TABLE OF CONTENTS 1.0 INTRODUCTION 2 2.0 Role of internal control 2 2.1 Management: 2 2.2 Board of Directors: 3 2.3 Auditors: 3 2.4 Staff and junior managers 4 3.0 NEW RULES OF INTERNAL CONTROL 4 4.0 THE GOOD AND THE BAD 10 5.0 RECOMMENDATIONS 12 6.0 REFERENCES 14 1.0 INTRODUCTION Internal control is defined as a process affected by an organization ’s structure‚ work and authority flows‚ people and management information systems‚ designed to help the organization
Premium Internal control Auditing Internal audit
The Institute of Chartered Accountants of Pakistan Auditing Intermediate Examination Autumn 2012 Module D Q.1 5 September 2012 100 marks - 3 hours Additional reading time – 15 minutes Shahrukh and Company‚ Chartered Accountants‚ have conducted the statutory audit of the financial statements of Karim Limited‚ a listed company‚ for the year ended 30 June 2012 under the Companies Ordinance‚ 1984. The job incharge has drafted the following audit report: Auditors’ Report to the Members We have
Premium Auditing Audit Financial audit
I. Background on SOX The Securities and Exchange Commission was created in 1934 to police the U.S. financial markets. The pioneers of the Securities Exchange Act of 1934 saw a close connection between protecting investors and maintaining a healthy economy. In the past years‚ the SEC did not provide the regulation and control that might have prevented the worst results of the first decade of the twenty-first century. Its failures were of two kinds. First‚ succumbing to the deregulatory environment
Premium Internal control Enron Auditing
negative $16.8 billion. Reviewing GM’s stock price‚ we can see that the stock price also decreased dramatically started in 2004 to 2008. In 2005‚ GM’s stock traded around $19 per share and reached the lowest of $1.45 per share on March 2009. Source: Auditing and Assurance Services Textbook page C11-C13. 2. In referencing professional standards‚ what factors auditors should consider in evaluating potential going-concern uncertainties? Auditors are required to consider evidence obtained and accumulated
Premium Stock market General Motors Subprime mortgage crisis
Foods‚ encouragement of ways to improve audit documentation and process‚ by using computer technology was addressed to Kudler’s management team. As a result‚ Kudler Fine Foods management team is considering incorporating proposed computer assisted auditing techniques (CAATs) within its systems. CAATs will increase efficiency levels of an auditor’s personal productivity during analysis and data extraction of the audit which is beneficial to the performance of Kudler. CAAT will also service as a validation
Premium Auditing Audit Computer program
Audit is a methodology for assessing the conformity of implementing the procedures and methodologies set forth in the department’s instructions‚ regulations or documents. Operational audit is performed by specialized auditors. Upon completion of the auditing process‚ a report of findings with recommendations is submitted. Operational audit contributes to improving implementation‚ complying with the government organizations’ procedures and providing the management with points of nonconformity so that
Premium Audit Auditing Internal control
objectives requires grouping similar types of input transactions (such as sales orders) together in batches and then controlling the batches throughout data processing. ANS: T 12. The "white box" tests of program controls are also known as auditing through the computer. ANS: T 13. The presence of a SPLMS effectively guarantees program integrity. ANS: F 14. When using the test data method‚ the presence of multiple error messages indicates a flaw in the preparation of test transactions
Premium Auditing Financial audit Internal control
References: 1. Arens‚ A.A. & Loebbecke‚ J.K. - Auditing: An Integrated Approach‚ Prentice-Hall International‚ Englewood Cliffs‚ 1991. 2. Berry‚ L. - Coordinating Total Audit Coverage: Trends and Practices‚ IIA Inc.‚ Altamonte Springs‚ Florida‚ 1984. 3. Colbert‚ J.L. - Risk: internal and external auditors
Premium Auditing Internal audit Audit
SUBJECT OUTLINE 22730 Auditing and Assurance Services Course area UTS: Business Delivery Autumn 2015; City Credit points 6cp Requisite(s) (22748 Financial Reporting and Analysis AND 22754 Corporate Accounting AND ( 22747 Accounting for Managerial Decisions OR 22784 Accounting: Concepts and Applications)) These requisites may not apply to students in certain courses. There are also course requisites for this subject. See access conditions. Result type Grade and marks Subject coordinator Subject
Premium Auditing Financial audit Audit
ASSIGNMENT: ABRIDGED PROPOSAL RESEARCH TOPIC: AUDITING ON THE PERFORMANCE OF FIRMS IN NIGERIA NAME: IJASANMI PHILIP TIMILEYIN COURSE TITLE: RESEARCH METHODOLOGY COURSE CODE: MBA 632 LECTURER: PROF. ADETAYO DEPARTMENT OF MANAGEMENT AND ACCOUNTING FACULTY OF ADMINISTRATION OBAFEMI AWOLOWO UNIVERSITY ILE IFE ‚ OSUN STATE. OCTOBER 2012 Proposal table of content 1.1 Background to the study 1.2 State of the problem 1.3 Research questions 1.4 Objective of the study 1.5 Hypothesis
Premium Auditing Financial audit Audit