Control over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audits. We conducted our audits in accordance with the standards of Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control
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officers. For this reason‚ auditing and assurance services must sign-off or attest to the credibility and reliability of written assertions. Creditors rely on the accuracy of financial reports when calculating the risk and interest rate of loans. Investors and employees need reliable information when allocating their precious resources. Governmental agencies require transparency and compliance to insure the public is not being victimized by fraud. Do increased auditing requirements guarantee that
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AUDIT TECHNIQUES I. NATURE and PURPOSE of AUDIT TECHNIQUES Auditing Techniques are the basic tools utilized by auditors to obtain audit evidences. Auditing Technique is defined as any technique as any technique used to determine deviations from actual accounting and controls established by a business or organization as well as uncovering problems in established processes and controls. Auditing Techniques can be used to aid organizations by uncovering errors in business practices and providing
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Ethics Paper MGT/498 September 27‚ 2014 Gary Babel What are Ethics? One of the main questions when talking about ethics‚ is the very general question of: What are Ethics? Business Dictionary describes ethics as: “The basic concepts and fundamental principles of decent human conduct. It includes study of universal values such as the essential equality of all men and women‚ human or natural rights‚ obedience to the law of the land‚ concern for health and safety‚ and increasingly‚ also for the
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framework used to conduct its assessment of internal controls. Discuss the options in selecting a control framework. Regarding the control framework‚ the SEC has made specific reference to COSO as a recommended model. Furthermore‚ the PCAOB Auditing Standard No. 5 endorses the use of COSO as the framework for control assessment. Although other suitable frameworks have been published‚ any framework used should encompass all of COSO’s general themes 24. Prior to SOX‚ external auditors were required
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would stratify a population into meaningful groups if A. Probability-proportional-to-size (PPS) sampling is used. B. The population has highly variable recorded amounts. C. The auditor’s estimated tolerable misstatement is extremely small. D. The standard deviation of recorded amounts is relatively small. 6. An auditor is preparing to sample a client’s customer receivables for overstatement. A statistical sampling method that automatically provides stratification when using systematic selection
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accordance with an identified financial reporting framework. An auditor is setting out to achieve enhanced credibility of information disclosed to increase reliability for the users of the financial statements. A definition from the Committee on Basic Auditing is as follows: 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
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other attestation services. Audit of historical financial statements- A form of attestation service in which the auditor issues a written report expressing an opinion about whether the financial statements are in material conformity with accounting standards. Publicly traded companies in Australia are required to have audits under the Corporations Act. Review of historical financial statements- Another type of attestation service performed by public accountants. A review service provides a moderate amount
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References: American Institute of Certified Public Accountants. (2011). Code of Professional Conduct. http://www.aicpa.org/RESEARCH/STANDARDS/CODEOFCONDUCT/Pages/default.aspx
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5(a) Prepare a memo to the partner making a recommendation as to whether Barnes and Fischer should or should not accept Ocean Manufacturing‚ Inc. as an audit client. Carefully justify your position in light of the information in the case. Include consideration of reasons both for and against acceptance and be sure to address both financial and nonfinancial issues to justify your recommendation. MEMORANDUM To: Jane Hunter From: Corrine Subject: Ocean Manufactory Should be Accepted Date:
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