AUDIT FAILURE OF WORLDCOM Group 1 Background • WorldCom‚ first named LDDS (Long Distance Discount Services)‚ grew largely by aggressively acquiring other telecommunications companies in 1990s. • For a time‚ it was the United State’s second largest long distance phone company (after AT&T). Background However‚ the year 2002 comes… • In March‚ the SEC began to investigate WorldCom as it reported large profit while AT&T reported loss. • In May‚ Arthur Anderson was replaced by KPMG
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Softlogic Holding Ltd. • Auditors role in Corporate Governance • Audit Committee of Softlogic Holding Ltd. • Audit Committee’s influence in Corporate Governance protocols at Softlogic Holdings • The Cadbury Committee and Softlogic’s Corporate Governance Strategy • Analysis • Recommendations Introduction • International Standard on Auditing (ISA) 260: “Communications of Audit Matters with Those Charged with Governance” • Governance is the term used
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UNIVERSITY Institute of Accounts‚ Business & Finance Audit Communications Report Writing Canayon‚ Angelie Rose T. Puno‚ Michelle Ann J. Royong‚ Precious B. Rubio‚ Ephraim Jomel P. Tulio‚ Ayn Carla M. AIA0212 TOPIC OR SECTION: Account Receivable: Cashier’s Office I. SCOPE An audit of the Cashier’s Office was conducted for the period January 1‚ 2013 through December 31‚ 2013. The objectives of the audit were to examine and evaluate the following: • Adequacy and
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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: PAs:
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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 audit planning and audit process. To prepare of informative‚ accurate‚ and independent audit reports‚ the auditors of listed company are independent in order to
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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 information
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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 audit and make
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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 rigorous systems of internal control. 2. Complexity: They engage in a large volume and variety of transactions in terms of both number and value. This necessarily requires complex accounting and internal control systems. 3. Branch-Network: They normally operate through a wide network of branches
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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 students with hands-on experience responding to client concerns and issues. Often auditing students do not realize the extent to which clients request interpretations
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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‚ technical errors
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