CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION – INTEGRITY OF FINANCIAL REPORTING |LEARNING CHECK | 1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS‚ (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE‚ (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS‚ (D) DEGREE OF CORRESPONDENCE‚ (E) ESTABLISHED CRITERIA‚ (F) COMMUNICATING THE RESULTS‚ AND (G) INTERESTED USERS. 2. A financial statement audit involves obtaining
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qualified opinion. If the scope limitation if pervasive‚ meaning the amounts of this prohibition are very large‚ the auditor should issue disclaimer of opinion. When the amounts involved are immaterial‚ the auditor can issue unqualified report. b. In this case‚ the entity failed to record the revenue‚ thus it is considered departure from GAAP. If this departure is material and pervasive to financial statements‚ the auditor should issue adverse opinion. If this failure to record the revenue is material but
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engagement files. In some cases‚ the auditor notes that the item is no longer required and the reason‚ in other cases the item is removed along with any references to it. 5. For multi-location engagements‚ determine that all documents requested from other audit teams have been obtained and reviewed. 6. Remove all documents from the working papers that do not provide audit evidence supporting the auditor’s conclusions. 7. Consider the amount used for materiality. In some cases‚ revise the amount
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Auditing Issues - TR Week 10 Most people have the same feeling when they hear the word audit. It usually implements fear in a person‚ even though that person may have done nothing wrong. Fear is common when the auditors are being brought in because most people don ’t know what to expect. This is also true when audits are being done for businesses. I know from personal experience that the auditors are not always greeter with kindness. I currently working in an accounting firm and have had
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1. Research online news services to identify recent developments impacting the accounting and auditing profession in Japan. Briefly summarize these developments in a bullet format. The 5-S auditing. Managerial Auditing Journal It has been recognized that Japanese firms are clean and orderly. The same is true for high quality western firms. Over the last two decades‚ the Japanese have formalized the technique and named it 5-S practice. As the name is new to most western societies‚ the objective
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Ford Motor Company Case Submitted to: Perry Davidson Submitted by: Claudio Parra Submitted on: November‚ 17th‚ 2014 Class: SCM-Module 1 – Monday nights @ Seneca Ford Motor Company Case Table of Contents Executive Summary…………………………………………………………………………………..3 Introduction………………………………………………………………………………………………4 Issue Identifiers………………………………………………………………………………………….5 Environmental Root Cause……………………………………………………………………….6-9 Alternatives……………………………………………………………………………………………10-11
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Generally Accepted Auditing Standards Heather Sheetz Accounting 491 Julie Oldham March 28‚ 2008 Generally Accepted Auditing Standards Generally Accepted Auditing Standards or GAAS is “a set of systematic guidelines used by auditors when conducting audits on companies’ finances‚ ensuring the accuracy‚ consistency and verifiability of auditors’ actions and reports” (Lexico Publishing Group‚ 2008). The following paper will explain the elements of GAAS and how GAAS is applied to audits. GAAS
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Generally Accepted Auditing Standards Maxx Mayeux ACC/490 February 22nd‚ 2012 Linda Carr Generally Accepted Auditing Standard • Describe how these standards apply to financial‚ operational‚ and compliance audits. • Explain the effect that the Sarbanes-Oxley Act of 2002‚ and the Public Company Accounting Oversight Board (PCAOB)‚ will have on audits of publicly traded companies. • Discuss the additional requirements that are placed on auditors from this act and the actions
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ACG 4632 Introduction to Financial Statement Auditing Spring 2015 Section 422 Instructor: Devin Williams‚ CPA 1-1 Chapter 1 An Introduction to Assurance and Financial Statement Auditing Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. LO# 1 The Study of Auditing The study of auditing is different from other accounting courses that you have taken in college because … OTHER COURSES Rules
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MIT765801 AUDITING Individual Assignment HIH Insurance Report Student Name: Jinyun Wang Student ID: MIT122634 Lecturer Name: Susan Currie Tutor Name: Susan Currie Due Date: 29 / 1 / 2014 Submitted date: 7/ 2/ 2014 by email Executive Summary The auditing profession plays a significant role in industrialized economies for many years. In the insurance industry‚ the manner of auditing profession is regulated. The collapse of Health International Holdings (HIH) was recorded
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