Generally Accepted Auditing Standards Generally Accepted Auditing Standards Professions within a workplace are monitored and held to standards as dictated by the area of expertise that the employee is educated and trained in. A quality officer is accountable to ISO standards the company participates in‚ a research and development engineer maintains compliance within scope of the patent they may work on‚ and the accounting department is held to the standards set by the General Accepted Accounting
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Riddle‚ Internal Auditing: Assurance & Consulting Services‚ Second Edition‚ Institute of Internal Auditors‚ 2009. Course Catalog Description: The philosophy and practice of modern internal auditing techniques with the emphasis on providing managers with definitive information about situations which might interfere with the accomplishment of the organization’s goals and with feedback concerning extraordinary accomplishments. Course Objectives: To develop an understanding of auditing standards‚ techniques
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verification Non-assurance services (Related Services) – pertain to compilation of financial information ‚ agreed-upon-procedures and other related services which do not result in the expression of conclusion that provides a level of assurance. Auditing – is a systematic process of objectively obtaining and evaluating evidence regarding selected assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating
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assertions into specific audit objectives to guide the process of collecting evidence. Audit objectives are a fine-tuning of assertion and each audit objective requires unique evidence to maintain a conclusion about the audit objective. c. If you are auditing the existence and occurrence assertion‚ what specific audit objectives should be accomplished by developing an audit program? Explain the purpose of each audit objective. Following is a list of the specific audit objectives that are relevant to
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Auditing Theory and Practice Case 1 WorldCom: A Focus on Professional Responsibility Prepared by: EL Ahmadi Med Reda Worked With: Ibtihal Slassi Fall 2013 1- Auditor independence refers to the disinterest from the internal and external parties that could influence the professional judgment of an auditor. In other words‚ auditor independence is the lack of any interest that may create a threat or a risk of material bias regarding the reliability of the financial statement
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company is still a new player in industry‚ what it makes it vulnerable and weak. Because the company is new‚ it is risky not having any track record. b. Here is the list of auditing and accounting problems appearing to exist: 1. In Accounting there is one question/problem‚ it is the capitalizing of assets legitimate? 2. In Auditing: Is the audit firm registered with the PCAOB to audit public companies? establishing the existence of owners determining the existence of development assets avoiding
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SARBANES-OXLEY ACT ACC 403- AUDITING PROFESSOR August 19‚ 2012 The Sarbanes-Oxley Act was placed into effect July 2002; the act introduced major changes to the regulation of corporate governance and financial practice. The Sarbanes-Oxley Act was named after Senator Paul Sarbanes and Representative Michael Oxley‚ who were the main architects that set a number of non-negotiable deadlines for compliance. The organization for Economic Cooperation and Development was one of the first non- government
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47) 1) Inherent risk in this situation is not zero because he states that he has never seen an accounting adjustment recommended which could mean that there has been something that happened that was immaterial that it didn’t need to be adjusted. If the inherent risk was zero there wouldn’t been the chance that anything could go wrong and to give it a zero risk there is no point then to audit the firm. 2) In chapter three they mention that control risk should not be assessed so low that the audit
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because it relates to a false or misleading statement in documents filed with the A: SEC 7) Within generally accepted auditing standards‚ general standards relate primarily to a. the fairness of the financial statements b. qualifications of the auditor and the quality of the auditor’s work c. qualifications of the auditor d. the relationship between generally accepted auditing standards and accounting principles 7) Statements on
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reports have been furnished to us‚ and our opinion‚ insofar as it relates to data included for Oceanview Marine Company‚ Dec 2007‚ is based solely on the report of the other auditor-Talbert and Johnson‚ PC. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining
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