Obtaining an understanding of internal control allows auditor’s to identify the types of material misstatements that could occur in the financial statements‚ consider the factors that affect the risk of material misstatements‚ and design substantive tests. An auditor obtains the understanding from researching the clients business. An auditor will take inquires from management and personnel‚ observe client activities and operations‚ walk-through the business‚ and inspect client documents and records
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Substantive Procedures - Asset Irregularities ACC/556 November 24‚ 2014 Introduction This next phase of the auditing process for Apollo Shoes Inc. (Apollo) is the designing of an audit program‚ which will detail substantive procedures for detecting irregularities in the accounts receivable‚ inventory‚ and fixed assets audit cycles. Fixed Assets Apollo’s irregularities in fixed assets‚ has caused concern for substantive procedures to be designed to audit this cycle. The most common schemes where
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Evaluate the scenarios internal controls and reveal their weaknesses Dora I. Gonzalez Devry University Abstract Why Internal Controls? An efficient internal control system aids the company to achieve its mission and accomplish set objectives and goals. An effective internal control systems helps promote orderly‚ economical and efficient operations‚ along with producing quality products and services consistent with the company?s mission. Safeguard resources against loss due to waste
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There are many preventative measures the counselor could have and should have implemented in Case #8. The information provided clearly demonstrates that the counselor and the counseling center repeatedly failed to take preventive measures i.e. handling of computer files‚ pass codes‚ mail‚ billing invoices and other confidential information. The facts that the director’s last name was used as a passcode‚ the invoice was on a secretary’s desk and the code was taped under a mouse pad‚ clearly demonstrates
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Published Article-Sox Institute 12/2008 The Essence of Internal Control A statement on policy and procedures issues as they relate to managements views and /or findings with regard to OMB A-123 audits. Writing position papers on justification of actions taken has raised some questions about control. There seems to be a shift in the mind set of managers now that Section 404 of Sox’s (documentation) has really kicked in with compliance performance of the financial managers responsibility
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Elements of a Crime and how the elements of a crime apply to the overall criminal procedure process? The three elements of crime are actus reus‚ mens rea‚ and the relationship between the two. Actus reus is commission or omission that is illegal. The act must be voluntary and must break a criminal statue. Mens rea is the guilty state of mind. Accidently switching briefcases with someone at an airport does not possess mens rea. (Jon’a F. Meyer‚ Diana R. Grant‚ 2003) The relationship of the two must
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Spaying Procedure Martha Ureña Montoya English 101 Mr. Carver February 18‚ 2013 Spaying Procedure In a veterinary surgical room most spaying procedures take around five to 15 minutes to complete‚ it consists of different steps which are needed in order to complete the procedure correctly. The spaying procedure is what veterinaries do to prevent unwanted female animals‚ every year millions of cats and dogs‚ no matter age or breed are put down using euthanasia or left as strays. Stray animals
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Practice Including Standardized Procedures (2011)‚ if the licensed health facility‚ BRN and the Medical Board of California considers intubation a “Standardized Procedure” then the RN may be capable of performing the procedure (Example intubation) after all guidelines were completed. The RN must follow these guidelines in accordance to the CA BRN; Specify standard procedure‚ special requirements‚ specific training or education specify initiation and evaluation‚ provide scope of supervision‚ set forth
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"Policies and Procedures" is adequate to summarize all of the above. Success at work does not come out of spontaneous actions; it is the outcome of organized and well-planned practices. In business‚ we do not act as if we are cooking at home‚ where the recipe could be changed a little bit according to our discretion. Indeed‚ we run business under a strict control of policies and procedures. That way‚ our works are systemized and organized. As a result‚ we are able to manage‚ control‚ and measure
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Internal Control Issues 1.List what you believe should have been the three to five key internal control objectives for Goodner’s Huntington sales office. * Assets Safeguard The padlock and other some security are used as a physical protection of Goodner’s inventory from stolen by unauthorized person. * Authorization of Transaction Goodner’s policy said that the new customer required an approval of the sale manager for the credit sale. The objective of this policy is to control
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