Do auditors need to have in-depth knowledge of information technology? Yes‚ auditors need to have in-depth knowledge of information technology. Networks and computers deliver the most information needed for auditing to work. For it to be effective‚ auditors have to use the computer as an auditing tool‚ audit automated systems and data‚ and understand the business purposes for the systems and the situation in which the systems operate. The other important uses for networks and computers by auditors
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Week Five Case Studies Team D ACC 492 January 15‚ 2007 CASE 8.1 FRED STERN & COMPANY‚ INC. 1. Observers of the accounting profession suggest that many courts attempt to ¡§socialize¡¨ investment losses by extending auditors¡¦ liability to third-party financial statement users. Discuss the benefits and costs of such a policy to public accounting firms‚ audit clients‚ and third-party financial statement users‚ such as investors and creditors. In your view‚ should the courts have the authority
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Happiness Express Inc. 1. a) The primary audit objectives of confirming a client’s year-end accounts receivable include occurrence and accuracy of realizable value. Auditors would like to make sure that the transaction generating the accounts receivable actually occurs‚ and that the receivables are recorded at accurate value for the current reporting period. Usually they will send accounts receivable confirmations to client’s customers directly. b) The primary audit objectives of performing
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Yatta: Do you feel that the intervention is responsible for the change in Lea’s behavior? K-Love: Yes. I have seen tremendous change in Lea’s behavior since I started the intervention. Yatta: I am pleased you feel that way. 3. Establish sources of external validity (findings have generality to other subjects‚ settings‚ and/or behaviors) bearing on the evaluation of plan effectiveness Yatta: As I have indicated‚ the basic plan that we used with Lea has been applied many times‚ in your opinion would
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Professional Level – Options Module Advanced Audit and Assurance (International) Tuesday 8 June 2010 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A – BOTH questions are compulsory and MUST be attempted Section B – TWO questions ONLY to be attempted Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet
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Accounting Oversight Board (PCAOB): provides independent oversight of public accounting firms providing audit services and creates a central oversight board tasked with registering auditors. II. Auditors Independence: establishes standards for external auditor independence to limit conflicts of interest and states new auditor approval requirements‚ audit partner rotation‚ and auditor
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weakness of Sherif’s study is that it may lack cross cultural validity as the research was carried out in an individualistic culture‚ the USA‚ meaning the findings of the study may not be generalisable to the wider population decreasing the studies external validity. A weakness of Asch’s study would be in population validity. The
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the auditor may look at the companies financial transactions‚ and the companies travel records to ensure billing has been done correctly and is accompanied by sufficient documentation (Bianca). Data quality audits Data quality audits consist of external auditors‚ such as those from donor organizations and regulatory agencies‚ conducting audits to determine the quality of a programs operations (Bianca). Purchasing system audits Purchasing system audits is used by large organizations‚ these are
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statement appropriately using relevant examples where possible. 12) Fraud has been a global problem for decades. Explain how the audit profession can eliminate the problem 13) We have so far learned types of audits. Two of these are internal and external audits. Explain the meaning and differences‚ if any‚ of these two types of audit. Are these types of audit related? 14) From the auditing definition we can deduce who is an auditor‚ what he/she does and what he gives out from his/her audit. Justify
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regulations exceeded the benefits‚ which is found prevalent with the addition of section 404 which required an auditor’s opinion on annual financial reports. In particular‚ the article is focused on the increased fees that are paid to a public companies external auditor as listed in the companies Schedule 14A filings with the Securities and Exchange Commission (SEC) and whether SOX has significantly increased public companies auditing expenses and the difference between these expenses from large and small
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