| |and independent auditors and auditing firms‚ and identify their | | | |sources. | | | | |2‚ 3‚ 4‚ 5‚ 6‚ 7 |39‚ 40‚ 41‚ 43‚ 44‚ 48‚ 51 | |2. Explain the 10 AICPA generally accepted auditing standards | |
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Riddle‚ Internal Auditing: Assurance & Consulting Services‚ Second Edition‚ Institute of Internal Auditors‚ 2009. Course Catalog Description: The philosophy and practice of modern internal auditing techniques with the emphasis on providing managers with definitive information about situations which might interfere with the accomplishment of the organization’s goals and with feedback concerning extraordinary accomplishments. Course Objectives: To develop an understanding of auditing standards‚ techniques
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SARBANES-OXLEY ACT ACC 403- AUDITING PROFESSOR August 19‚ 2012 The Sarbanes-Oxley Act was placed into effect July 2002; the act introduced major changes to the regulation of corporate governance and financial practice. The Sarbanes-Oxley Act was named after Senator Paul Sarbanes and Representative Michael Oxley‚ who were the main architects that set a number of non-negotiable deadlines for compliance. The organization for Economic Cooperation and Development was one of the first non- government
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PRINCIPLES OF AUDITING Course: Auditing Title: Auditing Operations and Completing the Audit‚ Auditors’ Reports Date: March 25‚ 2014 Justin Kealey‚ CPA‚ is auditing Tustin Companies‚ Inc. Kealey has accumulated known and likely misstatements for the current year to evaluate whether there is a sufficiently low risk of material misstatement of the financial statements to issue an opinion. However‚ Kealey notes that there are several misstatements that have been
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PROBLEM NO. 1 You were asked by Something Corporation to audit its financial statements for the years ended December 31‚ 2012 and 2013. While reviewing the entity’s records for 2012 and 2013‚ you discover that no adjustments have yet been made for the items listed below. Item No. 1 - Insurance premiums of P300‚000 for the three-year period beginning January 1‚ 2012‚ had been paid and fully expensed in 2012. Item No. 2 - The merchandise inventories at the end of 2012 and 2013 did not
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Phillips Petroleum Case Study Prepared by For Professor C.E. Reese in partial fulfillment of the requirements for ACC 502- Advanced Auditing School of Business/ Graduate Studies St. Thomas University Miami Gardens‚ Fla. Term A1/Spring 2014 February 17‚ 2014 Table of Contents Issues……………………………………………………………….Page 3-4 Facts………………………………………………………………..Page 4-5 Analysis/ Authority………………………………………………...Page 5-8 Conclusions/ Recommendation…………………………………….Page 8 References…………………………………………………………
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company is still a new player in industry‚ what it makes it vulnerable and weak. Because the company is new‚ it is risky not having any track record. b. Here is the list of auditing and accounting problems appearing to exist: 1. In Accounting there is one question/problem‚ it is the capitalizing of assets legitimate? 2. In Auditing: Is the audit firm registered with the PCAOB to audit public companies? establishing the existence of owners determining the existence of development assets avoiding
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assertions into specific audit objectives to guide the process of collecting evidence. Audit objectives are a fine-tuning of assertion and each audit objective requires unique evidence to maintain a conclusion about the audit objective. c. If you are auditing the existence and occurrence assertion‚ what specific audit objectives should be accomplished by developing an audit program? Explain the purpose of each audit objective. Following is a list of the specific audit objectives that are relevant to
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47) 1) Inherent risk in this situation is not zero because he states that he has never seen an accounting adjustment recommended which could mean that there has been something that happened that was immaterial that it didn’t need to be adjusted. If the inherent risk was zero there wouldn’t been the chance that anything could go wrong and to give it a zero risk there is no point then to audit the firm. 2) In chapter three they mention that control risk should not be assessed so low that the audit
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because it relates to a false or misleading statement in documents filed with the A: SEC 7) Within generally accepted auditing standards‚ general standards relate primarily to a. the fairness of the financial statements b. qualifications of the auditor and the quality of the auditor’s work c. qualifications of the auditor d. the relationship between generally accepted auditing standards and accounting principles 7) Statements on
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