the audit of Koger Properties‚ Inc. Under the Generally Accepted Auditing Standards (GAAS) there are three sections‚ General Standards‚ Standards of Fieldwork‚ and Standards of Reporting. Under the General Standards section of GAAS there is a specific standard for independence and it reads‚ “The auditor must maintain independence in mental attitude in all matters relating to the audit.” (Messier‚ 42) Often times a distinction will be made between independence in fact and independence in appearance
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Chapter 1 - Multiple Choice Questions 1. Why do auditors generally use a sampling approach to evidence gathering? A. Auditors are experts and do not need to look at much to know whether the financial statements are correct or not. B. Auditors must balance the cost of the audit with the need for precision. C. Auditors must limit their exposure to their client to maintain independence. D. The auditor’s relationship with the client is generally adversarial‚ so the auditor will not have access to all
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Unit 11639 Assessment Apply Consumer legislation to a given fact situation Navi Student ID: Due Date: 5th Aug 2013 Assessment Part 1: Apply selected provisions of the Fair Trading Act 1986 to a given fact situation. 1a) The fair trading act in 1986 defend consumers by prohibiting dishonest or deceptive conduct in trade. It requires that all trading activities are based on right and true information. In this case‚ under the defences available in the act‚ he was not
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ACC 3401 Audit and Professional Ethics │LECTURE 1│ Concepts of Auditing Learning Objectives After the lecture‚ students should be able to: describe the nature‚ purpose and scope of an audit; describe various basic principles and concepts of auditing and explain their importance in the actual audit procedures; and describe the professional framework within which auditors must operate. 1. Accounting vs. Auditing Accounting - the process of recording‚ classifying‚ summarizing and
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TOPIC 2 - DISTINCTION BETWEEN ACCOUNTING AND AUDITING 7 ANSWER: TOPIC 3 - TYPES OF AUDITS AND AUDITORS 8 ANSWER: TOPIC 4 - MEANING OF TRUE AND FAIR VIEW 9 ANSWER: TOPIC 5 - DESCRIBE THE PROFESSIONAL ETHICS THAT ARE RELEVANT TO AUDITORS 10 CONCLUSION 11 APPENDIX 12 REFERENCES INTRODUCTION After done this assignment‚ we can understand deeper on the job of auditing. First of all‚ the knowledge that we receive in the first topic is we can generally know that audit will
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governmental auditing requirements (required under the FERC Order 693)‚ tools for project management‚ team and auditee management‚ workpaper documentation‚ interview techniques and other tools needed to conduct an effective and efficient audit and one that will stand up to the rigor of potential regulatory requirements and challenges. Regional Entity Management Group 2 Please Remember… • This is not technical training. There are “hard” and “soft” skills to auditing • This course
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Fundamentals of Internal Auditing September 5-7‚ 2007 A Three-Day Tutorial Philadelphia‚ PA on Internal Auditing September 19-21‚ 2007 Las Vegas‚ NV Basics October 15-17‚ 2007 Houston‚ TX • Get a well-grounded foundation in the concepts of traditional and operational auditing November 5-7‚ 2007 San Francisco‚ CA November 12-14‚ 2007 • Gain proven tools and techniques for performing value-added audits in the era of Sarbanes-Oxley and PCAOB Boston‚ MA December
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allowance was recorded at year end – 50% of the account balance at year end (recall Health management and its booking of inventory $1.8M). No support docs nor payments for $11.3M‚ even 3 month after year end - $16M (out of $22M total confirms sent) Non standard confirmations: ambiguous language including “the company had earned‚ accrued‚
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explain how an auditor goes about the process of auditing financial statements and presents the five basic stages that the auditor performed during the financial statement audit at Maryward Primary School in Kwekwe for the year ending 31 December 2012. In order to be in a position to fulfil auditing responsibility to report on the client’s annual financial statements‚ the auditor followed a series of procedures and activities as required by the auditing profession. The auditor applied the following
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procedures report on subject matter or that is the responsibility of another party (e.g management) Attest Function-Diagram Suitable Criteria -standards established or developed by groups of experts -Example: Internal control audit- standards established by a committee of experts on internal control -Example: Financial statement audit- standards are GAAP. For a financial statement audit suitable criteria are referred to as the “applicable financial reporting framework” Forms of Attestation-Diagram
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