System Integrity and Validation ACC 542 November 11‚ 2013 Milan Havel Summary of Recommendations This company has established a new accounting information system to assist in all three stores. As part of this system‚ this firm recommends utilizing audit productivity software to enhance the system already recommended by this firm. Using audit productivity software will decrease the time necessary to audit the accounts as this will now be computerized. This will also increase profitability
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priority Schedule delays Source: Dean‚ 1968 5 Decision Structure for a Termination Decision‚ Figure 13-1 6 Four Varieties of Project Termination 1. “Termination by extinction” – Project is completed – Project has failed – Changes in external environment – Murder 7 Four Varieties of Termination (cont’d) 2. “Termination by addition” – The project becomes a part of the organization 3. “Termination by integration” – Project assets absorbed by the parent 8 Four Varieties
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What is Fraud? Fraud occurs when individuals purposely materially misstate facts with the intent of coercing someone to believe these misrepresentations. Upon believing the misrepresentation‚ individuals will act upon them and suffer a loss or damages. Fraud occurs in various forms: 1. Misappropriation of assets 2. Fraudulent financial reporting 3. Employee fraud 4. Management fraud The Fraud Triangle * Motive/Incentive: a reason to commit the fraud * Opportunity:
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one of the important aspects of auditing is the independence of the auditor from the company experiencing an audit. With regard to this required independence many states only allow CPAs to perform financial audits and most companies will rely on external auditors to ensure independence. Operational audits call for recommendations made by the auditor or auditors on the effectiveness of an operation within the company based on the objectives of the operation. In this role‚ the efficiency reports
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Project Paper on the Title “Auditors Professional Responsibilities and Legal Liability with Regard to Private Auditors in Ethiopia”: For the Fulfillment of M.Sc Program in Accounting and Finance Adviser: Johannes Kinfu (Prof) By: Muluneh Beyene Addis Ababa University School of Gradate Studies Department of Accounting and Finance July‚ 2007 Addis Ababa Statement of Certification This is to certify that Muluneh Beyene has carried out his research work on the topic entitled “The
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Discuss the role of Malaysian AOB (Audit Oversight Board) When was the AOB set up? The Audit Oversight Board ("AOB") is established under Part IIIA of the Securities Commission Act 1993 ("SCA") which came into force on 1 April 2010 to promote and develop an effective audit oversight framework and to promote confidence in the quality and reliability of audited financial statements in Malaysia. The chronology of events of establishing AOB in Malaysia is as follow: September to October
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Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3‚ No 5‚ 2012 www.iiste.org Challenges of Auditors and Audit Reporting in a Corrupt Environment Prince Kennedy Modugu* Nosa Ohonba and Professor Famous Izedonmi Department of Accounting‚ Faculty of Management Sciences‚ University of Benin‚ PMB 1154‚ Benin City‚ Nigeria * Email of corresponding author: princekenny2010@yahoo.com ABSTRACT The rising spate of corruption in both private and public
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~ Case 6 Phar-Mor‚ Inc.: Accounting Fraud‚ Litigation‚ and Auditor Liability Mark S. Beasley‚ Frank A. Buckless‚ Steven M. Glover‚ Douglas F. Prawitt LEARNING OBJECTIVES After completing and discussing this case‚ you should be able to . . Identify factors contributing to an environment conducive to accounting fraud . Understand what factors may inappropriately influence the client-auditor relationship and auditor independence Understand auditor legal liability issues related to suits brought
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Part I: Understanding Auditor Responsibilities Chapter 4 Professional Liability Learning Objectives: By studying this chapter‚ students should be able to: 1. Discuss the liability environment in which auditors operate‚ the factors that have led to litigation against auditors‚ increasingly including shareholder class actions‚ and the effects of lawsuits on audit firms. 2. Describe the causes of legal action against auditors and identify parties that may sue auditors. 3. Explain
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Question 1 Incentives: Financial pressures from changes in the market and industry intense competition (national‚ regional‚ local) under cut prices from municipalities that could offer lower prices by using tax revenue. Pressure to meet earnings expectations Stock ownership benefits Retirement benefits Performance based bonuses Maintain growing stock price Maintain industry leadership Maintain reputation Opportunities: Able to use a lot of estimates in depreciation of PPE (over 1/2 of assets)
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