Iraq [Abstract] The study aimed at identifying the importance of the internal control and its adaptation with the development of the use of information technology and its effect on the reliability of financial statements of commercial banks. The population of the study consisted of all commercial banks. Questionnaires were distributed among them; the researcher designed the questionnaire to target financial managers‚ internal auditors‚ and computer section employees who worked at these banks;
Premium Internal control Internal audit Auditing
this report. The statutory auditors become elected when the board of directors vote them‚ those auditor before being elected to this job must have some top position in the hierarchy level of that government organization Internal Audit- Internal audit is
Premium Auditing Audit Internal control
The maintenance of internal control by management ensures that material information is not being provided for reports. This is essential when being assessed by our side auditors in compliance with Section 404 of Sox. It requires top management or audit committee and outside auditors to review on internal controls and whether or not they are adequate enough. This can be costly for entities to implement because samples of documentation‚ testing of internal controls‚ review of manual‚ and automated
Premium Corporate governance Sarbanes–Oxley Act Enron
what deficiencies can you identify in terms of the procedures followed in the Satyam engagement? • • • • 3. Ramalinga Raju was the Chairman of the Board His brother‚ Rama Raju‚ was the Managing Director and CEO They both had direct operational control over all aspects of the company’s operations. The “tone-at-the-top” during the fraud period was fairly unethical‚ however‚ the whole company was not completely unethical. The leaders of the specific business units may have had a higher ethical standpoint
Premium Auditing Audit Internal control
Internal Control Objectives Internal control is a process that designed to help the organization to accomplish specific objectives or targets by ensuring the reliability of the financial reporting and operated effectively and efficiently. As an internal auditor of Goodner Brothers Inc‚ I strongly believe that an entity should have enough personnel to maintain a proper segregation of duties to prevent misstatement and fraud. In this entity‚ the sales representatives are allowed to access‚ review
Premium Internal control Auditing Financial audit
audit? According to the PCAOB Standards‚ section AU 110.03 clearly states that management shall bear responsibility for all issued financial statements‚ the adoption of sound accounting policies‚ and for establishing and maintaining a system of internal controls that will record‚ track and process transactions‚ events and conditions. Management shall also maintain an understanding of all transactions made within the entity being audited. Due to this fact‚ management is also responsible for the fair presentation
Premium Auditing Internal control Risk
solitary help we have been successful to complete the assignment on the study of “Auditing” that you have asked us to prepare. We have tried our best to make this term paper comprehensive and reliable within the given time period. We also tried to discuss the topics elaborately and easily. Though our intentions were strong to make this term paper best‚ unfortunately there may be some mistakes with mercifully. Yours faithfully‚ Mohammed Kamrul Hasan ID- 0808030‚ 3rd Batch‚ Dept. of Management Studies‚
Premium Auditing Financial audit Audit
1. The internal control concepts that the Levis ignored were a. Segregation of duties - No one person should be responsible for all transactions from the beginning to the end. Betty had too many responsibilities that were interwoven and should have been performed by more than one person. She handled the cash that came in‚ maintained the cash receipts and the sales records. Another concept that this relates to is that no one individual should perform more than one of the following; recording transactions
Premium Internal control Control system Control theory
production and the inevitable product of the new technological revolution. Accounting Computerization to the present‚ is not simply a simple combination of accounting and computer‚ and has developed into more than one kind of complex subjects. In this paper‚ in computerized accounting industry in the implementation of the traditional accounting functions of the impact were analyzed. First‚ computerized accounting information processing in the industry‚ the basic characteristics of Computerized Accounting
Premium Internal control Accounting software Audit
AUDITING CHAPTER-HEADS Chapter 1 : INTRODUCTION Chapter 2 : TYPES OF AUDIT Chapter 3 : INTERNAL CONTROL AND INTERNAL CHECK Chapter 4 : VOUCHING AND VERIFICATION Chapter 5 : AUDIT PLANNING AND DOCUMENTATION Chapter 6 : COMPANY AUDITOR Chapter 7 : COMPANY AUDIT Chapter 8 : TYPES OF REPORT UNIT 1 INTRODUCTION Q1. Define an ‘Audit’ and state the various objects of an audit. Or ‘Two main objects
Premium Auditing Audit Internal control