ACC 3401 Audit and Professional Ethics │LECTURE 1│ Concepts of Auditing Learning Objectives After the lecture‚ students should be able to: describe the nature‚ purpose and scope of an audit; describe various basic principles and concepts of auditing and explain their importance in the actual audit procedures; and describe the professional framework within which auditors must operate. 1. Accounting vs. Auditing Accounting - the process of recording‚ classifying‚ summarizing and
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Module Log: Completion of interactive activities and reflection on personal learning and capacity Reading through the following pages you are able to see my weekly entries of the text I read. My interpretations and questions that occurred towards reading‚ my initial reactions or developments after reading and some conclusions about text and literacy. As a person I never really enjoy literature. I am not the kind of person who enjoy reading big books or long articles because is difficult for
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The North Face‚ Inc. - Individual Case Synopsis: The North Face‚ a company that has always found a way to sell their product to unique customer‚ didn’t get to where they are today easily. Presently owned by Vanity Fair‚ The North Face was started by Hap Klopp in the mid 1960s with the mission of providing a ready source of hiking and camping gear to customers. Today‚ they offer products ranging from outdoor chairs to backpacks. As the company began to grow‚ so did the goals set by management
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Question 1: Name two cases in which companies have committed frauds by misstating inventory. Crazy Eddie and Goodner Brothers case are the good example for the inventory fraud cases. Question 2: What makes the intentional misstatement of inventory difficult to detect? When you have the most senior management of the company‚ particularly its financial management‚ consciously setting out to fool the auditors‚ to hide information from them‚ as they testified in the Monus trial‚ it’s very hard to
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Auditing and Assurance Services‚ 14e (Arens) Chapter 24 Completing the Audit Learning Objective 24-1 1) Auditors often integrate procedures for presentation and disclosure objectives with: A) Tests for planning objectives Tests for balance-related objectives Yes Yes B) Tests for planning objectives Tests for balance-related objectives No No C) Tests for planning objectives Tests for balance-related objectives Yes No D) Tests for planning objectives Tests for balance-related
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A professional judgment is a key factor in auditing. As a result of development of auditing and accounting industry‚ especially after a series of accounting fraud and auditing failure cases‚ such as Enron and Arthur Andersen‚ in the last decade‚ professional judgments is becoming a more and more important aspect for the independent auditing industry. Recently‚ many countries and professional bad issued more strict auditing standards to emphasize to this point. It means the auditor should be required
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be destroyed by naughty students who like vandalisms writing unnecessary notes on the posters. Too much post may also look unorganized and some post are covered with another post. Since the school is developed for the students‚ the AMACU Interactive Access can give the information needed by the students easily. With its user friendly interface‚ any user with basic knowledge on computers can operate the system. The system will display the examination schedules‚ list of TY2S‚ list of Deans Lister
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interrelated by double-entry bookkeeping. If assertion of enough evidence of all transactions affect an account balance we obtained then there is no need to obtain evidence to the account balance itself. Audit strategy approach The diagram (COSSERAT 1999) below describes the approach to developing an audit strategy. (Diagram provided as Figure 1.1) * To obtain the understanding of the accounting and
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Case Approach (Final Version) Page 1 Executive Summary • Background (1 paragraph) • Main issue • Recommendation a) Short term b) Long term c) Contingency plan Page 2 Analysis • Issues Identification • Key Areas of Focus – Use Heading and Bullet Points (e.g. Digital Canada Case) a) No support from GIA Group b) Loss of social status and control from management’s perspective c) Field sales employees’ concerns d) Change in corporate culture Page 3 Analysis • Key Areas of
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Ethics Auditing: Identify the benefits and limits of ethics auditing. Is there a strategic role that ethics auditing may play in a company? Ethics Auditing By definition‚ an ethics audit is a “systematic evaluation of an organization’s ethics program and/or performance to determine its effectiveness.” (1) This concept of ethics auditing is fairly new and few companies have conducted an ethics audit. However‚ performing such audits will likely become more mainstream as recent legislation encourages
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