DEFINITION OF AUDITING Auditing is described as the independent examination of and expression of an opinion on the financial statements of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with any relevant statutory obligation. Thus auditing of information systems can be defined as independent examination of and expression of an opinion on the development‚ documentation and controls of information systems of an enterprise by an appointed auditor in pursuance
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Definitions (2) 1. An examination and verification of a company’s financial and accounting records and supporting documents by a professional‚ such as a Certified Public Accountant. 2. An audit is an IRS examination of an individual or corporation’s tax return‚ to verify its accuracy. There are three types of audits: correspondence audits (the IRS mails a request for additional information)‚ office audits (an interview is conducted at a local IRS office)‚ and field audits (an interview is conducted
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201037076 Puriza U. Topic: Using technology to improve internal audit communications in the Banking Sector Background Internal auditing has come a long way over the last two or three decades. In the past‚ internal auditing was seen as a mechanism to double-check the thousands of financial transactions that were posted to the accounts each week. Today an internal auditor facilitates the development of suitable controls as part of a wider risk strategy‚ and provides assurances on the reliability
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the premium sector was experiencing growth around 20% per year‚ leading traditional companies into the booming premium chocolate market through M&As and launching higher-quality product lines. The chocolate industry is pretty fragmented. A small number of large players such as Godiva and Lindt are dominating the market shares with larger distribution channels than the smaller‚ strong regional brands such as Rogers’‚ Callebaut’s and Purdy’s. Attractiveness of Premium Chocolate Industry through
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AUDIT EVIDENCE Audit Evidence Definition : All the information used by the auditor in arriving at the conclusions on which the audit opinion is based. This includes the information contained in the account records underlying the financial statements and other information. Additionally‚ audit evidence should be persuasive‚ rather than convincing. There are different levels of reliability of audit evidence‚ some providing more evidence than others. There are nine types of audit evidence
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Satyam and Madoff are just a few names that come to my mind when I think of fraudulent accounting. Disguised loans‚ inflated income‚ improper accounting and misstated earnings‚ different words all describing the same thing‚ FRAUD. Fraud affects the company‚ the consumers and it puts the entire economy at risk. According to the Huffington Post the top scandals of all time produced losses due to fraud totaling over one hundred and sixty nine BILLION dollars. ("The biggest accounting‚" 2010) Upon first
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Campbell Soup Company 1. Identify legitimate business practices that corporate executives can use for the primary purpose of manipulating or “managing” their company’s reported operating results. Are such practices ethical? Defend your answer. Some examples of legitimate business practices that executives can use to manage their company’s reported operating results include: offering customers extended payment terms at the end of the a period to accelerate sales‚ recording generous reserves
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STATE AUDITING IN THE PHILIPPINES Reported by: MYRLA P. SEDENIO RUTH C. TACUJAN A. OBJECTIVES I. To Discuss the State Audit System 2. To Identify Issues and Limitations of Government Auditing 3. To Discuss the Measurement of Government Performance B. INTRODUCTION The Philippine Constitution emphasizes the importance of accountability in the government. Article XI simply and bluntly begins: “Public office is a public trust‚” before it adds that officials and employees
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Page 1 of 7 CPA REVIEW SCHOOL OF THE PHILIPPINES Manila AUDITING THEORY Professional Accounting Practice Related PSA : Preface to PSA and Related Services 1. The following statements relate to the accounting profession: I. To merit public trust and confidence‚ the professional person must convince the public that he will place public service ahead of personal reward. II. A CPA certificate is evidence of basic competence in the discipline of accounting at the time the certificate
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3/22/13 Carl Rogers Carl Rogers Carl Ransom Rogers (January 8‚ 1902 – February 4‚ 1987) was an influential American psychologist and among the founders of the humanistic approach to psychology. Rogers is widely considered to be one of the founding fathers of psychotherapy research and was honored for his pioneering research with the Award for Distinguished Scientific Contributions by the American Psychological Association in 1956. The person-centered approach‚ his own unique approach to understanding
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