Comparing the current year’s financial statements with those of the prior year. D. Ensuring that a representation letter signed by management is in the file. 2. An auditor has identified the controller’s review of the bank reconciliation as a control to test. In connection with this test‚ the auditor interviews the controller to understand the specific data reviewed on the reconciliation. In addition‚ the auditor verifies that the bank reconciliation is properly prepared by the accountant and
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of the publisher. For permission to use material from this text or product‚ submit a request online at http://www.thomsonrights.com. Art Director: Linda Helcher Internal Designers: C Miller Design Cover Designer: Stratton Design Cover Image: Purestock Media Bakery Printer: Edwards Brothers Ann Arbor‚ MI Library of Congress Control Number: 2007923689 For more information about our products‚
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ACC 491 Week 1-5 Entire Course ALL Study Guides www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-491-week-1-5-all-individual-and-team-assignments-27/ Instantly Download! Get Better Grades in Less Time! 100% Satisfaction Guarantee DESCRIPTION FOR THIS STUDY GUIDE: WEEK 1: ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper TUTORIAL: This tutorial includes 779 words in correct APA format. A+++ WORK! Write a 700- to 1
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1. Distinguish between internal control in a CIS environment and in non-CIS environment. A CIS environment exists when a computer of any type or size is involved in the processing by the entity of financial information of significance to the audit; whether that computer is operated by the entity or by a third party. Many of the control procedures used in manual processing also apply in a CIS environment. Examples of such control procedures include authorization of transaction‚ proper segregation
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Question 1. Ethical Considerations (A) As an auditor when provide professional service and client have to follow the fundamental principle of the code of Ethics Integrity An auditor has to be fair and honest to the client. There is an obligation on the auditor to be straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with
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Board voted to approve Auditing Standard No. 5 (AS5)‚ titled “An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements.” The newly approved AS5‚ drafted in organization with the Securities and Exchange Commission‚ replaces the PCAOB’s previous internal control standard‚ Auditing Standard No. 2. The PCAOB has stated that AS5 has four main goals: (1) to focus the internal control audit on the most important matters; (2) to eliminate procedures that
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such positions as CEO and CFO can be motivated to commit financial statement fraud because of perceived personal or corporate pressures such as maintaining personal income or wealth that stems from living beyond their means‚ preserving status or control- whether it be the company or a department within the company‚ particularly if bad performance will lead to termination‚ or to conceal true business performance especially if the company isn’t performing well. Another pressure could be financial goals
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CHAPTER 7 CONTROL AND ACCOUNTING INFORMATION SYSTEMS SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 7.1 Answer the following questions about the audit of Springer’s Lumber & Supply a. What deficiencies existed in the internal environment at Springer’s? The "internal environment" refers to the tone or culture of a company and helps determine how risk consciousness employees are. It is the foundation for all other ERM components‚ providing discipline and structure. It is essentially the same
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agencies and other entities are called internal auditor IIA is the primary organization supporting internal auditors. The IIA has developed a set of standards to be followed by internal auditors and has established a certification program. IIA define internal auditing as an independent‚ objective assurance and consulting activity designed to add value and improve an organization’s operation. Internal auditors often conduct financial‚ internal control‚ compliance‚ operational‚ and forensic
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2003-2005 (Mergent‚2007) ‚ PWC discovered the fraud in 2006 audit after reviewing the internal auditor’s report‚ the report stated that the internal auditors found some errors in the company’s records. (Ricadela‚2007). So after applying the integrated audit by PWC‚ an unqualified opinion was given for the consolidated financial statements but on the other hand‚ a qualified opinion was given for internal control over financial records. PWC of course refused to be held countable for or responsible
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