the external auditor is to protect the interest of the public. To achieve this‚ it is important for the public to trust and have confidence in the work of an auditor. It is crucial that auditors appear independent to the public in both fact and appearance. For this reason‚ it is the auditor’s responsibility to ensure that there are no personal or business relationships with anyone in a position of influence within the firm they are auditing. Even though the personality of the auditor might allow him
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9Th February 2015 Contents Page Introduction 3 Main Report 3 Pay Methods and Procedures 3 Appropriateness of methods and procedures against Audit requirements 5 Design and distribution of payroll outputs 7 Application of quality standards to the payroll function 8 Conclusion 10 Recommendations 10 References 12 Introduction The purpose of this report is to discuss the effectiveness of the internal procedures used to
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that if I was in David Sokol’s position‚ I would probably do the same thing David had done. I believe the proper working ethics are accountability‚ professionalism and integrity. As a COO‚ I should monitor the daily operation of the company and report the strong and weakness of internal control to the CEO. I should be accountable and professional for these responsibilities as David Sokol did. “If you ever obtain something by lying‚ it’s worthless. Integrity is the highest order of the day.” Said
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independence‚ some non-audit services also could be provided by external auditor if the auditor could have a better control of services provides. According to Section 323 of Corporation Act‚ auditor has the power to gain information from the audit client and the audit client must provide information or other assistance to the auditor concerning the consolidated financial statement being audit. Therefore‚ there is no denying that auditor would master the audit client’s business‚ its policies and its procedures
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to creating one of Enron’s Special Purpose Entities because it had “no substance”‚ but the partner in charge of Enron’s audit disagreed and responded by having the quality control partner removed from Enron audit oversight. Lastly‚ AA ordered the auditors on the Enron assignment to destroy any “erroneous” documents after the SEC began an informal probe into Enron. AA contended that this was usual procedure‚ but it could not prove that the documents were erroneous after they had been shredded. The
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opinion. If the opinion is not unqualified‚ the firm will give reasons. If the firm cannot complete the audit‚ they might not give out a report on the engagement. The firm will test the existence of inventory‚ and confirm receivables and payables and other assets and liabilities by letters to a few customers‚ creditors‚ and financial institutions. The auditor will ask for a letter of representation from the company’s attorney. The attorney might bill Apollo Shoes for replying to the query. When
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Leah Rudolphi ACCY405 AE4 (8-10) Individual Assignment 10 Bloomington Bees Case 1) 43+29=72 games over the year 434‚348/72=6‚032 people per game 6‚032 * .25 = 1‚508 + 6‚032 = 7‚540 (25% increase in weekend games) total sales per weekday game: 5‚016 * .30 = 1‚504.8 * 10 = 15‚048 5‚517.6 * .30 = 1‚655.28 * 10 = 16‚552.8 5‚016 * .35 = 1‚755.6 * 6 = 10‚533.6 5‚517.6 * .35 = 1‚931.16 * 6 = 11‚586.96 5‚016 * .20 = 1‚003.2 * 4 = 4‚012.8 5‚517.6 * .20 = 1‚103
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The act requires the Securities and Exchange Commission to implement rulings on requirements to comply with the law. It created a new agency called Public Company Accounting Oversight Board which regulates‚ oversees and inspects the role of auditors of public companies. The act covers auditor’s independence‚ corporate governance‚ internal control assessment and financial disclosures. The Sarbanes–Oxley contains 11 titles that describe specific mandates and requirements for financial reporting
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The WorldCom scandal was actually brought to light by the internal auditor‚ Cynthia Cooper. Cooper and her team‚ Gene Morse and Glyn Smith uncovered the fact that line costs were being transferred to capital accounts. Cooper was originally tipped off to the fact that something was amiss when the head of WorldCom’s wireless business paid her a visit‚ upset that he was loosing $400 million that had been set aside to make up for shortfalls if customers didn’t pay their bills. Scott Sullivan‚ CFO of
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Auditing: A Journal of Practice & Theory Vol. 29‚ No. 1 May 2010 pp. 207–220 American Accounting Association DOI: 10.2308/aud.2010.29.1.207 The Effect of Alternative Types of Review on Auditors’ Procedures and Performance Elizabeth A. Payne‚ Robert J. Ramsay‚ and E. Michael Bamber SUMMARY: Audit workpaper review is a primary means of quality control in auditing firms. While prior research shows that anticipation of a review affects preparers’ judgments‚ there is little research on the
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