STATE AUDITING IN THE PHILIPPINES Reported by: MYRLA P. SEDENIO RUTH C. TACUJAN A. OBJECTIVES I. To Discuss the State Audit System 2. To Identify Issues and Limitations of Government Auditing 3. To Discuss the Measurement of Government Performance B. INTRODUCTION The Philippine Constitution emphasizes the importance of accountability in the government. Article XI simply and bluntly begins: “Public office is a public trust‚” before it adds that officials and employees
Free Auditor's report Audit Internal control
first‚ followed by the completed working papers as solutions to those parts requiring audit working paper completion. The completed working papers are also included in the accompanying instructor’s resource CD (IRCD) for those preferring to use the computer for viewing the completed audit working papers. The solutions on the IRCD may be activated as follows: a. Activate Excel or compatible spreadsheet program. b. Insert the IRCD containing the Biltrite Solutions in your CD drive. c. Retrieve
Premium Expense Balance sheet Asset
Additional Cases for the Course The case readings have been developed solely as a basis for class discussion. The case readings are not intended to serve as a source of primary data or as an illustration of effective or ineffective auditing. Reprinted by permission from Jay C. Thibodeau and Deborah Freier. Copyright © Jay C. Thibodeau and Deborah Freier; all rights reserved. 1••• ( Case 61 ® Enron Enrori’s First Few Years hi~ 1985 Enron had assets along the three major stages of the supply
Premium Enron Enron scandal
“Accounting did not cause the recent corporate scandals‚ unreliable financial statements were the results of management decisions‚ fraudulent or otherwise”. (Lin & Wu‚ 2006‚ para. 5) Waste Management‚ HealthSouth‚ Enron‚ Satyam and Madoff are just a few names that come to my mind when I think of fraudulent accounting. Disguised loans‚ inflated income‚ improper accounting and misstated earnings‚ different words all describing the same thing‚ FRAUD. Fraud affects the company‚ the consumers
Premium Internal control Sarbanes–Oxley Act Auditing
What are the advantages and disadvantages for individuals and society of the reliance on communicating via computers? (Discussion Essay) Introduction: In today’s world‚ communication is one of the key elements that people across the world can connect with one another. The rise of the use of computer has been due to technological advancements such as the creation of email and websites such as Facebook and Twitter. A touch of the mouse can instantly connect one person from one side of the world
Premium Computer Personal computer
92When audit risk is at an appropriately low level 83The possibility that the auditors may unknowingly fail to appropriately modify their opinion on financial statements that are materially misstated 49Investigate the identities and reputations of the client’s directors‚ officers‚ and major stockholders 51The reputation of management 81The company’s financial strength and credit rating. 85Make inquiries of the client’s banker‚ legal counsel‚ and predecessor auditor. 26Determine that independence
Premium Auditing Financial audit Audit
Reliance on Technology Incredibles In the incredibles a main villain‚ Syndrome‚ wants to be recognized as a better hero than Mr. Incredible. This is because at the beginning Mr. Incredible says he can’t help him and ignores him. He get’s mad and makes a super robot to kill Mr. Incredible. He also develops a remote to control the robot‚ so that when the robot destroys the city and he stops it he is recognized as a better hero when Mr. Incredible can’t stop it. The robot becomes sentient and destroys
Premium English-language films The Incredibles Human
101-1). In Goodbread’s case this refers to the fact that he had shares of stock (direct financial interest) in his possession when he was the audit engagement partner who oversaw 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
Premium Financial audit Auditing Internal control
201037076 Puriza U. Topic: Using technology to improve internal audit communications in the Banking Sector Background Internal auditing has come a long way over the last two or three decades. In the past‚ internal auditing was seen as a mechanism to double-check the thousands of financial transactions that were posted to the accounts each week. Today an internal auditor facilitates the development of suitable controls as part of a wider risk strategy‚ and provides assurances on the reliability
Premium Internal audit Auditing Internal control
over by lenders and remains listed on the Australian Stock Exchange (ASX) with a value of $37 million (Schwab 2011). This essay is going to explain the events leading to the collapse of Centro‚ analyse the role of the directors and the auditors in the collapse‚ and discuss the court case Stephen Cougle-who presided Centro’s audit in 2007. Events result in collapse of Centro The 2007 annual reports of Centro and Centro Retail Group (CER)-a subsidiary company of Centro failed to disclose significant
Premium