STATE AUDITING IN THE PHILIPPINES Reported by: MYRLA P. SEDENIO RUTH C. TACUJAN A. OBJECTIVES I. To Discuss the State Audit System 2. To Identify Issues and Limitations of Government Auditing 3. To Discuss the Measurement of Government Performance B. INTRODUCTION The Philippine Constitution emphasizes the importance of accountability in the government. Article XI simply and bluntly begins: “Public office is a public trust‚” before it adds that officials and employees
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judgments about the case when Arthur Anderson failed its tasks to detect fraudulent financial activities on Enron and several different companies. The Enron Company filed bankruptcy in December of 2001.Being well known as a big energy company which headquarters is located in Houston‚ the bankruptcy of the company drew lots off attentions from business world. Questions were asked and lots of financial misstatements were revealed and Arthur Andersen – Enron’s external auditing and accounting firm
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Strategic Management International Strategy Stakeholders Lecture 9 Mark Anderson International Strategy • • • • Internationalisation Drivers International Corporate Level Strategy International Market Selection International Modes of Entry Internationalisation Yip: Drivers of Internationalisation G. Yip (2003) Total Global Strategy International Corporate Level Strategy International Competitive Advantage • Adaptation v standardisation? – Should all products be the same - global? (Levitt)
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Chapter 1 - Multiple Choice Questions 1. Why do auditors generally use a sampling approach to evidence gathering? A. Auditors are experts and do not need to look at much to know whether the financial statements are correct or not. B. Auditors must balance the cost of the audit with the need for precision. C. Auditors must limit their exposure to their client to maintain independence. D. The auditor’s relationship with the client is generally adversarial‚ so the auditor will not have access
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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 established criteria and communicating the results to interested users (Boynton & Johnson‚ 2006). In auditing there are many attributes that describes the auditor’s work. Elements of the Generally Accepted Auditing Standards are followed by auditors. The Generally Accepted Auditing Standards
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The Sign of the Loincloth: Jeremiah (13:1-11) The first eleven verses of chapter thirteen of Jeremiah are a very distinctive portion of an already unique book. Jeremiah ’s vision of the sign of the loincloth is an affluent passage whose depth cannot be fully understood without a proper exegetical exploration. I intend on doing an exegesis on this passage of Jeremiah. The language and symbols used held significance easily understood by the original audience‚ yet are difficult to comprehend by modern
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Chapter 1 Assurance Services The broad range of information enhancement services that are provided by CPAs There are two types: -Increase reliability of information -Putting information into a form or context that facilitates decision making Types of Services Assurance Services -Attestation Services Example: Audits of Financial Statements‚ Examinations of Internal Control -Other Assurance Services Example: CPA ElderCare Prime Plus Services Non Assurance Services -Tax Services -Management
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Ethical Dilemmas for Auditors Discussion Paper May 2006 1 The Institute of Certified Public Accountants in Ireland Ethical Dilemmas for Auditors Dilemma One – Non-Audit Services 3 Dilemma Two – Fee Levels 6 Dilemma Three – Ethics Partner 7 Dilemma Four – Long Association with the Audit Client 8 Dilemma Five – Commencement in Practice 9 Dilemma Six – Financial Interest in a Client 10 Dilemma Seven – Business relations with audit clients 11 Dilemma
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Clad in a simple blue shirt and a pair of dirty white shorts‚ Wally Bayola does not look like the highly acclaimed comedian who once had his career beaten to a pulp due to a sex controversy. He was sitting peacefully inside a room of a house in Caloocan City in Brgy. 87 Zone 8‚ where the day’s episode of Juan for All‚ All for Juan was going to be filmed. He looks different from his television self‚ or maybe because he was not fully made-up with the ludicrous Lola Nidora look. His brows were in the
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Is the demand for auditing a regulatory artifact or market driven? Pre SEC era: There is evidence that before legislation on auditing existed there were still forms of auditing. In the medieval times there were the guilds‚ later audits were conducted by directors or shareholders of a company. In the 19th century US companies voluntarily contracted for audits. Current data on non-SEC companies In 1977‚ 80% of corporate audit clients of PwC are non-SEC-registrants (Biegler 1977). Privately owned
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