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Audit Essays & Research Papers

Best Audit Essays

  • audit - 10784 Words PAPER – 6 : AUDITING AND ASSURANCE QUESTIONS Nature of Auditing 1. (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. 2. Auditors of M/s Santa Banta (P)... 10,784 Words | 41 Pages
  • Audit - 472 Words AUDITING THEORY 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. D. Ensuring... 472 Words | 2 Pages
  • Audit - 1067 Words Name: Maharshi Pandya Student ID: PCC2388 Audit Assignment 1 Answer 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 1 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 Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least... 702 Words | 4 Pages
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  • Audit - 6903 Words Answers 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 Report on History of Auditing Profession in Bangladesh Institute of Business Administration Jahangirnagar University Date – 07.07.2014 Table of contents contents Page number Executive summary 4 Introduction 5 Audit in brief: 6 History of auditing profession in Bangladesh 6-10 Ending summary 10-11 conclusion 11 Executive summary: 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 Chapter 4 Professional Liability Learning Objectives: 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. 3.... 13,592 Words | 45 Pages
  • Audit - 756 Words Burlington Bees[1] Using Analytical Procedures as Substantive Tests OBJECTIVES 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 AUDITING THEORY 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. D.... 990 Words | 4 Pages
  • Audit - 408 Words Interim 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 ACCT 401-01 Chapter 2: Professional Standards Introduction 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 - 1721 Words The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley Arens/Elder/Beasley... 1,721 Words | 11 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 AUDITING aCC09909 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 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 Strategic Audit Name Institution 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 Phillip Canamar 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 INTRODUCTION 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 Introduction 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” (Berr, 2008) 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 CASE 2 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 Review Questions: 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 INTERNAL AUDIT 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] Larry Lancaster 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 Objective 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  Contents 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 1. A Which is usually included in an engagement letter? (A reference to GAAP/A reference to GAAS) A. Yes/Yes B. No/No C. Yes/No D. No/Yes 2. A 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  Audit Proposal Brenda Pina, Rachel Foster, Maria Kight, Christine Twiford, and Clorissa Willie ACC/542 July 14, 2014 Professor Thomas Cappels Audit Proposal 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 . . . . . . . . . . . . . . . . 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 ASOS PLC 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 Chapter 11 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 123 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 05-21-2012 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 audit fees Past control risk Thomas G. Calderon, Li Wang and Thomas Klenotic George W. Daverio School of Accountancy, The University of Akron, Akron, Ohio, USA 693 Abstract 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 Pg1Pg1 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] Tel:... 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  Threat Safeguards Objective Assessment a) The lending of staff by the firm to an audit client may create a self-review threat. (APES110.290.142) 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 Date: 19/10/2013 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. 19/10/2013... 7,249 Words | 33 Pages
  • Audit Assignment - 291 Words Question: 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 t 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) -Audit procedure -Audit standard 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 -Reasonable Assurance -Planning and Supervision --Audit plan -Materiality -Risk Assessment --Internal Control --Risk of Material misstatement... 493 Words | 4 Pages
  • Audit: Investigation - 2887 Words Audit & Investigation AQ002-3.5-2-AINV-T 15-Jun-12 WASEED AHMED 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)* CONTENTS 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 ACC/491 Alisa Dumond December 19, 2011 ------------------------------------------------- interoffice memorandum to: John Smith, CEO Key west company from: Audit Team D subject: Audit Findings for Key West Company date: 12/18/2011 ------------------------------------------------- Dear Mr. Smith The purpose of this memo is to communicate to you the... 1,973 Words | 7 Pages
  • Audit Planning - 1607 Words INTRODUCTION 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? Describe... 335 Words | 2 Pages
  • Audit Planning - 2694 Words  Audit Planning Name: Course: Tutor: Date: Audit Planning Introduction 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 Engagement Letter: 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 Operational PURPOSE: To evaluate whether operating procedures are efficient and effective USERS: Management of the organization NATURE: Highly non-standard; often subjective FREQUENCY: PAs: Frequently AGs: Frequently CRA: Never Internal: Frequently Compliance 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 FREQUENCY:... 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 1 “AUDITING” 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 EXAM 1 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 Boa-Avram Florin 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 Mati Dumitru 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 YEAR 3 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 Audit Evidence 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 | ------------------------------------------------- Background 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 Audit Process Typically an audit flows through a series of logical steps culminating in the ‘Audit Report’. Background Research Preparation of the Audit Plan Accounting Systems review Internal Control System review Substantive Testing Analytical review techniques Analytical review of financial statements Preparation and signing of the Audit Report Background Research 1. Present condition and future prospects for the industry 2. History, present and future... 448 Words | 4 Pages
  • Management Audit - 1010 Words Question 1 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.. Executive Summary: * There is no ABC analysis of the suppliers have been done by the company ( Refer finding # 1). The Purchasing... 2,433 Words | 11 Pages
  • Audit and Seth - 2103 Words Assignment File Assignment 1 Due date: 26 May 2014 Length: 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 62288211087 Audit 1 Audit Syariah Definition 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  Audit Proposal Zhongle King, Rebecca Kiritsy, Jo McClain, Jared Palmer ACC 542 October 13, 2014 Irene Branum Audit Proposal 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 Chapter one The Process of Auditing Information Systems 1.1 Introduction 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 AUDIT QUALITY A BRIEF DISCUSSION REGARDING THE QUALITY OF ASSURANCE AND AUDIT Student ID: 1204335 Xiaoyu ZHENG AUDIT QUALITY 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 A INTRODUCTION 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 5 155 155 165 169 177 185 195 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 Establishing Effective... 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. The ASX... 1,403 Words | 4 Pages
  • Audit & Accountability - 1147 Words Alan Rappley CYB600 Dr. Romney 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 Question 3 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 Course Schedule Course Modules Review and Practice Exam Preparation Resources Module 1: Introduction to internal auditing Overview 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 Audit Proposal By: Catherine Chase Instructor: Khatrina Higgs, CPA ACC/542   Audit Proposal Abstract 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 Erika ( 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 Case 2.3 Instructional Notes Flash Technologies, Inc.: Risk Analysis and Resolution of Client Issues Group Assignment Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt INSTRUCTIONAL OBJECTIVES • • • • • • 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. To provide... 4,678 Words | 21 Pages
  • Audit Checklist - 2781 Words Appendix D 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 risk 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 GROUP 3 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 DECLARATION 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

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