelli replicated those writings by Lucretius and Terence, in a steady progression, going along with them in a solitary original copy. We have just the relic itself. Also, obviously, it is hasty to make a lot of the reality. However, the juxtaposition is imperative, welcoming us, as it does, to take a gander at what the two old writings shared and how they may have added to Machiavelli’s perspectives on the “satire of life.”

Coming back to Mandragola, we can ask: is it interesting? As well as can be expected thought of is … kind of. On the off chance that it were performed and set well, the numerous comic asides could make a crowd of people chuckle. In their satire of devout strictness, Timoteo’s endeavors to persuade Lucrezia to proceed with what she accepts will be a lethal demonstration of extra-conjugal sex are amusing. Furthermore, the different occasions Timoteo is depicted as not exactly devout can induce a wry grin. Model:

LIGURIO TO CALLIMACO: Your minister will need something past supplications. CALLIMACO: What? LIGURIO: Money.

However, at that point there is that other thing: the date assault, yet in addition the feeling that Machiavelli and his male associate had not even once plunked down and had a genuine, individual to-individual discussion with a lady. Take Timoteo’s monolog in Act 3, scene 9, where he is considering for all to hear on the arrangement. The genuine explanation he figures it will work: “… at last, all ladies are truly moderate” (tutte le donne hanno alla fine poco cervello). It is

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