Auditor Independence: An Impossible Dream In recent months there has been much discussion about the independence of CPA auditors; the leadership of the AICPA‚ the Auditing Standards Board‚ the Public Oversight Board‚ the Independence Standards Board‚ and most recently the proposed independence rules promulgated by the SEC have all attempted to clarify and strengthen auditor independence. Several newspaper and magazine articles have also addressed the issue. In my opinion‚ all the efforts to
Premium Financial audit Auditing Audit
Auditing and Assurance Services‚ 14e (Arens) Chapter 1 The Demand for Audit and Other Assurance Services Learning Objective 1-1 1) The Sarbanes-Oxley Act applies to which of the following companies? A) All companies. B) Privately held companies. C) Public companies. D) All public companies and privately held companies with assets greater than $500 million. Answer: C Terms: Sarbanes-Oxley Act Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills Topic: SOX 2) Which
Premium Auditing Financial audit Audit
of a Human Services Client Working in the field of human services is a unique‚ yet rewarding career. Human services workers engage with diverse populations and carry different titles to include counselors‚ case managers‚ milieu therapists‚ social workers‚ etc. Regardless of what title a human service worker may hold‚ communication between a client and professional is vital. The purpose of this paper is to introduce a client from a particular background and address his presenting issues. It will review
Premium Communication Psychotherapy Attention-deficit hyperactivity disorder
The American Accounting Association Defined auditing as; “A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events ‚ to ascertain the degree of correspondence between those assertions and established criteria ‚ and communicating the results to interested users”. An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an
Free Auditor's report Auditing Audit
1Chapter 26 Internal and Governmental Financial Auditing and Operational Auditing Review Questions 26-1 Internal auditors who perform financial auditing are responsible for evaluating whether their company’s internal controls are designed and operating effectively and whether the financial statements are fairly presented. This responsibility is essentially the same as the responsibility of external auditors who perform financial audits. The two types of auditors are also similar in that
Premium Auditing Internal audit Financial audit
Assurance Services The broad range of information enhancement services that are provided by CPAs There are two types: -Increase reliability of information -Putting information into a form or context that facilitates decision making Types of Services Assurance Services -Attestation Services Example: Audits of Financial Statements‚ Examinations of Internal Control -Other Assurance Services Example: CPA ElderCare Prime Plus Services Non Assurance Services -Tax Services -Management Consulting
Premium Auditing Audit Certified Public Accountant
thought of Waste Management as a crown jewel and would be lenient to keep from losing their account‚ working together since before 1971. Lot of former Andersen employees were working at Waste Management CFO and CAOs all former Anderson auditors Arthur Anderson hadn’t forced them to change yet Arthur Andersons action steps- working together to cover up past fraud with new fraud f. g. Top executives working together in the fraud Netting and geography. Attitudes: If their auditor was approving the
Premium Audit Big Four auditors Balance sheet
WHY IS AUDITOR INDEPENDENCE SO IMPORTANT? Auditing is the efficient critical examination done by one person or group of people’s independent from the system audited. To do an audit‚ confirmed information must be present and some standards by which the auditor can evaluate the information. Another is gathering and evaluating any information to determine whether the information being audited is identified in accordance with establish criteria to satisfy the purpose of the audit and also auditors must
Premium Audit Auditing Financial audit
External Auditing – Week 4 discussion What do following risk categories mean: planned detection risk‚ inherent risk‚ control risk‚ acceptable audit risk? Can you give some examples? How do we as auditors deal with them? DETECTION RISK Detection risk is the risk that auditor’s substantive procedures will not detect a misstatement that exist in an account balance or class of transactions that could be material‚ individually or when aggregated with misstatements in other balances or classes.
Premium Auditing Audit Internal control
*What are some of the different types of sampling methods that are available to the auditor?* How does the auditor decide which method to use? How will the different methods affect the audit? The types of auditing samples are broken down into two different categories: statistical and non-statistical sampling. The purpose of auditing samples are designed to give the auditor the results he or she seeks‚ without having to completely audit 100% of the items within the audit population. Here are some
Premium Sampling Sample Sample size