Auditing is the term used to describe the process of obtaining objective evidence as to the reliability and integrity of financial information or statements. It includes procedures such as testing systems and gathering evidence. Inquiry is another important procedure in addition to analytical tests of records and systems. Attestation is the reporting of the results analyzed and confirmed in the auditing process. A CPA involved in an attest engagement will issue a written report and take responsibility
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the overall authority‚ scope and responsibilities of the audit function. Answer:_____D______________________ 2. Which of the following criteria for selecting the applications to be audited is LEAST likely to be used? A. Materiality of audit risk B. Sensitivity of transactions C. Technological complexity D. Regulatory agency involvement Answer: _________C__________________ 3. Which of the following is the MOST likely reason why e-mail systems have become a useful source of evidence
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Summary of Tan Sri Eric Eng Hock cases Tan Sri Eric Chia Eng Hock or commonly known as Eric Chia is a millionaire in Malaysia ad is a former chairmain of Perwaja Steel. In June 2007‚ Chia discharge committing criminal breach of trust 13 years ago when embezzling money from the company of Perwaja Rolling Mail and Development Sdn Bhd of RM $76.4 million at 19 February 1994 when was the Managing Director. In his cases‚ Perwaja Rolling Mill and Development Sdn Bhd in Kuala Lumpur instructed American
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In 1996‚ a city manager in California’s Contra Costa County became suspicious when a local disposal service company asked for help keeping itself afloat. Orinda-Moraga Disposal Services wanted to raise rates on its customers and needed the Contra Costa Sanitation District’s approval. However‚ the company had recently stated its desire to lower rates. The wary city manager hired forensic accountant Dan Ray to uncover the truth. After examining Orinda-Moraga’s records‚ Ray discovered that the company
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Khanani and Kalia was one of the largest currency exchange companies in the country‚ founded in 1983 by Hanif Kalia. Khanani and Kalia claims to be Pakistan’s first ISO 9001 and 27001 certified Exchange company. The directors of the company were accused of violating the Foreign Exchange Regulations Act‚ the Prevention of Electronic Crimes Ordinance and the Pakistan Penal Code by operating a money transfer system based on personal contacts‚ known as Hawala. Munaf Kalia and Javed Khanani‚ directors
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Example auditing case 1)” Based on the information given in this case and your knowledge of auditor’s reports‚ identify the deficiencies in the draft of the proposed report. Do not redraft the report‚ but provide justification or explanation for each of the deficiencies you identify” (Pany‚ Auditor’s Report‚ 2010). A. In the Introduction paragraph it states “As discussed in Note K to the financial statements‚ the Company has properly disclosed a subsequent event dated March 14‚ 20x9” (Pany‚ Auditor’s
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TO: ABC Mining Company FROM: T DATE: April 14‚ 2012 RE: Tax consequences and other risk factors associated with mining operations I. FACTS ABC Mining Company‚ Inc. is a publically traded‚ large domestic mining company with over 500 plants in the United States. ABC owns a tract of land in California upon which it has conducted a strip mining operation for coal. An unrelated party owns a tract of land adjacent to the tract of land in California‚ which is owned by ABC. This land is worth
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Auditing Case study Answers to case study: 1. What are the auditor ’s primary objectives when he or she observes the client ’s annual physical inventory? Ans. The Primary Objective of auditor is to make sure the inventory reflected on the balance sheet actually exists and that the balance sheet includes all inventory owned by the company .This includes all raw material‚supplies‚inventory in transit.The company may have on consignment with another business and inventory stored off the
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and will eventually be assumed; the prefix “computer-assisted” will be omitted. The purpose of this paper is to provide information about CAATs. This paper describes CAATs‚ compares CAATs to traditional audit procedures‚ and discusses the costs‚ risks‚ and benefits of using CAATs. The paper also discusses specific types of CAATs such as data analysis software‚ the test data technique‚ utility software and the audit-expert system. It also brings up issues that the auditor may encounter‚ suggests
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Bibliographic Reference Author: Osama Shaban‚ Accounting Department‚ AlZaytoonah University of Jordan Title: Auditing Human Resources as a Method to Evaluate the Efficiency of Human Resources Functions and to Control Quality Check on Human Resource Activities International Business Research Journal‚ Vol. 5‚ No. 3 PP.122-129 © Canadian Center of Science and Education Introduction Objectives of the article include: • To evaluate the efficiency of human resources at all
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