WORKING PAPER Auditor Independence: An Examination Independence Risk Factors and Mitigating Factors on Auditor Judgment Barbara M. Vinciguerra Penn State Great Valley School of Graduate Professional Studies Auditor Independence: An Examination Independence Risk Factors and Mitigating Factors on Auditor Judgment Abstract Professional standards require auditors to be independent in the performance of attestation services. Critics of the accounting profession have expressed
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plaintiff’s decision which eventually led him to suffer a loss. Court found out that because of the lack of knowledge both buyer and dealer needed the expert opinion of the valuer was needed. Court widened the scope of the liability and liability of auditor to third party moved from Foreseen to reasonable foreseeability. After that case Federal Court continued this broader scope of liability in both cases in Federal Supreme Court (third civil senate) 10 November 19943 & Federal Supreme Court (third
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much service did it provide? Were the services provided efficiently and effectively? What did the government accomplish?” (Mead‚ 2008) This is where SEA reporting plays a role in governmental accounting. The SEA report is an external report aside from the annual comprehensive financial report which ensures that the result of programs and services is communicated effectively to any interested parties. Those interested parties could include elected officials‚ legislative staff‚ citizens‚ and the media
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financial report‚ including disclosures made in the accompanying notes. 1.4 (a) A One of the major incentives for audit is to correct potential biases in reporting by management. (b) D The aim of undertaking an assurance engagement is to increase the level of assurance for users of the engagement. 1.5 (a) B Auditors currently use a business risk approach that requires the auditor to understand items that affect the business and may flow through into the financial report. (b) D Auditors initially
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Sheetz Accounting 491 Julie Oldham March 28‚ 2008 Generally Accepted Auditing Standards Generally Accepted Auditing Standards or GAAS is “a set of systematic guidelines used by auditors when conducting audits on companies’ finances‚ ensuring the accuracy‚ consistency and verifiability of auditors’ actions and reports” (Lexico Publishing Group‚ 2008). The following paper will explain the elements of GAAS and how GAAS is applied to audits. GAAS has three elements that must be used during every
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Chapter 17 Auditors’ Reports True / False Questions 1. Audit reports should be dated the date on which the financial statements are issued. True False 2. When the auditors are unable to comply with generally accepted auditing standards‚ they should issue an opinion that is unqualified‚ but include an additional explanatory paragraph in the report. True False 3. When evaluating the results of audit tests‚ materiality depends upon both the dollar amount and the nature
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SELECTED ECONOMIC ISSUES No. 10 2005 State Audit: An Instrument for Accountability and Good Economic Governance Page 2 Copyright © CEPA 2005 Centre For Policy Analysis No. 11 Amilcar Cabral Road Airport Residential Area Accra Mailing Address: P. O. Box 19010 Accra – North Ghana Tel: [233-21] 778035/779364-5 Fax: [233-21] 773670 ISSN: 0855-7144 ISBN: 9988-8007-9-7 The Centre for Policy Analysis is an independent‚ non-governmental think-tank‚ which provides rigorous analysis and
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is not a simple procedure especially during this phase where the public accounting environment is changing drastically. Intense competitive pressures among audit firms in selecting the best clients and increased exposures of litigation have driven auditors to be more prudent in the process of making decisions when accepting a new audit client. (James‚ 2012). Therefore‚ the procedures and factors of considering new prospective clients must be done thoroughly in compliance of the Auditing Standards and
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Donna Sanders Financial Statement Fraud Week 12 There are many things that can motivate financial statement fraud. Taking a look at Donald Cressey’s hypotheses which is now known as the fraud triangle depicts the certain criteria for the mind frame of the fraudster. The fraud triangle is a theory that consists of perceived pressures‚ perceived opportunity‚ and rationalization. It gives us the different pressures placed on individuals that would make them consider “cooking the books.” It also
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research and prepare a report based on one of the following topics. Please seek the assistance of the module leader Ivor Pingue and your seminar tutors for help and guidance with your coursework. Do not leave the research too late!! The word limit for the report is a minimum of 3‚500 (+10%) words. maximum word count can be + 10% (Note: reports submitted with less than 3‚500 words will be rejected and given a mark of zero !!). Reports must indicate the word count and any report that does not include
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