audit - 10784 Words
PAPER – 6 : AUDITING AND ASSURANCE
Nature of Auditing
(a) Briefly explain the relationship between Auditing and Behavioural Science.
(b) “The auditor fails to obtain sufficient information to form an overall opinion on the
matters contained in the financial statements.” In the light of the above statement
briefly explain the circumstances and opinion expressed by an auditor, where he is
unable to obtain sufficient audit evidence.
Auditors of M/s Santa Banta (P)...
10,784 Words | 41 Pages
Audit - 472 Words
1. Which of the following activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement?
A. Reading the minutes of the board of directors’ meetings for the year under audit.
B. Obtaining a letter concerning potential liabilities from the client’s attorney.
C. Comparing the current year’s financial statements with those of the prior year.
472 Words | 2 Pages
Audit - 1067 Words
Name: Maharshi Pandya Student ID: PCC2388
Audit Assignment 1
In our case study, King and Queen are the auditors and the plaintiff that is taking legal action against them is EFL.
Negligence can be defined as any conduct that is ‘careless or unintentional in nature and entails a breach of any contractual duty or duty of care in tort owed to another person or persons’.(Godsell, 1993 P23)
If EFL wants to claim for negligence than they will have to prove that the four elements...
1,067 Words | 3 Pages
Audit - 702 Words
Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair
presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use.
General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five
Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs
Audit Procedures: At least...
702 Words | 4 Pages
All Audit Essays
Audit - 6903 Words
Fundamentals Level – Skills Module, Paper F8 (UK) Audit and Assurance (United Kingdom) 1 (a) (i) Importance of reporting to those charged with governance
June 2013 Answers
In accordance with ISA 260 (UK and Ireland) Communication with those charged with governance, it is important for the auditors to report to those charged with governance as it helps in the following ways: (1) It assists the auditor and those charged with governance in understanding matters related to the...
6,903 Words | 24 Pages
Audit - 2373 Words
History of Auditing Profession in Bangladesh
History of Auditing Profession in Bangladesh
Institute of Business Administration
Date – 07.07.2014
Table of contents
Audit in brief:
History of auditing profession in Bangladesh
The development of auditing profession in an emerging economy Bangladesh is analyzed...
2,373 Words | 8 Pages
The Audit - 1165 Words
When you use this revision guide, please remember these following rules:
1. This is just a guideline. It only intends to improve your revision process. It certainly does not intend to cover everything in the exam. It is very possible that some questions, which are not covered in this revision guide, may appear in the exam.
2. You should refer primarily to other material, such as textbook, lecture notes and class exercises.
3. When you use this guideline, try to understand the...
1,165 Words | 5 Pages
Audit - 13592 Words
Part I: Understanding Auditor Responsibilities
By studying this chapter, students should be able to:
1. Discuss the liability environment in which auditors operate, the factors that have led to litigation against auditors, increasingly including shareholder class actions, and the effects of lawsuits on audit firms.
2. Describe the causes of legal action against auditors and identify parties that may sue auditors.
13,592 Words | 45 Pages
Audit - 756 Words
Using Analytical Procedures as Substantive Tests
Use analytical procedures to develop expectations for revenue accounts
Recognize factors that lead to precise expectations of account balances
Appreciate the degree of professional judgment involved in evaluating differences between expected and reported account balances
Understand the audit planning implications of using analytical procedures as substantive tests of account balances
Burlington Bees, an...
756 Words | 4 Pages
Audit - 990 Words
8. Which of the following should an auditor do when control risk is assessed at the maximum level?
A. Perform fewer substantive tests of details.
B. Perform more tests of controls.
C. Document the assessment.
D. Document the internal control system more extensively.
9. Which of the following is least likely to be a test of a control?
A. Inquiries of appropriate personnel.
B. Inspection of management’s engagement letter.
C. Observation of the application of a policy.
990 Words | 4 Pages
Audit - 408 Words
An audit which conducted in between the two annual audits with a view to find out interim profits to enable the company to declare an interim dividend is known as Interim Audit. It is a kind of audit which is conducted between the two periodical or balance sheet audits.
Objectives Of Interim Audit
1. To know profit or loss of interim period.
2. To distribute interim dividend.
3. To get loan on the basis of interim account.
4. To get information about the financial...
408 Words | 2 Pages
Audit - 590 Words
Chapter 2: Professional Standards
Self-regulated: the standards governing audits were established by members of the profession themselves
Sarbanes-Oxley Acct of 2002
Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities
Responsible for registering public accounting firms, establishing standards for audit engagements, and inspecting the quality of audits conducted by public...
590 Words | 3 Pages
Audit - 1492 Words
Universiti Tenaga NasionalCollege of Business Management and Accounting...
1,492 Words | 6 Pages
Audit - 2130 Words
EDINBURGH Napier university
School of Accounting, Economics & Statistics
Academic session: | 2010/11 | Diet: | January |
Exam duration: | 3 hours | Reading time: | 15 minutes |
(excluding reading time) | | |
| Total exam time: | 3 hours 15 minutes |
Please read full instructions before commencing writing
Exam paper informationTotal number of pages: 10Number of questions: 15Attempt ALL Questions in Section A and Section B and attempt TWO...
2,130 Words | 11 Pages
The Role of Audit - 1292 Words
The Role of Audit
An audit is ‘an independent examination of, and the subsequent expression of opinion on, the financial statements of an organization’ (Hussey, 1999, p. 33). The audit can be viewed as an integral part of corporate financial reporting, where the assurance it provides stems from the trust placed in the judgement of the auditor. The audit is designed to demonstrate ‘the completeness, accuracy and validity of transactions which, when aggregated, make up the financial statements’...
1,292 Words | 4 Pages
AUDIT MGMT - 799 Words
CASE STUDY ANSWERS
PROJECT REPORTS AND THESIS
ISBM / IIBMS / IIBM / ISMS / KSBM / NIPM
SMU / SYMBIOSIS / XAVIER / NIRM / PSBM / NSBM / ISM / IGNOU / IICT / ISBS / LPU / ISM&RC / NMIMS / ISBS / MANIPAL / GARUDA / HIMALAYA / IMT /
IC MIND /IACT / UPES / IIMRT
MBA - EMBA - BMS - GDM - MIS - MIB
DMS - DBM - PGDM - BBM – DBA – PGDM
09901366442 – 09902787224
799 Words | 3 Pages
Audit assignment - 440 Words
Weaknesses in an Internal Audit Control System
by Osmond Vitez, Demand Media
An internal audit control system is a common safeguard found in business today. This safeguard is broken down into two parts: internal audits and internal controls. Internal audits are informal reviews by the business owner or employees. They provide information on internal operations in employee performance. Internal controls represent the specific policies the business owner, manager and employees must follow in...
440 Words | 2 Pages
Strategic Audit - 728 Words
PART A: Advantages of a Strategic Audit
A strategic audit measures the quantitative and qualitative aspects of the performance of a firm based on its past performance. This information will be important to the management in regard to the making of strategic business decisions (Victoria, 2010). Strategic auditing has many advantages. First, strategic auditing fosters quality decisions resulting from a conceptual...
728 Words | 3 Pages
Hr Audit - 364 Words
HR audits used to be the “root canals” of the HR world, considered to be a painful and
frightening event. As with so many traditions in HR, this one has faded in recent years. HR
professionals have come to understand that sometimes an audit is not only necessary—it
can yield truly helpful information to help implement change. And as HR professionals
continue on the path to greater strategic involvement in the business goals of the organization,
HR professionals fi nd that the audit not only...
364 Words | 1 Page
Audit Jurnal - 401 Words
Marianne Ojo. (2009), Oxford Brookes University.
The overall purpose of this article is to be highlighted is why the external auditor is such an important tool in corporate governance. Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. It is basically needed to balance the interest of the stakeholders in a company. Meanwhile, the external auditor is needed to make sure that the company follow the GAAP, checking the accounting...
401 Words | 2 Pages
Audit Failure - 355 Words
Accounting Case Analysis
LP1 Assignment: Audit Failure
1. Analyze the actions of the auditors in both cases and identify any errors in judgment made by the auditors.
The action of the Auditors, Audit Committee, and top management that worked for Molex Corporation were in error because FASB Concept Statement #2 (materiality defined) appears to apply to this case and should have know the appropriate way to handle the situation that conforms with GAAP and adjust the...
355 Words | 2 Pages
Internal Audit - 2410 Words
This case presents the actual family-business dilemma and identities have been changed to protect family privacy. The author’s opinions do not necessarily reflect the views of the Malaysian Institute of Accountants and this case was written for academic purpose only and the author disclaims any legal responsibilities.
This report will be discussed more details about the issues that arise in the company. Those issues are about the leadership, management and...
2,410 Words | 12 Pages
Internal Audit - 2325 Words
This report aims to investigate the role Internal Auditors (IA) plays in certain aspects of corporate governance. The report also aims to investigate what is considered as good corporate governance.
“Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between the constituent parts of a company - the directors, the board (and its sub-committees) and the shareholders”
Corporate governance is...
2,325 Words | 8 Pages
Audit Closure - 326 Words
Overview of Audit Closure & Reporting
The audit report should serve the fundamental purpose of informing, persuading, & getting the desired improvements implemented.
◆ Inform the audience with required background, evidence, and conclusions of the issues.
◆ Persuade the audience on the impact of risks & concerns on the business in case adequate mitigation / control measures are not implemented.
◆ Obtain feedback from the management in the form of agreed corrective action plan with...
326 Words | 2 Pages
Audit Framework - 1481 Words
Following are discussion points following the ethical framework provided in the chapter. Students are not likely to identify all of the points or may come up with others, but these are the primary ones.
a. Identify the ethical issue(s).
There are two ethical issues:
1. Whether to issue an unqualified opinion based on the evidence already obtained, disclaim an opinion, or follow up on the information provided by the chairperson of the board, knowing that the client may not pay for the...
1,481 Words | 5 Pages
AUDIT 2 - 339 Words
Shih Hong Lin
A. What distinguishes management fraud from defalcation?
Defalcation is misappropriation of assets such as employee fraud, embezzlement and larceny. Management fraud has deliberate intention that uses fraudulent financial statement to covey wrong messages to its investor, creditor and the public. The major difference is the intention that distinguishes management fraud from defalcation. In defalcation, people who commit such crime is out of greedy. However, in management...
339 Words | 2 Pages
Audit Answer - 13752 Words
Solutions for Chapter 1
Auditing: Integral to the Economy
1-1. The special function performed by the public accounting profession is the attestation to the fairness of the financial statements of clients. The special function ensures the reliability and integrity of the financial reporting system. Judge Burger described the special function as "certifying the public reports that collectively depict a corporation's financial status," which involves "a public...
13,752 Words | 48 Pages
INTERNAL AUDIT - 1487 Words
1 Internal audit
‘Internal audit’ is an appraisal activity established by management for the review of accounting and internal control systems as a service to the entity. It reviews, monitors and make recommendations for the improvement of systems.
Other activities include:
Examination of financial information
Review of economy, efficiency and effectiveness (‘value-for-money’ audits)
Review of compliance with external laws and regulations
Review of internal policies...
1,487 Words | 6 Pages
Audit Report - 1164 Words
Beginning the Audit Report
Audit Process Plan
100 Shoe Plaza
Shoetown, ME 00001
[ENTER TODAY’S DATE]
Chairman, President and CEO
Apollo Shoes, Inc.
100 Shoe Plaza
Shoetown, ME 00001
Dear Mr. Lancaster,
This letter explains how I intend to carry out the audit process for Apollo Shoes, Inc. I will continue audit services for the company, which will involve a series of steps. I first need to receive the preliminary list including...
1,164 Words | 5 Pages
Tax Audit - 6291 Words
How to Conduct Tax Audit – Part 1
Analysis of Certain Clauses
Audit under Section 44AB of the Income Tax Act
By Raman Jokhakar, Chartered Accountant
To understand the purposes of this Form
To learn nuances of the clauses
To understand audit risk
To effectively carry out attestation
To document adequately
To disclose standard notes, limitations and stands
To know inter links between clauses
To be aware of important stands taken by Courts
To understand the objective of...
6,291 Words | 55 Pages
Performance Audit - 6329 Words
1. What is performance auditing?
1.1 What is performance auditing according to INTOSAI?
INTOSAI’s Auditing Standards (AS 1.0.38 and 1.0.40) state the following:
‘The full scope of government auditing includes regularity and performance audit’, and ‘Performance auditing is concerned with the audit of economy, efficiency and effectiveness and embraces:
(a) Audit of the economy of administrative activities in accordance with sound...
6,329 Words | 18 Pages
Audit Exam - 9534 Words
Audit exam 1
Study online at quizlet.com/_flu67
Which is usually included in an engagement letter? (A reference to GAAP/A reference to GAAS)
Which of the following statements is true?
A) Auditors have generally found that the most effective and efficient way to conduct an audit is to obtain some assurance for each class
of transaction and for the ending balance of the related account.
B) Management's assertions follow and...
9,534 Words | 61 Pages
audit proposal - 1136 Words
Brenda Pina, Rachel Foster, Maria Kight, Christine Twiford, and Clorissa Willie
July 14, 2014
Professor Thomas Cappels
There are many different types of audits including internal, external, and information technology. Companies should be familiar with the types of audits that may possibly be used on an Accounting Information System (AIS). Knowing the different types of audits and where they are used will help a company be ready for an...
1,136 Words | 4 Pages
Hk Audit - 329 Words
With regards to the current regulatory system in Hong Kong, discuss whether auditors are independent in order to protect investors’ interests of Hong Kong listed companies.
Auditor independence refers to the independence of internal or external auditor that may have the appropriate capabilities, competence, authority and time to perform their duties and responsibilities. Independence also requires the integrity, objectively, professional competence, confidentially and professional behavior to...
329 Words | 1 Page
Audit Cases - 14202 Words
Professional and ethical issues
c a S eS inc lu de d in t hiS Se ction
. . . . . . . . . . . . . . . .
3.1 A Day in the Life of Brent Dorsey
Staff Auditor Professional Pressures
59 63 65 71 79
3.2 Nathan Johnson’s Rental Car Reimbursement
Solving Ethical Dilemmas–Should He Pocket the Cash? Recognizing It’s a Fraud and Evaluating What to Do
. . . . . .
3.3 The Anonymous Caller 3.4 WorldCom
The Story of a Whistleblower
. . . . . . . . . . . . . . . . . . . . . . . ....
14,202 Words | 47 Pages
Audit report - 6261 Words
1. Carry out a background research on your proposed client and obtain as much information as possible about your client in particular and about the market sector which your client operates in.
ASOS originates from or is an abbreviation for “As Seen on Screen” indicating its method of operating business in other words online retailing. It was founded by Nick Robertson and his business partner Quentin Griffiths and it was incorporated in 2000 by its current Chief Executive Officer...
6,261 Words | 25 Pages
Audit Report - 422 Words
The auditor’s report for the City of Smithville should follow the wording of Illustration 11-2.
An unqualified report similar to shown in Illustration 11-2 appears to be appropriate for the year December 31, 2014. Nevertheless, some students may have issues a “qualified” report for some perceived reason. If so, it should use the wording specified in audit guide, although most probably will not use the exact wording specified. If not, this will provide you with an opportunity to...
422 Words | 2 Pages
edp audit - 8484 Words
AUDITING AND EDP
I. AUDITOR’S CONSIDERATION OF INTERNAL CONTROLS IN AN EDP ENVIRONMENT
The second standard of field work requires that we obtain a sufficient understanding of the client’s internal controls (I/C) to plan the audit and assess control risk. We hope that our assessment of control risk shows it to be low so that we can reduce substantive testing, thereby reducing audit costs. When EDP is used in significant accounting applications, then you must consider the effects the...
8,484 Words | 36 Pages
Audit Report - 615 Words
Article 1 Carmichael Assignment
1. Who is the author of this paper and what is his position (give description of responsibilities) with the PCAOB at the time of this article?
The author, Douglas R. Carmichael, who at the time this article was written was the Chief Auditor of the The Public Company Accounting Oversight Board (PCAOB.) As the head of the PCAOB’s professional standard-setting division it is the duty of the Board’s Office of the Chief Auditor to advise...
615 Words | 2 Pages
Audit Fee - 6626 Words
The current issue and full text archive of this journal is available at
Past control risk and current
Past control risk
Thomas G. Calderon, Li Wang and Thomas Klenotic
George W. Daverio School of Accountancy, The University of Akron,
Akron, Ohio, USA
Purpose – The authors posit that audit fees are driven by historical risk factors and risk encountered
in the current period. The purpose of this paper is to focus on...
6,626 Words | 50 Pages
Audit Delay - 6114 Words
International Bulletin of Business Administration
ISSN: 1451-243X Issue 10 (2011)
EuroJournals, Inc. 2011
Audit Report Lag and the Effectiveness of Audit Committee
Among Malaysian Listed Companies
Ummi Junaidda Binti Hashim
Universiti Sultan Zainal Abidin
E-mail: [email protected]
6,114 Words | 22 Pages
Audit Fees - 13497 Words
Audit Office Size, Audit Quality and Audit Pricing
By Jong-Hag Choi, Chansog (Francis) Kim, Jeong-Bon Kim, and Yoonseok Zang
Forthcoming at Auditing: A Journal of Practice and Theory
*Jong-Hag Choi is an Associate Professor at Seoul National University ([email protected]). Chansog Kim is an Associate Professor at City University of Hong Kong ([email protected]). Jeong-Bon Kim is a Chair Professor at City University of Hong Kong ([email protected]). Yoonseok Zang is an...
13,497 Words | 39 Pages
audit homework - 1060 Words
The lending of staff by the firm to an audit client may create a self-review threat.
Referring to APES110,290 142, it states that if the firm lend the staff to audit client, and it will create the self-review threat. The possible safeguards are as following:
Pay more attention on the work done by the loaned staff while in audit engagement.
Do not assign any audit responsibility to the task that is performed by that...
1,060 Words | 4 Pages
audit of banks - 7249 Words
Subject – AUDIT
Topic – AUDIT OF BANKS.
Name – Arwa Khambati
Roll no. – 29
College Name – Sydnehem College of Commerce and Economics
Seat Number -
Certificate of Completion
This is to certify that Ms. Arwa Khambati (Roll No. 29) a student of Master of Commerce (Part 2), Sydenham College of Commerce and Economics, has undergone Project work on titled AUDIT OF BANKS.
7,249 Words | 33 Pages
Audit Assignment - 291 Words
Define audit and accounting risk, give 3 specific example of each type of risk and explain why they are called audit and accounting risk.
* Accounting risk is the risk that errors associated with forecasts used in GAAP accounting estimates are not properly disclosed. Accounting risk is primarily the responsibility of accounting standards. It is dealt with only indirectly in accounting standards. For example:
* Bad debts on loans had an historic rate of 1% of outstanding loans...
291 Words | 1 Page
Audit Committee - 12893 Words
Accounting Horizons Vol. 21, No. 2 June 2007 pp. 165–187
Auditor Communications with the Audit Committee and the Board of Directors: Policy Recommendations and Opportunities for Future Research
Jeffrey Cohen, Lisa Milici Gaynor, Ganesh Krishnamoorthy, and Arnold M. Wright
SYNOPSIS: To contribute to the Public Company Accounting Oversight Board (PCAOB) project on auditor communications with audit committees and boards of directors, we present in this paper a review of relevant academic...
12,893 Words | 39 Pages
Audit Summary - 1220 Words
SUMMARY OF KEY POINTS
OVERVIEW OF FINANCIAL STATEMENTS AUDIT
* The audit enables the auditor to express an opinion whether financial statements are prepared, in all material respects, in accordance with and acceptable financial reporting framework.
* Complete set of general purpose financial statements:
* 1. balance sheets
* 2. income statements
* 3. statement of changes in equity
* 4. cash flow statement
* 5. summary of significant accounting policies and other...
1,220 Words | 5 Pages
The Night Audit - 682 Words
THE NIGHT AUDIT
I- Functions of the Night Audit:
( The major functions of the night audit is to:
• Verify posted entries to guest and non-guest accounts
• Balance all front office accounts
• Resolve room status and rate discrepancies
• Monitor guest credit limits
• Produce operational and managerial reports
1. The role of the night audit:
( The night audit requires attention to accounting detail, procedural controls, and guest credit restrictions. In this sense, the night...
682 Words | 3 Pages
Audit Contents - 493 Words
Ch. 2. Professional Standards
2-1. Generally Accepted Auditing standards (GAAS)
2-2. Fundamental Principle: Responsibilities
-Competence and Capabilities
-Independence and Due care
--Independence in fact
--Independence in appearance
-Professional Skepticism and Professional Judgment
2-3. Fundamental Principle: Performance
-Planning and Supervision
--Risk of Material misstatement...
493 Words | 4 Pages
Audit: Investigation - 2887 Words
Audit & Investigation
LECTURER: MR. MEGAT ABDULLAH MEGAT MAHMUD
Table of Contents
Different roles of internal and external auditors. 4
Internal auditors: 4
External auditors: 4
Identify the benefits in forming an audit committee. 6
Evaluate the strengths and weaknesses of MPL’s control environment: 7
Control Environment: 7
a. Integrity and Ethical...
2,887 Words | 11 Pages
Audit Risk - 1405 Words
INTERNATIONAL STANDARD ON AUDITING 320 AUDIT MATERIALITY
(This Standard is effective, but contains conforming amendments that become effective at a future date)*
Paragraph Introduction ................................................................................................... Materiality ..................................................................................................... The Relationship Between Materiality and Audit Risk ....................................
1,405 Words | 6 Pages
Audit Sampling - 1973 Words
Auditing Sample Case Study Memo
Team D (Wayne Brown, Melissa Ginez, Matthew Gourlie, Juel Rypka)
University of Phoenix
December 19, 2011
to: John Smith, CEO Key west company
from: Audit Team D
subject: Audit Findings for Key West Company
Dear Mr. Smith
The purpose of this memo is to communicate to you the...
1,973 Words | 7 Pages
Audit Planning - 1607 Words
Audit Planning and reporting
Auditing planning and reporting are two critical stages in whole audit Cycle.
Audit planning is before beginning of field work and reporting is last Stage in bank audit
Good planning leads to effective Reporting
Planning (also called forethought) is the process of thinking about and organizing the desired activities required to achieve a desired goal.
Planning involves the creation and maintenance of a PLAN. As such< planning...
1,607 Words | 5 Pages
Audit Fee - 335 Words
Madison Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussing the audit fee, Allnet’s management suggests a fee range in which the amount depends on the reported profit of Allet. The higher its profit, the higher will be the audit fee paid to Thorne’s firms.
Would you recommend that Thorne accept this audit fee arrangement? Why or why not?
335 Words | 2 Pages
Audit Planning - 2694 Words
Auditing is a vital activity, in every business activity. The International Auditing and Assurance Standards Board (IAASB) is the overall organization that sets international standards for assurance, auditing and other related fields, globally. The organization ensures that there is the harmonization of all international and national auditing and assurance standards to enhance...
2,694 Words | 8 Pages
Audit 1 - 1365 Words
LILTS BERGER & ASSOCIATES
Certified Public Accountants
Ocean City, Florida 33140
October 30, 2015
Mr. Donald Phillips, President
Oceanview Marine Company
36 Clearwater Lake Road
Ocean City, Florida 33140
Dear Mr. Phillips:
This letter is to confirm our understanding of the terms of our engagement as the auditors of Oceanview Marine Company for the year ended December 31, 2014.
We will audit the company’s balance sheet for December 31, 2014, and the related statements...
1,365 Words | 5 Pages
TYPES OF AUDITS - 508 Words
TYPES OF AUDITS
PURPOSE: To evaluate whether operating procedures are efficient and effective
USERS: Management of the organization
NATURE: Highly non-standard; often subjective
PURPOSE: To determine whether the client is following specific procedures set by higher authority
USERS: Authority setting down procedures, internal or external
NATURE: Highly non-standard; often subjective
508 Words | 3 Pages
audit homework - 1049 Words
Question 11. 25
Your firm has been engaged to audit the financial statements of Haven Ltd. In obtaining an understanding of internal control relating to credit sales, the following questionnaire is used:
1 Does the company evaluate the customer’s credit history, and is amount of available credit checked before a sale is authorised?
Select a sample of credit order and inspect credit history and other supporting documents.
Review the policy/procedure for customer approval and setting...
1,049 Words | 6 Pages
Audit Proposal - 1321 Words
Team C analyzed the accounts payable, accounts receivable, payroll, and inventory systems for Kudler Fine Foods. Kudler would now like to see a proposed audit schedule for these systems. The team will distinguish between the types of audits that may use for each process. The team will also recommend the most appropriate audit for each process and explain how to conduct the audits. Identifying events that may prevent reliance on auditing through the computer will also be presented to Kudler...
1,321 Words | 4 Pages
System Audit - 15569 Words
Audit Manual – PART TWO SYSTEM BASED AUDIT
Table of content
1. 2. Introduction.......................................................................................................................3 Systems based audit ........................................................................................................4 2.1. 2.2. 2.3. 2.4. 2.5. 2.6. 2.7. 2.8. 3. 3.1. 3.2. 3.3. 3.4. 3.5. 3.6. 3.7. 4. 4.1. 4.2. 4.3. 4.4. 4.5. 4.6. 4.7. 4.8. 4.9. 4.10. 4.11. 4.12. 4.13. Preparing for &...
15,569 Words | 63 Pages
NATURE Of Audit - 2749 Words
NATURE, PURPOSE AND SCOPE OF AUDIT AND REVIEW
NATURE, PURPOSE AND SCOPE OF AUDIT AND REVIEW
In independent examination
2 NATURE AND DEVELOPMENT
The word “audit” comes form the Latin word audire which means “to hear” because, in the middle Ages, accounts or revenue and expenditure were “heard” by the auditor.
Statutory audits (i.e. carried out in accordance with statutory provisions) become mandatory for companies in 1900. At this time the purpose of an audit was to detect fraud,...
2,749 Words | 11 Pages
Audit Exam - 6249 Words
1.Deutsch & Thayer, CPAs' communications on significant deficiencies in internal control.
Failure to safeguard inventory from loss, damage, and misappropriation is a significant deficiency in the design or operation of internal control that could adversely affect the fairness of the financial statements.
2. Management representation letter.
Management's discussion regarding the temporary nature of a decline in the value of equity securities provides information regarding...
6,249 Words | 24 Pages
Audit Process - 273 Words
Summary of the Audit Process
Phase I: Plan and Design an Audit Approach. In every audit there exist several ways an auditor can gather proof to congregate the general audit purpose of offering an opinion on the financial statements. There are two principal concerns that change the approach the auditor choose: adequate proper evidence must be collected to meet the auditor’s professional responsibility and the cost of collecting the evidence should be reduced. Three segments forms planning and...
273 Words | 1 Page
Audit Report - 3560 Words
THE FINANCIAL AUDIT – THE GUARANTOR OF THE TRUE
AND FAIR VIEW SUPPLIED BY THE FINANCIAL STATEMENTS
Babe-Bolyai University, Cluj-Napoca, Faculty of Economical Science and Business Administration, St.
Teodor Mihali, No. 58-60, 400591, Romania, [email protected], Tel: 0740-886491
Babe-Bolyai University, Cluj-Napoca, Faculty of Economical Science and Business Administration, St.
Teodor Mihali, No. 58-60, 400591, Romania, [email protected],...
3,560 Words | 11 Pages
Audit and Assurance - 929 Words
BA (HONS) ACCOUNTING & FINANCE
BA (HONS) PROFESSIONAL ACCOUNTING
PROFESSIONAL ACCOUNTANCY COURSE
AUDIT & ASSURANCE 1
INDIVIDUAL ASSIGNMENT BRIEF
HAND OUT DATE: 5th October 2011
HAND IN DATE:
INSTRUCTIONS FOR COURSEWORK
You are required to research and prepare a report based on one of the following topics. Please seek the assistance of the module leader Ivor Pingue and your seminar tutors for help and guidance with your coursework. Do not leave the research too...
929 Words | 5 Pages
Audit Evidence - 3572 Words
This chapter deals with the types of evidence decisions auditors make, the evidence available to auditors, and the use of that evidence in performing audits.
NATURE OF EVIDENCE
• Evidence is any information used by the auditor to determine whether the information being audited is stated in accordance with the established criteria.
• Evidence includes information that is highly persuasive, such as the auditor's count of marketable securities, and less persuasive...
3,572 Words | 12 Pages
Audit Postulate - 1352 Words
Shockley produced a conceptual design based on certain aspects that are considered to have an effect on the auditor’s capability to endure stress. It has been suggested that, given the shut working connection between auditors and customers and the fact that auditors are paid by their customers, it is emotionally impossible for an auditor to be free from prejudice. Numerous aspects of concern have been noted in the literary works for many years.
Shockley’s conceptual design highlighted on...
1,352 Words | 5 Pages
Audit Memo - 780 Words
Audit Planning Memorandum for Database Environment
Date | 02/04/2013 |
To | Audit Senior Management |
School Board | Temple University |
Prepared By | Shan Jiang |
Types of RDBMS: MySQL 5.0 - an open-source database used extensively in small or medium-sized web applications. One of the simplest databases to secure from hacking because of the small attack surface it exposes
Number of DB servers: 3
Business units rely...
780 Words | 5 Pages
Night Audit - 1325 Words
Importance of Night Audit
The night audit is the control process whereby the financial activity of guest’ accounts is maintained and balanced. This process tracks charges and payments (debits and credits) and the departmental receipts and charges on a daily basis.
This section is the team that assumes the role of reconciling a hotel’s daily activities and transactions.
They compiles a series of reports and data into a report called the night audit report for management review as part of its...
1,325 Words | 6 Pages
Audit Process - 448 Words
Typically an audit flows through a series of logical steps culminating in the ‘Audit Report’.
Preparation of the Audit Plan
Accounting Systems review
Internal Control System review
Analytical review techniques
Analytical review of financial statements
Preparation and signing of the Audit Report
1. Present condition and future prospects for the industry
2. History, present and future...
448 Words | 4 Pages
Management Audit - 1010 Words
Management audit is a term used to describe the kind of audit work carried out to look into the economy, efficiency and effectiveness of the organization and its component parts. Efficiency in this sense has to do with determining whether resources (personal and property) are being used optimally within the bounds of what is practically feasible. Effectiveness involves determining whether resources are being used to proper effect. Economy relates to the avoidance of unnecessary...
1,010 Words | 3 Pages
Audit Program - 2433 Words
ABCD 1234 AND COMPANY WLL Corporate Office |
To: Head – Procurement & StoresCC: | From : Head – Internal Audit |
Report No | Date : |
* Subject: Audit Report on Operations of ABCD 1234 AND COMPANY WLL.
We have done general operations audit of ABCD 1234 AND company WLL from 1.11.2012 to 20.11.2012 and submitting the draft audit report below..
* There is no ABC analysis of the suppliers have been done by the company ( Refer finding # 1).
2,433 Words | 11 Pages
Audit and Seth - 2103 Words
Due date: 26 May 2014
You should answer Question 1, Question 2 and Question 3 in
this assignment. The answers for Question 1 and Question will
each be worth 20% of the marks for this assignment, whereas
the answer for Question 3 will be worth 60% of the marks. The
total length of your answers to this assignment should not
exceed 1,500 words. (To gain high marks, you should make
your answers close to the expected length. Answers deviating...
2,103 Words | 13 Pages
Audit Syariah - 820 Words
Tiffy Tiffeny Edmund
Audit is a process to investigate and verify an account, while Syariah is the rule of Islam (Hukum Islam). Therefore, Audit Syariah is the process to analyse, check, investigate and to make sure the operation and the management of Islamic Financial Institution (IFI) is accordance to the principal and the Syariah’s guidelines, mainly for the production of a product.
Syarikah al-Rajhi al-Masrafiyyah LiL Istismar has define the...
820 Words | 3 Pages
Audit Proposal - 1099 Words
Zhongle King, Rebecca Kiritsy, Jo McClain, Jared Palmer
October 13, 2014
Kudler Fine Foods, a Southern California-based upscale specialty food store, hopes to expand operations. One step in the expansion is updating the company’s accounting information systems. Kudler’s management decided to enhance the payroll, accounts payable, account receivable and inventory accounting processes. Team B recommended industry-specific software to...
1,099 Words | 4 Pages
IT AUDIT NOTE - 4493 Words
The Process of Auditing Information Systems
The use of computers and computer based information systems have pervaded deep and wide in every modern day organization. An organization must exercise control over these computer based information systems because the cost of errors and irregularities that may arise in these systems can be high and can even challenge the very existence of the organization. An organizations ability to survive can be severely undermined...
4,493 Words | 14 Pages
Audit Quality - 2056 Words
A BRIEF DISCUSSION REGARDING THE QUALITY OF ASSURANCE AND AUDIT Student ID: 1204335 Xiaoyu ZHENG
A BR IEF D ISC US SI ON R EGAR D IN G THE QUAL IT Y OF A S SUR A N CE AN D A UD IT
uditing has inevitably become one of the essential activities in the current business world. It may be attributable to the fact that financial reports still remain the major criteria in evaluating the performance of
the business. Audit quality refers to...
2,056 Words | 8 Pages
Audit Case - 861 Words
Audit Case- Tommy O’Connell
The audit case I chose was case #1, Tommy O’Connell- Audit Senior. O’Connell is a newly appointed senior auditor for a big 5 firm, and he was given the tough audit engagement for the Altamesa Manufacturing Company. Tommy figured this engagement would help him get in good with the partner that was in charge of the audit, Jack Morrison. The only problem was he was assigned Carl, who is a fresh-faced staff accountant who has been working at the company for less...
861 Words | 2 Pages
Audit Journal - 14082 Words
Auditing: A Journal of Practice & Theory Vol. 29, No. 2 November 2010 pp. 115–140
American Accounting Association DOI: 10.2308/aud.2010.29.2.115
Do Abnormally High Audit Fees Impair Audit Quality?
Jong-Hag Choi, Jeong-Bon Kim, and Yoonseok Zang
SUMMARY: This study examines whether and how audit quality proxied by the magnitude of absolute discretionary accruals is associated with abnormal audit fees, that is, the difference between actual audit fee and the expected, normal level of audit...
14,082 Words | 46 Pages
Audit Notes - 2507 Words
Chapter 1 – The demand for an Auditing and Assurance Profession
Key Services for Public Accounting Firms
Audits High Assurance (95% - 99%)
Reviews Moderate Assurance (60% - 70%)
Compilation Low to No Assurance (0% - 10%)
Assurance Engagements (Triangle diagram based on the subject matter at hand)
Practitioner (Auditor) Users Accountable Party (Management)
Practitioners give the Users a written conclusion
Accountable party must have an accountability relationship with the...
2,507 Words | 11 Pages
Knowledge Audit - 900 Words
What is a Knowledge Audit?
What is an Audit?
“The most general definition of an audit is an evaluation of a person, organization, system, process, project or product. Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system’s internal control. The goal of an audit is to express an opinion on the person/organization/system etc. under evaluation based on work done on a test basis. Due to practical constraints, an audit seeks to...
900 Words | 4 Pages
Audit Case - 24006 Words
internal control over financial reporting
c a S eS inc lu de d in t hiS Se ction
155 155 165 169 177 185 195
5.1 Simply Steam, Co. 5.2 Easy Clean, Co.
. . . . . . . . . . . . . . . . . . . . . . . . . . .
Evaluation of Internal Control Environment
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Evaluation of Internal Control Environment
. . . . . . . . . . . . . . . . . . . . . . . .
5.3 Red Bluff Inn & Café 5.4 St. James Clothiers
24,006 Words | 76 Pages
Audit Report - 1271 Words
Independent Auditor's Report
To the Stockholders
Apollo Shoes, Inc.
1235 Winner's Road
Write City, IN 12354
LCC has conducted an audit of Apollo Shoes, Inc. balance sheets, the retained earnings, cash flows, and other related statements of income for the year ended December 31, 2006/2007. Apollo Shoes Inc management is responsible for maintaining the effective internal controls that goes along with the financial statements and how well the accuracy is going to be. LLC has evaluated the...
1,271 Words | 5 Pages
Audit Committee - 1403 Words
In the past decade, in Australia have had a negative impact on investor confidence in capital markets. In response, corporate regulators have searched for mechanisms to achieve a return to reliable, high quality financial reporting, resulting in an increasing emphasis on corporate governance. In addition, regulators and investors have increasingly recognised the role of audit committees and an important corporate governance mechanism in restoring confidence in the capital market.
1,403 Words | 4 Pages
Audit & Accountability - 1147 Words
17 Mar 2013
Audit & Accountability (Class: Technical)
Security requirements for Audit & Accountability Controls are to "create, protect, and retain information system audit records to the extent needed to enable the monitoring, analysis, investigation, and reporting of unlawful, unauthorized, or inappropriate information system activity; and (ii) ensure that the actions of individual information system users can be uniquely traced to those users so they can...
1,147 Words | 4 Pages
Audit Case - 552 Words
An auditor examination affected when a client engaged in significant related party transactions is due to increase risk of fraud in the firm. According to ISA 550, the auditor should obtain sufficient evidence regarding the disclosure by management of related parties that engage with the client and the effect of the transaction that they made which are materials to financial statement. It mean as an auditor, they have to be more aware about the related party when go through the...
552 Words | 2 Pages
Internal Audit - 15117 Words
Review and Practice
Module 1: Introduction to internal auditing
The first module in this course sets the stage for your study of internal auditing (also known as “management auditing”). You consider the definition, development, and scope of internal auditing. You also consider the business environment and identify and analyze its accompanying risks. The various types of internal audits and the relationship...
15,117 Words | 58 Pages
Audit Proposal - 1081 Words
By: Catherine Chase
Instructor: Khatrina Higgs, CPA
Understanding the audit process and how auditors operate is vital since it informs IT managers how to develop an environment that is compliant. More importantly, this brief will discuss the role of the auditor and its responsibilities as well as expand on the role and responsibilities of management during and after the audit. This brief will also focus on the methodologies of...
1,081 Words | 4 Pages
Audit Module1 - 6626 Words
BILTRITE PRACTICE CASE
A Computerized Audit Practice Case
Description of the Practice Case
This case has two learning objectives. First, it provides the student an opportunity to apply auditing concepts to a “real-life” audit client. The client, Biltrite
Bicycles, Inc., operates within a unique business climate and internal control
environment, and the student must assess inherent risk and control risk accordingly. The case contains modules involving sampling applications, risk...
6,626 Words | 62 Pages
The Audit Report - 320 Words
The Audit Report
Memo: Independent’s Auditor Report
Apollo Shoes, Inc. operations in conformity with the fiscal year 2006 audit plan have a complete review by our audit team. The purpose of this review is to contribute to the progression of risk management and the control systems within the business by identifying and evaluating exposures to risk and the controls designed by management to lessen those risks (Arens et al., 2012).
Apollo Shoes, Inc. operates from a large office with operations...
320 Words | 1 Page
Audit Failure - 359 Words
4/4/2014(Stop using “audit failure” term in PCAOB reports, Hanson says)
The term “audit failure” has been causing some confusion and misunderstanding when it is being used in inspection reports in regards to how severe the findings may be the investors discover. A PCAOB member, Jay Hanson would like the board to stop using this term in the reports. The PCAOB uses this term to identify situations in which the auditing firm is...
359 Words | 1 Page
Audit Quality - 1237 Words
Fraud at Parmalat
Parmalat, the international dairy giant with 139 business units in 30 countries of more than 40 years history (Hamilton & Micklethwait, 2006) stepped on its way to meltdown due to its aggressive business strategy of worldwide expansion in the early 1990s. In order to cover the financial deficit caused by inefficient factories, poorly managed inventory and costly acquisitions in the long era expansion (Hamilton & Micklethwait, 2006) and to hide embezzlement to prop up...
1,237 Words | 4 Pages
Bank Audit - 289 Words
Bank have the following characteristics which distinguish them from most other commercial enterprises:
1. Security: They have custody of large volumes of monetary items, including cash and negotiable instruments, whose physical security has to be ensured. This applies to both the storage and the transfer of monetary item and makes banks vulnerable to misappropriation and fraud. They, therefore, need to establish formal operating procedures, well-define limits for individual discretion and...
289 Words | 1 Page
Operations Audit - 1362 Words
Operational Audit Best Practices A methodology to Conduct Operational Audit in Public Sector Organizations
What is Operational Audit?
Operational Audit is a methodology for assessing the conformity of implementing the procedures and methodologies set forth in the department’s instructions, regulations or documents. Operational audit is performed by specialized auditors. Upon completion of the auditing process, a report of findings with recommendations is submitted. Operational audit contributes...
1,362 Words | 7 Pages
Specialized Audit - 3651 Words
specilSpecialised audit services
SECTION 2: SPECIALISED AUDIT SERVICES 2003-04
This section of the report includes information on audits conducted over and above the regularity audits. These include the following: • Forensic audits • Performance audits • Integrated audits • Performance information reviews For an explanation of each type of audit, please refer to my 2003-04 Activity Report. It is important to highlight that some of the forensic and performance audits result in a report to...
3,651 Words | 16 Pages
Audit and Flash - 4678 Words
Flash Technologies, Inc.:
Risk Analysis and Resolution of
Mark S. Beasley, Frank A. Buckless,
Steven M. Glover, Douglas F. Prawitt
To provide students with an opportunity to learn (by doing) how auditors identify various client
and audit risks. The case also provides students with insight into how a risk analysis ties in to the strategic
audit planning process.
4,678 Words | 21 Pages
Audit Checklist - 2781 Words
Checklist for Review of Attestation Engagements Performed by the Office of Inspector General
This Appendix includes guidance for reviewing the Office of Inspector General’s (OIG’s) attestation engagements conducted in accordance with Government Auditing Standards (GAS), Chapter 6, and the American Institute of Certified Public Accountants’ (AICPA’s) Statements on Standards for Attestation Engagements (SSAE). When an auditor conducts an attestation engagement under generally...
2,781 Words | 20 Pages
Audit Approach - 1490 Words
The approach adopted by an audit firm to a specified audit assignment will be a key factor in determining the outcome of the audit. If auditors fail to adopt the correct audit approach then the likelihood of audit failure increases, failure which could lead to a damaged reputation and potentially costly litigation against the firm. This article is the first of a series on risk‑based auditing and audit evidence. AUDIT APPROACHES Essentially there are four different audit approaches: the...
1,490 Words | 5 Pages
Audit procedures - 5438 Words
UNIVERSITY OF NAIROBI
Principles of auditing term paper
NAME REG. NO
1. KINUTHIA ROSEMARY D33/2395/2011
2. OMONDI BRADLEY D33/2389/2011
3. KEMUNTO DOLLY D33/2375/2011
4. MENGICH NOAH D33/2460/2011
We declare that this assignment is our original work and has not been submitted elsewhere for examination, award of a degree or publication. Where other people’s work, or our own work has been used, this has properly been...
5,438 Words | 19 Pages