inconsistent Year: August‚ 2007 The report suggests that internal auditing needs to identify areas of high and moderate risk that are part of the internal audit plan but have been deferred or cancelled because of the organization’s focus on Sarbanes-Oxley Section 404. It recommends that chief audit executives (CAEs) revisit the budgets‚ skills‚ and capabilities needed to achieve a comprehensive‚ balanced‚ and risk-based approach to auditing‚ as well as develop a process to advise the audit committee and
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that were found in a particular auditing period. This important document embodies several benefits starting from the planning of the auditing process and continuing beyond when no engagement exists. If the company had been audited‚ a new auditing team can refer to these workpapers to assess the effectiveness of internal controls. In addition‚ managers can review these workpapers to evaluate the performance of the audit team. By evaluating the progress of the auditing team through these workpapers
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Phar-Mor was known as one of the major discount chain retailers in the late 1980’s - early 1990’s. It was founded by Mickey Monus‚ a gambler in nature‚ who with the help of senior management was “cooking the books” for years to cover up his loses. The reason why senior management agreed to do this fraud is the belief in unique ability of their leader to fix everything later on. This case is known as one of the biggest accounting frauds in the corporate history of the U.S. This paper will analyze
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auditors to the extent that if a firm provides auditing services for a company they cannot really provide any other types of services. This limitation was put into place in order to maintain the independence of auditors and the companies that they audit. If an accounting firm was allowed to provide auditing services as well as tax services to a company‚ the independence‚ in such a case‚ of the firm would not be maintained because the firm would be in part auditing some of its own work. The provisions of
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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 how
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H.‚ & Strawser‚ J. R.‚ & Thibodeau‚ J. C. (2011). Auditing & assurance services (4th ed.). New York‚ NY: McGraw-Hill/Irwin. Mulford‚ C. W.‚ & Comiskey‚ E. E. (2002). The financial numbers game: Detecting creative accounting practices. New York‚ NY: John Wiley & Sons. Silverstone‚ H.‚ & Sheetz‚ M. (2007). Forensic accounting and fraud investigation for non-experts (2nd ed.). Pearson. Singleton‚ T. W.‚ Singleton‚ A. J. (2010). Fraud auditing and forensic accounting (4th ed.). Hoboken‚ NJ: John
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3. XBRL impact on the accounting information As we discuss the accounting information is important on enterprise‚ below I will further analysis on how the XBRL case the innovation on accounting information system. First‚ enhance the transparency of the accounting information. It is important to show transparency information and report to the public. Recently‚ due to domestic and foreign securities fraud cases happing on the stock market and listed company‚ accounting transparency are becoming a
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‘SEC Charges Deloitte & Touche for Adelphia Audit. 2013. SEC Charges Deloitte & Touche for Adelphia Audit’ [Online] Available at: http://www.sec.gov/news/press/2005-65.htm [Accessed 05 February 2013 Sherer‚ M. & Turley‚ S. (2007) Current Issues in Auditing‚ Third Edition‚ SAGE Publications‚ London Van Peursem‚ K. et al (2007) ‘Three Cases of Corporate Fraud: An Audit Perspective’‚ Working Paper Series‚ 94 (1): p1-43
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Abstract Corporate fraud has been a growing issue since Enron bankruptcy. The factors that contribute to the occurrence of corporate fraud are hard to control and methods used to prevent and detect fraud both by internal control and outside auditing have unavoidable weaknesses. Despite all the effort being made‚ it is highly unlikely that corporate fraud can be eliminated from the workplace. Introduction After Enron scandal got revealed in 2001‚ an increasing number of corporate frauds
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In this mini case Mike Stephan is dealing with a very difficult situation because he is new to the accounting firm and wants to impress the superior accountants on his engagement team. While auditing for EarthWear‚ he makes a little mistake by spending too many hours looking at the wrong bank statements when he is not supposed to go over a total of 6 hours. Pressured by the senior on the audit‚ he is caught between lying about his hours or telling the truth and going over budget on the audit‚ potentially
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