#03: Completing the Audit and Post-Audit Responsibilities Critique Paper #03: Completing the Audit and Post-Audit Responsibilities Summary The first article of Moez Bennouri‚ entitled “Does Auditors’ Reputation ‘Discourage’ Related Party Transactions? The French Case” studies the relationship between the frequency of RPTs and the external auditors’ reputation. Regulators‚ standard setters and market participants consider related party transactions a major problem in financial markets. The quality
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from a financial periodical called _____ regarding a company’s accounting firm being penalized for violating auditing rules of a company’s revenue recognition practices. I will be referencing and discussing the restatement of the company‚ the accounting principles involved‚ the effect of the errors and changes on financial statements‚ and the affect on the stockholders. The PCAOB (Public Company Accounting Oversight Board) has penalized Ernst & Young $2 million for violating audit firm PCAOB’s
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the Impact of Management Integrity on Audit Planning and Evidence Objective This research is done to assess the correlation between management integrity and RMM‚ audit planning and misstatement detection‚ which leads to analysis of the impact of management integrity information on audit conduct. Motivation Some cases of failures such as Enron and Sarbanes-Oxley have led public in general requiring auditors to be more careful in conducting their audit tasks‚ especially in terms of audited
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AUDIT PLANNING AND CONTROL 1.0 LEARNING OBJECTIVES After studying this chapter‚ readers should be able to understand: ! The general concept of audit strategy. ! The Importance of audit strategy as an effective plan for an audit. ! Internal control systems‚ evaluation and assessment. ! Audit documentation. ! Relationship with experts. ! Audit risks and its relative importance to audit. ! Components of audit risks. ! How to assess audit risks. 1.1 INTRODUCTION Auditing has developed over many years
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Sciences – Volume 21‚ Number 3 (2011) Dysfunctional Audit Behaviour: The Effect of Budget Emphasis Leadership Behaviour‚ and Effectiveness of Audit Review Halil Paino‚ Azlan Thani Universiti Teknologi MARA Pahang‚ Malaysia E-mail: halil@pahang.uitm.edu.my Tel: +60193992676 Fax: +6094602245 Syed Iskandar Zulkarnain Universiti Teknologi MARA Pahang‚ Malaysia Abstract Dysfunctional audit behaviour is an accepted problem‚ associated with decreased audit quality. This study develops and tests a theoretical
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Audit Program Design Part II Kendrick Cross‚ Teresita Gunn‚ Geri Franco‚ Heather Swayze ACC/546 July 08‚ 2013 Joseph Oloyede Sales and Collection Cycle When engaged in auditing a public firm‚ such as Apollo Shoe Inc.‚ an auditor must determine when to trust in the company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather
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granting the loan‚ the bank requires Opal to provide them with the audited financial statement. 2. Neon Pty Ltd (Neon) is in business for the last 15 years. It manufactures and distributes papers all over Australia. During the last five years Neon opened four new factories in three different locations using bank loan. Due to growth in the company‚ the financial director John Brown is keen to set up an internal audit division. At the moment the project appears to have stalled‚ as some of the
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CORPORATION Company Address Report on the Financial Statements We have audited the accompanying financial statements of XYZ CORPORATION which comprise the statement of financial condition as at December 31‚ 2011 and the statement of operations‚ statement of changes in equity and cash flows for the year then ended‚ and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the
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THE NIGHT AUDIT Front office records must be periodically reviewed for accuracy and completeness. This need is met through the NIGHT AUDIT. With computerised accounting it can be carried out at any time during the day. These properties choose to call the audit the Front office audit or System up date. Even though computerised properties can perform these functions at any time‚ they almost invariably follow the night time tradition since the no. of transactions are less during the late night or
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Oceanview Marine Company as of December 31‚ 2007‚ and the related statements of income‚ retained earnings‚ and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We did not audit the financial statement as of and for the year ended Dec 31‚ 2006 of Oceanview Marine Company. Those statements were audited by other auditors whose reports have been
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