Corporate reforms were demanded by the government‚ the investors and the American public to prevent similar future occurrences. Viewed to be largely a result of failed or poor governance‚ insufficient disclosure practices‚ and a lack of satisfactory internal controls‚ in 2002 George W. Bush signed into law the Sarbanes-Oxley Act that became effective on July 30‚ 2002. Congress was seeking to set standards and guarantee the accuracy of financial reports. Viewed as the most significant change to securities
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Chapter 10 Assessing Control Risk / Tests of Controls |Learning Check | 10-1. a. Assessing control risk is the process of evaluating the effectiveness of an entity’s internal controls in preventing or detecting material misstatements in the financial statements. b. Control risk should be assessed in terms of individual financial statement assertions. 10-2. In assessing control risk for an assertion‚ the auditor should perform the following five steps:
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Accounting Oversight Board‚ or PCAOB‚ charged with overseeing‚ regulating‚ inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence‚ corporate governance‚ internal control assessment‚ and
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Institute of Certified Public Accountants (AICPA). 2010. AT Section 801‚ Reporting on Controls at a Service Organization American Institute of Certified Public Accountants (AICPA). 2012. Users and User Entities. Bunge‚ J.‚ S. Patterson‚ and J. Steinberg. 2012. Peregrine CEO’s Dramatic Confession. Wall Street Journal (July 14): A1. PricewaterhouseCoopers (PwC). 2011. Getting the right fit on service organization/provider controls reporting Public Company Accounting Oversight Board (PCAOB). 2004. Audit Documentation
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INTERNAL CONTROTJS IN THE AREA OF FINANCE FOR L0CAL CHURCHES By Joseph W. Hudson A Thesis Submitted in Partial Fulfillment of the Requirements for the Degree of Master of Arts in Christian Education Liberty Baptist Seminary January 1984 LIBERTY BAPTIST SEMINARY THESIS APPROVAL SHEET Grade Thesis Mentor Reader TABLE OF CONTENTS Chapter I. INTRODUCTION Statement of the Problem . Importance of the Study Purpose of the Study . Preview of the Thesis II. INTRODUCTORY INFORMATION
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Statements 6 Qualities of an auditor: 7 Types of audit: 7 Statutory audits: 7 Private audits 7 Internal audits: 7 Required procedures: 8 Auditors report: 9 AUDITING OF EDUCATIONAL INSTITUTIONS 9 INTRODUCTION: 9 Background of auditing educational institutions: 9 Reasons and purposes of auditing school accounts: 10 Expectations of the schools’ accounts auditor: 12 Types of auditing 13 Internal auditing 14 External auditing: 15 Records and books of accounts for external auditing. 17 Audit
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system. Another type is Performance Auditing whereby one is looking at the systems of the agency to assess it has delivered on its institutional purpose and mandate by linking the budgets with results or results-based budgets. An internal audit‚ as the name suggests‚ an internal check on agency systems and processes. External Auditing involves an outside audit body being brought in to look at the agency. Pre-auditing refers to auditing by agencies before approval of transactions while post-auditing is
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collect sufficient evidence‚ check internal control and substantiate computer system. The audit premise----- understanding internal control system AUS 402.41 requires the auditor to obtain an understanding of internal control relevant to the audit. The effective internal control can provide “protection against human errors and reduce errors or irregularities’ (Leung et al‚ 2007)‚ as well as provide reasonable assurance to auditors for relying on internal control to audit under limit of economic
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Sarbanes-Oxley Act of 2002 Sabah Saiyed ACC/561 May 21‚ 2014 Susan Hurley Sarbanes-Oxley Act of 2002 “The paper describes the main aspects of the regulatory environment which will protect the public from fraud within corporations. It pays particular attention to SOX requirements and specifically evaluate whether SOX will be effective in avoiding future frauds” (University of Phoenix‚ 2014). Introduction “In the never ending battle against white collar crimes and corporate corruption‚ the
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financial statements and supplementary disclosures. | Question #2 (AICPA.921110AUD-AU) | | | As the acceptable level of detection risk increases‚ an auditor may change the | A. Assessed level of control risk from below the maximum to the maximum level. | | B. Assurance provided by tests of controls by using a larger sample size than planned. | | C. Timing of substantive tests from year end to an interim date. | | Performing substantive tests at an interim date increases the risk that
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