NALGA National Association of Local Government Auditors NALGA Peer Review Committee 1220 SW Fifth Ave.‚ Room 120 Portland‚ OR 97204 (503) 823-3542 October 27‚ 2000 Mr. Ronald A. Coen‚ Director Fairfax County Internal Audit Office Fairfax‚ Virginia 22035 Mr. Coen: We have completed an external quality control review of the Fairfax County Internal Audit Office for audits initiated during the period July 1‚ 1999 through June 30‚ 2000. In conducting our review‚ we followed the standards and
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Adeniji‚ A. (2004): Auditing and Investigation. Lagos‚ Value Analysis Publishers. Agbaje‚ F. (2007). Nigeria Auditors and the Distressed Finanancial Sector. The National Accountant‚ 6(4) 36-37. Buhari(2001).Internal auditor control system. Journal of auditor (2001) 42. 423-425. Dyck‚ A.‚ Morse‚ A. and Zingales‚ L. (2008). Who blows the whistle on the Corporate fraud? www.ssrn.com (Retrieved 8/03/2011) Gay‚ G.‚ Schelluch‚ P.& Reid‚ I. (2002): Users’ Perceptions of the Auditing Responsibilities for
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Viktoria Martirosyan Case 1.1 Qt.1 Several parties were responsible for Enron crisis‚ including independent auditor‚ key executive officers‚ internal auditors‚ SEC and FASB. The hypocrisy‚ dishonorable actions and unethical behavior of Kenney Lay‚ Jeffrey Skilling‚ Andrew Fastow led to bankruptcy. This and many other problems‚ such as loss in transactions involving the swaps stocks‚ SPE related issues and est.‚ finally contributed to crisis. As Enron executives‚ all of their concerns should
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WHY IS AUDITOR INDEPENDENCE SO IMPORTANT? Auditing is the efficient critical examination done by one person or group of people’s independent from the system audited. To do an audit‚ confirmed information must be present and some standards by which the auditor can evaluate the information. Another is gathering and evaluating any information to determine whether the information being audited is identified in accordance with establish criteria to satisfy the purpose of the audit and also auditors must
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material fraud and illegal client acts to the audit committee and the Board of Directors. If the financial statements are not restated‚ the auditor should issue a qualified‚ an adverse opinion or consider withdrawing from the engagement. The team auditing Enron should have followed the guidance when the management acted with scienter. As mentioned in the case‚ Arthur Andersen was being paid exorbitant amounts of money to audit Enron and attest to the validity of its financial statements. The firm
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Practice Exam – 10 Points ACC/490 Auditing Student Name: Multiple Choice – Highlight the best answer Point Value: .25 each 1. Which one of the following is among the three components of audit risk? a. incurrence risk b. occurrence risk c. rejection risk d. control risk 2. The Hochfelder Case is important because it limited auditor liability under: a. the 1933 Securities Act. b. the 1934 Securities Exchange Act. c. common law. d. RICO. 3. Which of the following
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Continuous monitoring and continuous auditing From idea to implementation Continuous Monitoring and Continuous Auditing: From Idea to Implementation Most financial and auditing executives are aware of continuous controls monitoring and continuous auditing and of the general benefits of such programs. Yet relatively few enterprises have realized their full potential‚ particularly at the enterprise-wide level. Deloitte sees the reason for this as twofold: first‚ executives have not seen
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9 Auditing Cash and Revenues C A S ES INC LU DE D IN T HIS SE CTION 9.1 Wally’s Billboard & Sign Supply . . . . . . . . . . . . . . . . 259 . . . . . . . . . . . . . . . . . . . . . . . . . . 279 The Audit of Cash 9.2 Henrico Retail‚ Inc. Understanding the IT Accounting System and Identifying Audit Evidence for Retail Sales 9.3 Longeta Corporation . . . . . . . . . . . . . . . . . . . . . . . . 285 Auditing Revenue Contracts 9.4 Bud ’s Big Blue Manufacturing
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to corporate fraud: a controversial issue‚ in Sherer‚ M 8. Accounting Standards Board. 1988. "The Auditor ’s Responsibility to Detect and Report Errors and Irregularities." 11. Knapp‚ Michael C. 1999. "Lincoln Savings and Loan Association." Contemporary Auditing: Issues and Cases 12. Federal Bureau of Investigation. 1984. Uniform Crime Reports. US overnment Printing Office. 13. Adeduro‚ A.A. (1998): “An investigation into frauds in banks”. An unpublished thesis of University of Lagos. 17. Boynton‚
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to fund a building in his name. Buntrock was not the only one involved in the fraud at Waste Management. Phillip B. Rooney‚ president and COO‚ James Koenig‚ CFO‚ and four other officers were named in the complaint by the SEC. In addition‚ the auditing firm Arthur Anderson was alleged to have been aiding Waste Management in their schemes. Every CFO and CAO in Waste Management’s history as a public company had previously worked as an auditor at Anderson. This interesting fact gives some insight
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