Enhancing Asset Protection through an adequate monitoring of internal control system by internal audit. By Danique Channer (ID # 0908607 SOBA) November 12‚ 2012 Lecturer: Ms. Simone Bewry Summary of Article Since the start of the global economic recession there has been a reduction in the ablity of organization’s to acquire assets for business operations therefore increasing the need for asset protection against fraud. Studies have shown
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Accounting. (8th ed.).Prentice Hall Inc Horizontal Analysis Internal Control Practices. (2009). Retrieved on January 7‚ 2013 from http://blink.ucsd.edu/finance/accountability/controls/practices/purchasing.html Internal Control and Risk Management. (n.d). retrieved on January 11‚ 2012 from http://www.kpmg.com/CN/en/services/Audit-Committee-Institute-China/Documents/development/Internal-control-guide-200506.pdf Management assessment of Internal control. (n.d). Retrieved on January 08‚ 2013 from http://www
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transaction‚ almost certainly‚ in the future. Therefore the accrual accounting methods recognizes the transaction at the point in which it takes place rather than when the cash is received. Do Discretionary Accruals Help Distinguish between Internal Control Weaknesses and Fraud? Investigation of the effectiveness of
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of the publisher. For permission to use material from this text or product‚ submit a request online at http://www.thomsonrights.com. Art Director: Linda Helcher Internal Designers: C Miller Design Cover Designer: Stratton Design Cover Image: Purestock Media Bakery Printer: Edwards Brothers Ann Arbor‚ MI Library of Congress Control Number: 2007923689 For more information about our products‚
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htm 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 historical risk by examining the incremental effect of material weakness in internal control (MW) identified
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Integrity‚ objectivity and independence Provision of internal audit services to financial statement audit clients 141. A self-review threat may be created when a firm‚ or network firm‚ provides internal audit services to a financial statement audit client. Internal audit services may comprise an extension of the firm’s audit service beyond requirements of generally accepted auditing standards‚ assistance in the performance of a client’s internal audit activities or outsourcing of the activities.
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References: AICPA (2009). Internal Control: A Tool for the Audit Committee. www.aicpa.org Business Week (2008). Managing Your Company. www.businessweek.com Management and financial Consulting (2009). Professional Auditors. www.professionalauditors.com Paul Graham (2009). How to
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provides a conceptual framework for the risk assessment standards. In recent years‚ auditors have tried to apply the model to audits of internal control‚ usually performed as parts of integrated audits. An integrated audit is an engagement where the auditor provides an opinion on the financial statements and an opinion on the effectiveness of internal control. It is integrated in the sense that the auditor tries to use some of the same procedures to meet both objectives. AUDIT RISK Basically
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2008 (as well as in prior years) by a Big Five auditing firm. The audit did include consideration of internal control over financial reporting as a basis for designing audit procedures that were appropriate in the circumstances‚ but not for the purpose of expressing an opinion on the effectiveness of Koss’s internal control over financial reporting. The Company maintains a system of internal controls to provide reasonable assurance that assets are safeguarded and that the book and records reflect
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Table of Contents Internal Control: Avoiding the Next Catastrophe To quote Edmund Burke “Those who don’t know history‚ are doomed to repeat it”. Here we are‚ thirteen years removed from the Enron scandal. The aftermath led to the Sarbanes-Oxley Act of 2002 and stricter regulations on companies going public. People have a tendency to believe that things like this can only happen to massive companies‚ but we must remember that Enron once started off as a small company‚ a company like LJB
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