References: Annual Report 2009‚ Clive Peeters Limited‚ viewed 30 April 2010‚ Auditing and Assurance Standards Board 2006‚ Related Parties‚ ASA 550‚ Auditing and Assurance Standards Board‚ viewed 1 May 2010‚ Auditing and Assurance Standards Board 2006‚ Subsequent Events‚ ASA 560‚ Auditing and Assurance Standards Board‚ viewed 1 May 2010‚ Auditing and Assurance Standards Board 2007‚ Going Concerns‚ ASA 570‚ Auditing and Assurance Standards Board‚ viewed 1 May 2010‚ Australian Accounting Standards
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Generally Accepted Auditing Standards Catherine Harris ACC491 December 15‚ 2012 Stephen Russell Generally Accepted Auditing Standards Generally Accepted Auditing Standards are set forth‚ so an auditor’s performance can be judged against something. Since 2002 and the introduction of the Sarbanes-Oxley Act auditing requirements have undergone many changes. As the times and technology change so must the profession. Generally Accepted Accounting Standards (GAAS) have 10 elements and are divided
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Enron Corporation and Andersen‚ LLP Accounting Fraud and Auditor Legal Liability 1 - What were the business risks Enron faced‚ and how did those risks increase the likelihood of material misstatements in Enron’s financial statements? The business risks that Enron faced included foreign currency risks and price instability‚ which is common for the energy industry. In addition‚ Enron faced pressure to perform well so that the stock price would rise. These risks increased
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Luttrell‚ James P. January 2‚ 2015 Auditing Theory Mr. Red Feliciano Enron Corporation’s Case Analysis Reference: Auditing and Assurance Principles by Jose Ireneo‚ Shirley Ireneo and George James 1. A. Fastow is one of the most responsible because being the Chief Financial
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CONTINUOUS AUDITING Ivan Cantu College of Business Administration University of Texas Pan American 1201 W. University Drive‚ Edinburg‚ TX78539 Tel: 956-292-7025 cantu_ivan@hotmail.com Lai Liu College of Business Administration University of Texas Pan American 1201 W. University Drive‚ Edinburg‚ TX78539 Tel: 956-381-3353 liul@utpa.edu Haiyan Zhou College of Business Administration University of Texas Pan American 1201 W. University Drive‚ Edinburg‚ TX78539 Tel: 956-381-3334 zhaiyan@utpa
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accounting firms ****Generally Accepted Auditing Standards (GAAS)**** AICPA’s Auditing Standards Board introduced Statements of Auditing Procedures (1939-1972)and Statement of Auditing Standards (1972-present): to provide guidance for the conduct of audits PCAOB issues auditing standards which are subject to approval by the SEC Taken together‚ the relevant pronouncements of the AICPA and PCAOB are collectively referred to as the generally accepted auditing standards (GAAS) 1. A pronouncement issued
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has responsibility for establishing auditing standards for public companies‚ while the Auditing Standards Board (ASB) of the AICPA establishes auditing standards for private companies. The ASB previously had responsibility for establishing auditing standards for both public and private companies. Existing auditing standards were adopted by the PCAOB as interim auditing standards for public company audits. 2-10 For the most part‚ generally accepted auditing standards are general rather than specific
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Chapter 1: Auditing‚ Assurance‚ and Internal Control Auditing Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and establishing criteria and communicating the results to interested users. Internal Audits * Internal auditing: independent appraisal function established within an organization to examine and evaluate its activities as a service
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Cost Accounting (50 marks) Part II: Financial Management (50 marks) Paper 4: Taxation (100 marks) Part I: Income-tax (50 marks) Part II: Service Tax (25 marks) and VAT (25 marks) Group II Paper 5: Paper 6: Paper 7: Advanced Accounting (100 marks) Auditing and Assurance (100 marks) Information Technology and Strategic Management (100 marks) Section A: Information Technology (50 marks) Section B: Strategic Management (50 marks) The level of knowledge expected of students in the above subjects is ‘working
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Introduction The importance off skepticism in performing audits has been recognized from the time the very first auditing standard was implemented (Fullerton and Durtschi‚ 2012). The recent financial crises and audit failures have caused the profession to reassess and emphasise the importance of skepticism during an audit engagement‚ ensuring that auditors increase their level of skepticism (Fullerton and Durtschi‚ 2012). Auditors are now asked to expand their skeptical perspective to the level
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