Abstract Corporate fraud has been a growing issue since Enron bankruptcy. The factors that contribute to the occurrence of corporate fraud are hard to control and methods used to prevent and detect fraud both by internal control and outside auditing have unavoidable weaknesses. Despite all the effort being made‚ it is highly unlikely that corporate fraud can be eliminated from the workplace. Introduction After Enron scandal got revealed in 2001‚ an increasing number of corporate frauds
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In this mini case Mike Stephan is dealing with a very difficult situation because he is new to the accounting firm and wants to impress the superior accountants on his engagement team. While auditing for EarthWear‚ he makes a little mistake by spending too many hours looking at the wrong bank statements when he is not supposed to go over a total of 6 hours. Pressured by the senior on the audit‚ he is caught between lying about his hours or telling the truth and going over budget on the audit‚ potentially
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Auditor’s responsibility is to express an opinion on the financial statements based on the audit‚ and the auditors are required to conduct their auditing process in accordance with auditing standards. During all auditing stages‚ it is important to pay extra attention to obtained information and evidence in relation to the disclosures and footnotes made in the notes to the financial statements. If there are any changes in the loan agreement‚ dividend policy‚ manufacturing plant building and a line
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outsourcing’‚2007 • B Elliot and J Elliot‚ 10th Edition‚ Financial Accounting and Reporting‚ 2006‚Prentice hall international page • B Marx‚ A V D watt Bourne and A Hamel‚ 2004‚Dynamic Auditing‚ 7th edition‚ Lexisnexis Butter worth • Companies Act Chapter 24:03(section153‚ subsection1 (a) and (b)) • Dunn‚ J.‚ 1996‚Auditing Theory and Practice‚ 2nd edition‚ Prentice hall • Government of Zimbabwe‚ 2000‚ Public accountants and Auditor’s Act‚ Ministry of legal‚ justice and Parliamentary affairs. • G Gerung
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References: 1. Alvin A. Arens‚ Randal J. Elder and Mark S. Beasley‚ Auditing and Assurance Services: An Integrated Approach‚ 15th Global Edition‚ Pearson‚ 2013. 2. Grant Gay and Roger Simnett: Auditing and Assurance Services in Australia‚ 5th Edition‚ McGraw Hill‚ 2012. 3. Aasmund Eilifsen‚ William F. Messier‚ Jr. Stevan M. Glover and Douglas F. Prawitt‚ Auditing and Assurance Services‚ 2nd International Edition‚ McGraw Hill‚ 2010. 4. Alvin A. Arens‚ Randal J. Elder
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Student 1 | Student 2 | Student 3 | Student 4 | Name Xuan Hoang TRAN | Name | Name | Name | ID 1138440 | ID | ID | ID | Participation % | Participation % | Participation % | Participation % | Competent | Competent | Competent | Competent | Not Yet Comp | Not Yet Comp | Not Yet Comp | Not Yet Comp | % | % | % | % | Comments
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University of San Jose-Recoletos AUDITING THEORY 1. Which of the following is not a basic element of an audit report? a. Title of the report. c. Client’s address. b. Introductory paragraph. d. Auditor’s address. 2. A measure of uniformity in the form and content of the auditor’s report is desirable because a. it helps the auditors avoid legal liability. b. it helps the readers understand the report. c. it helps the auditor identify the usual circumstances that are expected to
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Case Study Project What is the purpose of auditing? Describe the relationship between internal controls and the audit process. Answer The purpose of an audit is to provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly‚ in all material respects‚ in accordance with the applicable financial reporting framework. An audit also enhances the degree of confidence of intended users in the financial statements. Financial audits
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audit is not new in Hong Kong. It starts in multi-national oil and local power supply companies. Starting from 1996‚ safety audit has been employed in some selected Government construction projects; independent safety auditors are employed in the auditing exercises. The current number of qualified safety auditors in Hong Kong is very limited and they are mainly undertaking safety audits for construction contractors. The proposed Factories and Industrial Undertakings (Safety Management) Regulations
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Introduction to Auditing: “An Introduction to Assurance and Financial Statement Auditing” Assurance services: Independent professional services that improve the quality of information‚ or its context‚ for decision makers. Encompasses attest services and financial statement audits. Attest: A service when a practitioner is engaged to issue or does issue a report on subject matter‚ or an assertion about subject matter‚ that is the responsibility of another party. Encompasses financial statement
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