Accounting The nature of work of accountants and auditors is to prepare‚ analyze‚ and verify financial reports and taxes‚ and monitor information systems that furnish this information to managers in business‚ industry‚ and government. The major fields of accounting are Public accountants who have their own business or work for public accounting firms. They perform a large range of responsibilities such as doing taxes‚ numerous accounting and auditing‚ consulting activities for their clients‚
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External Auditor in Corporate Governance The external auditor has long played an important role in the corporate governance function. However‚ before we begin our analysis on how the external auditor plays this role and its importance‚ we must first examine the responsibilities and duties of such an auditor. Similarly‚ we need to clearly define what corporate governance is before we discuss in detail the role that auditors play in it. 1. Introduction 1.1 The External Auditor External auditors are
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Department of Accounting‚ Goodwin‚ J. (2004)‚ "A comparison of internal audit in the private and public sectors"‚ Managerial Auditing Journal‚ Vol. 19 No.5‚ pp.640-50. IIA (1999a)‚ The Institute of Internal Auditors‚ www.theiia.org/index.cfm?doc_id=1617 IIA (1999b)‚ (The) Institute of Internal Auditors‚ available at www.theiia.org/index.cfm?doc_id=123 Sawyer‚ L.B Soy‚ S.K. (1997)‚ "The case study as a research method"‚ unpublished paper‚ University of Texas at Austin Van Gansberghe‚ C.N. (2005)‚ "Internal
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played by professional auditors in Uganda Auditing is the independent examination of financial statements and the underlying books of account so as to form an opinion on whether they are prepared in all material aspects in accordance with the financial reporting framework. Such reporting framework includes International Accounting Standards (IAS)‚ the Companies Act Cap 110 (for Uganda) and any other relevant legislation. This is however carried out by a person termed as auditor. Internal Audit‚ Internal
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Auditing and Assurance – Assignment 1 Ashley Erasmus With reference to Caltex Australia 2012 Annual Report discuss the following: The role and responsibilities of Auditors and Company Board of Directors and the CEO and Senior Management with respect to the Accounting information reported on in the Annual report. The roles and responsibilities of a Board of Directors vary according to the nature of the company. They are usually responsible for determining the strategic direction of the business
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As the convergence of IFRS and GAAP continues to impose new personal and professional challenges on U.S. auditors‚ it also presents new career opportunities for those who embrace the continuous‚ accelerating change that characterizes globalization. U.S. auditors who recognize the opportunities and prepare to take advantage of them have little to fear from the convergence. In contrast‚ auditors who are in denial about the convergence’s inevitable effects face a very different future.
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What role did the accounting profession play in the recent subprime mortgage crisis? What could they have done differently? An independent auditor has a duty is to: identify‚ measure‚ and communicate financial information about an entity for decision making purposes. They are also responsible for generating the financial statements/reports for an organization. (Marshall‚ McManus‚ Viele‚ 2008) The subprime mortgage crisis is the result of contract laws allowing lenders the securitization of subprime
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duping the auditors. As for analytical procedures performed‚ this can be a problem at times because sometimes there is a lack of comparability among companies and there can also be an inability to obtain current industry data. Question 3: In testimony before Congress‚ George Greenspan reported that one means he used to audit the insurance restoration contracts was to verify that his client actually received payment on those jobs. How can such apparently reliable evidence lead an auditor to an improper
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Communications Between Predecessor and Successor Auditors 155 AU Section 315 Communications Between Predecessor and Successor Auditors (Supersedes SAS No. 7.) Source: SAS No. 84; SAS No. 93. Effective with respect to acceptance of an engagement after March 31‚ 1998‚ unless otherwise indicated. Introduction .01 This section provides guidance on communications between predecessor and successor auditors when a change of auditors is in process or has taken place. It also provides communications
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examine the benefits of using auditors for gathering project requirements. My opinion is that they can be invaluable in this process‚ because: they can leverage prior audit documentation to quickly get up to speed on new or proposed projects; they can use established relationships with stakeholders; and‚ they are already accustomed to the interviewing process. The manner in which this topic will be tackled is by examining the similarities of tasks performed by auditors and project managers. Guidelines
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