efficiency in producing fertilizer. b. In order to make the financial statements of Genex Inc. more appealing to investors and to inflate the management bonus‚ a manager has engaged in earnings manipulation. As you begin to prepare for the interim audit‚ you have been alerted to this activity. Which management actions will you look for as evidence that the investors’ interests are not being protected? 1. 2. 3. 4. c. Overstated revenues and assets Overstated expenses and liabilities Understated revenues
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QUESTION 1 (16 marks) Cash is the most vulnerable asset to audit. Answer the following questions; a) What are the three assertions an audit needs to establish? (6 marks) SOLUTION: Cash balances include cash on hand and at bank. Cash on hand includes undeposited receipts and petty cash. Cash at bank includes cash held in current and savings accounts which is available on demand. Unlike any other account balance‚ cash may be either an asset or a liability. The latter arises where the bank with
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INTERNSHIP REPORT ZARAI TARAQIATI BANK LIMITED Head Office Islamabad INTERNAL AUDIT DIVISION‚FINANCE & ACCOUNTS DIVISION INTERNSHIP PERIOD: SIX WEEKS SUBMITTED BY: UMAIR SHABBIR SUPERVISED BY: USMAN YOUSAF QASMS QUAID-I-AZAM UNIVERSITY ISLAMABAD ACKNOWLEDGEMENT All praises are for almighty Allah for guiding me in hardships and all respect for Holy Prophet (PBUH) for showing me the light of truth and honesty. I am thankful to Mr. Usman Yousaf‚under his guidelines I was able to complete
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WorldCom: internal audit lessons to be learnt On June 9 2003‚ the U.S. Bankruptcy Court of New York issued a report on the WorldCom accounting fraud that expands on the court’s earlier findings of mismanagement‚ lack of corporate governance‚ and concern regarding the integrity of the company’s accounting and financial reporting functions. Supervised by former U.S. Attorney General Richard Thornburgh‚ the study was commissioned by the court to investigate allegations including fraud‚ mismanagement
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GOOD GOVERNANCE IN PUBLIC INSTITUTIONS OF GHANA: THE ROLE OF THE INTERNAL AUDITOR 5/5/2009 SCHOOL OF BUSINESS‚ UNIVERSITY OF CAPE COAST‚ GHANA ISHMEAL OFORI AMPONSAH (STUDENT) Table of Contents Introduction 1 Background of the Study 1 Problem Statement 2 Management Question: 2 Research Questions: 2 Hypothesis: 2 Objectives 3 Significance of Study 3 Literature Review 4 Definition of Internal Audit 4 Role of the Internal Auditor in governance 5 Methodology 6 Research Design 6 Population
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A baseline definition of internal auditing provides a starting point for understanding the roles and responsibilities of internal audit function. The Institute of Internal Auditors ("IIA") offers the following description: "Internal auditing is an independent‚ objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic‚ disciplined approach to evaluate and improve the effectiveness
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MPhil Internal Auditing IOK 821 – Communication Management Student No:xxxxxx Individual Assignment: Increasing the relevance/value of the internal audit function . Table of Contents 1. Introduction In this assignment will focus on how to increase the relevance/ value of the internal audit function in an organisation through the various aspects of communication. Drent ( 2002)‚ states that on daily basis internal auditors are faced with challenage to state their case
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Dankwa Index Number:-PGDBA/PM/022/0912 EVALUATE THE STRATEGIC IMPLICATIONS OF THE SWOT ANALYSIS MODEL OF AN ORGANIZATION OF YOUR CHOICE. Introduction: Strength‚ Weaknesses‚ Opportunities and Threats (SWOT) Analysis is an important device for audit and analysis of the overall strategic position of an organisation and its environment. It aims to elicit tactics which will generate an organisation specific operational model that will best align an organization’s resources and capabilities to the
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Corporate Governance‚ Internal Control and the Role of Internal Auditors – A Survey of Chinese Managers Author details: Dr. Jane J. Zhang School of Accounting‚ Economics and Statistics Edinburgh Napier University Business School Craiglockhart Campus Edinburgh EH11 1DJ‚ UK Tel: 00-44-131-4554448 Fax: 00-44-131-4554460 Email: ja.zhang@napier.ac.uk -1- Corporate Governance‚ Internal Control and the Role of Internal Auditors – A Survey of Chinese Managers Abstract This study investigates
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Outsourcing Fiasco Introduction Mentara Bhd (previously known as Mentara Sdn Bhd)‚ which started as a family owned business‚ was incorporated in 1995. The company is involved in distributing a wide range of products including food and beverages‚ home appliances and garments. The founders of the business were Dato Ir Johan Arshad and his wife Datin Jamilah Karim. Dato Johan was an engineer for one of the largest oil companies in Malaysia before he decided to quit and start on his own. In 1995
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