...Dear Mr. Larry Lancaster, This letter provides an explanation on how I intend to carry out the audit process plan on Apollo Shoes Company internal audit services. The audit process will involve a series of steps. After receiving Apollo Shoes Company’s preliminary list such as the financial statement and organizational charts, I will plan the review while primarily conducting a risk workshop which will assist me in the process of identifying the key risks and raising awareness on the risks. Later I will draft the audit plan and schedule an open meeting with Apollo Inc. Company. In the open meeting, the senior management and the administrative staff who are to be involved in the process of Auditing must be present. During this meeting I will conduct a discussion on the audit scope where I will expect the available individuals to ask me any questions regarding the review areas they are concerned about. The audit timeframe will be determined and potential timing issues discussed such as deadlines that could impact the audit. After the open meeting, I will finalize the audit plan before beginning the field work. During fieldwork I will talk with the staff members, conduct a procedural manual review, and learn about the processes of the business, test for compliance with any applicable policies, procedures, laws and regulations and finally access how adequate the internal controls are. At this point I will make the staff know that I will schedule meetings with them during the process...
Words: 454 - Pages: 2
...client as long as its no more than “token” or the amount the firm gives you You can indirectly own stock in an auditing client if its immaterial to your net worth You cannot be paid in stock Because we don’t see the audit as one event, its not a series of events even though that looks like it. Because once you have the client you usually have it for a good amount of time. “The professional engagement period begins when the registered public accounting firm either signs an initial engagement letter (or other agreement to review or audit a client’s financial statements) or begins audit, review, or attest procedures whichever is earlier: and (B) the professional engagement period ends when the audit client or the registered public accounting firm notifies the commission that the client is no longer that firm’s audit client. You might be able to write a contract that can say the audit engagement is only a year and you might get away with it for a year so you can own stock but then PCAOB will eventually catch you and change the rule. Sarbanes Oxley Act and SEC Provisions Prohibited Services Bookkeeping and other accounting services Financial information systems design and implementation Appraisal or valuation services Actuarial Services Internal Audit Outsourcing Management of human resource functions...
Words: 1134 - Pages: 5
...Running Head: Intro to Audit Letter Larry Lancaster President, Chairman and CEO Apollo Shoes, Inc. 321 Shoe Place Blvd Shoetown, MAINE, 00001 Dear Mr. Lancaster, The purpose of this letter is to introduce you to the auditing services and other assurances we offer and explain you the benefits of each. We believe that conducting financial, compliance, and operational audits will be beneficial to your company. A financial statement audit of your company will assist us to obtain and evaluate evidence about your company’s financial position, results of its operations, and cash flows for the purpose of expressing our opinion on whether they are presented fairly in conformity with established criteria—usually generally accepted accounting principles (GAAP)(Arens, Elder & Beasley, 2006). A compliance audit will assist us to obtain and evaluate evidence to determine whether your company’s financial or operating activities conform to specified conditions, rules, or regulations. The established criteria in this type of audit may come from a variety of sources. The Sarbanes-Oxley Act of 2002 requires companies to have a dual-purpose audit that audits both the financial statements and management’s assertion as to whether it has complied with criteria regarding an adequate system of internal control over financial reporting (Arens, Elder & Beasley, 2006). An operational audit will help us to obtain and evaluate evidence about the efficiency...
Words: 1285 - Pages: 6
...the necessary measures to ensure that input data is correct, complete and secure (Rosenblatt & Shelly, 2012). Some examples of input controls are audit trails, encryption, password security, and data security, just to name a few. Input Controls To begin, audit trails record the source of data each data item, and when that data enters the system (Rosenblatt & Shelly, 2012). It is a series of records of computer events, about an operating system, an application, or user activities (Gopalakrishna, 2000). It is generated by an auditing system that monitors system activity (Gopalakrishna, 2000). Audit trails have many uses in the realm of computer security (Gopalakrishna, 2000). The uses include: 1. Individual Accountability: A users actions are monitored and tracked giving them accountability of their own actions. This deters users from evading security policies and even if they do evade them, they will definitely be held accountable (Gopalakrishna, 2000). 2. Reconstructing Events: Audit trails can also be used to reconstruct events after a problem has occurred. (Gopalakrishna, 2000). The amount of damage that occurred with an incident can be assessed by reviewing audit trails of system activity to pinpoint how, when, and why the incident occurred (Gopalakrishna, 2000). 3. Problem Monitoring: Audit trails may be used to track and monitor problems that can occur on-line. Such...
Words: 821 - Pages: 4
...and maintaining adequate internal control over financial reporting, Auditors are responsible for evaluating and finding any risk for the internal control effectiveness 5) Control risk is the probability that an entity’s controls will fail to prevent or detect material misstatement due to error or frauds. 6) To see if the client’s internal control is effective at controlling control risk. 7) Control risk adversely affects all 3 aspects 8) 5 components of management’s internal control (1) control environment, (2) Risk assessment, (3) control activities, (4) Monitoring and (5) information and communication 9) The control environment is the tone set for the organization as the foundation for all other components of internal control 10) Audit committee is a subcommittee of the BOD that is generally composed of 3-6 independt members in the entity’s day-to-day management of the organizations BOD. 11) Risk assessment for an entity is used to find the business risk that a firm faces and how to properly deal with these risks. 12) Control activities are specific actions a client’s management and employees take to help ensure that management’s directives are carried out 13) Preventive controls are procedures that prevent misstatements before they occur while directive controls detect misstatements AFTER...
Words: 717 - Pages: 3
...978-0-89413-643-6. Optional Materials: Gleim CIA Review Manual, 14th edition, Part I and Part II. The CIA materials are available in the third floor computing lab. Instructor: James Reinhard, MS, CPA, CIA, CISA Adjunct Faculty Office: BS4032R Voice: (317) 753-9663 E-mail: jareinha@iupui.edu Office Hours: 5-5:45 the day of class, and by appointment COURSE OUTCOMES Overall Learning Outcome The overall learning Outcome is to obtain a fundamental knowledge and a sense of skills related to internal auditing. Specific Learning Outcomes After completion of this course, the student should achieve the following outcomes: * Given a business process, students will be able to perform the 3 steps of an audit process (planning, fieldwork and reporting) by applying the International Professional Practice Framework (IPPF), the International Standards for the Professional Practice of Internal Auditing (Standards) and guidance to the practice of internal auditing, and COSO framework. (PUL 1, 2 ;PBL 1, 3; MSA Goal 3, 4) * Students will be able to create a risk assessment for a basic business process (i.e. accounts payable or simple cash process) by applying the concepts of risks and controls to analyze the business process. (PUL 2, 3; PBL 1; MSA Goal 1, 3) * Students will be able to articulate the different enterprise-wide governance principles, the relationship between governance and enterprise risk management and...
Words: 2805 - Pages: 12
...A PROJECT REPORT ON (TITLE PROJECT) FOR (COMPANY) BY: MIGUEL, MARIMAR P. CONDE, LINDSEY MARIAN HERNANDEZ, JOHN PAUL GODFREY NEILKIM BAYBAY, NYMRAD IN PARTIAL FULFILMENT OF UNDERGRADUATE PROGRAM IN INTRO TO CRUISELINE LPU-CAVITE 2013-2014 (TITLE OF PROJECT REPORT) FOR (COMPANY) IN PARTIAL FULFILLMENT OF UNDERGRADUATE PROGRAM IN INTRO TO CRUISELINE SUBMITTED BY: MIGUEL, MARIMAR P. CONDE, LINDSAY MARIAN GODFREY NEILKIM HERNANDEZ, JOHN PAUL BAYBAY, NYMRAD LPU- CAVITE 2013-2014 TABLE OF CONTENTS I. OBJECTIVE & SCOPE II. RESEARCH & METHODOLOGY III. ANALYSIS IV. CHART/ DIAGRAM/ FIGURES V. CONCLUSIONS VI. RECOMMENDATION VII. BIBLIOGRAPHY I. OBJECTIVE & SCOPE A cruise ship or cruise liner is a passenger ship used for pleasure voyages, where the voyage itself and the ship's amenities are a part of the experience, as well as the different destinations along the way. Transportation is not the prime purpose, as cruise ships operate mostly on routes that return passengers to their originating port, so the ports of call are usually in a specified region of a continent. There are even "cruises to nowhere" or "nowhere voyages" where the ship makes 2-3 day round trips without any ports of call. Together with Norwegian Cruise Line, Star Cruises is the third largest cruise line in the world operating a combined fleet of 18 ships with approximately 35,000 lower berths, with cruises to over 200 destinations...
Words: 1001 - Pages: 5
...This is a capstone course for the graduate business curricula. PURPOSE: To integrate the various fields of study taught within the school of business and to apply this knowledge in addressing basic administrative problems in business and industry. The course will address global, technological, ethical, social, environmental, political, demographic, and legal issues in strategic decision making. METHODOLOGY: Lecture, cases, and a business simulation will be used in the class LEARNING OUTCOMES: The student will be able to: A) identify, explain, and demonstrate the general concepts, principles and terminology of management through active class discussions; develop a strategic problem solving approach via the Strategic Audit through class discussions of cases; B) develop oral and written skills through written tests, class discussions, and case assignments; C) integrate the various disciplines of management, marketing, finance, accounting, and other sub-disciplines through their application in case situations: and D) Present current events in business and evaluate and discuss them in accordance with management concepts. CLASS ATTENDANCE: In order to get the maximum benefit from Management Problems, you must read the assigned materials prior to the class meetings so that we can jointly and actively participate in the class discussions. THIS IS CRUCIAL FOR A CLASS SUCH AS THIS ONE WHICH FOCUSES ON CASE ANALYSIS. In that...
Words: 1362 - Pages: 6
...Exercise 2-3 To: Jim Kakes From: Zhenqun Huang Subject: Suggestion about CMA Date: Sep. 10 2012 This memo is in response to your questions hiring a CMA. This memo will first explain Certified Management Accountant (CMA) and then discuss the value of CMA to the company. After you know the designation of CMA, you will be better able to decide whether the extra amount salary is worth. What Is Certified Management Accountant (CMA)? The title Certified Management Accountant (CMA) is used by various professional bodies around the world to designate their different professional certifications. CMA is also called as The Institute of Management Accountants (IMA) in the United State. IMA is a collective voice of accountants and financial professionals around the world who work in business, with job responsibilities distinct from those in public accounting. The Value of CMA to the Company IMA raises awareness of management accounting, which includes jobs in decision support, plan, and control positions. Some common job titles for management accountants include: Chief Financial Officer (CFO), Treasurer, Vice President of Finance, Controller, Treasurer, Finance Manager, Internal Auditor, Corporate or Division Planner, Cost Accountant, and Staff Accountant. The four-part CMA exam covers a wider body of knowledge, including Business Analysis, Management Accounting and Reporting, Strategic Management, and Business Applications which give the accounting staff a broader background...
Words: 2176 - Pages: 9
...Recognized Courses in Accounting/Tax Research and Analysis and Accounting/Business Communications September 3, 2014 The Texas State Board of Public Accountancy requires each candidate to complete a minimum of two semester hours in accounting research and analysis or tax research and analysis from a recognized college or university. The semester hours may be obtained through a discrete course or offered through an integrated approach. If the course content is offered through integration, the college or university must advise the Board which course(s) contain the research and analysis content. Courses identified through integration must dedicate 1 semester hour, or quarter hour equivalent, to research and analysis. Courses used to meet this requirement may not be used to meet the requirement for accounting or business communications described below. Course(s) identified by a university to meet the requirements for research and analysis in accounting or taxation should primarily address the identification, organization, and integration of diverse sources of information such as authoritative literature and pronouncements, to reach a conclusion or make a decision; and should analyze accounting and taxation issues by reviewing information, using empirical data and analytical methods, recognizing data in patterned activities, forecasting, and integrating data. CPAs may be asked to conduct research and analysis when providing attest services, professional accounting...
Words: 3741 - Pages: 15
...chair split. committees. – Induction/performance appraisal. – Reward systems. • Internal control and business risk, Turnbull. – Family based structure. • Ethical theories and business codes – Kohlberg, Gray, Owen – Global standards in governance. and Adams, Tucker, AAA. – Stakeholder classifications. • Professions and the public interest. • Control: • Corporate social responsibility, corporate citizen, footprints – Objectives of a sound system. and sustainability. – COSO failures. – Reasons for internal audit. • Integrated reporting, social and environmental auditing. – Internal control disclosure. • Risk management: Paper P1 Kaplan – Risk committee or risk manager. – Strategic/op/static and • Corporate governance comparison of approaches – public v dynamic risk. private sector. – Risk diversification. • Conflict of interest and independence. – ALARP. • Stakeholders and stakeholder claims. • Ethics: • Function and importance of internal audit. – Absolute/relative, consequential. – Grey, Owen and Adams. • Risk...
Words: 7414 - Pages: 30
...dwqwdlqkdmqwkldnqwkldnwkdnwqdldkwd Solutions To Workshop Exercises Chapter 1: SQL and Data 4 Chapter 2: SQL: The Basics 13 Chapter 3: The WHERE and ORDER BY Clauses 20 Chapter 4: Character, Number, and Miscellaneous Functions 27 Chapter 5: Date and Conversion Functions 42 Chapter 6: Aggregate Functions, GROUP BY and HAVING 57 Chapter 7: Equijoins 73 Chapter 8: Subqueries 108 Chapter 9: Set Operators 126 Chapter 10: Complex Joins 137 Chapter 11: Insert, Update, and Delete 164 Chapter 12: Create, Alter, and Drop Tables 178 Chapter 13: Indexes, Sequences, and Views 188 Chapter 14: The Data Dictionary, Scripting, and Reporting 197 Chapter 15: Security 213 Chapter 16: Regular Expressions and Hierarchical Queries 222 Chapter 17: Exploring Data Warehousing Features 235 Chapter 18: SQL Optimization 248 Chapter 1: SQL and Data In this chapter, you learned about data, how data is organized in tables, and how the relationships among the tables are depicted in a schema diagram. Based on your newly acquired knowledge, design a schema diagram based on the fictional ACME Construction Company. Draw on your own work experience to design the following components. 1. Draw boxes for these three tables: EMPLOYEE, POSITION, and DEPARTMENT. Solution: See the solution for Exercise 3. 2. Create at least three columns for each of the tables and designate a primary key for each table. Solution: See the solution for Exercise 3. 3. Create relationships among the...
Words: 6586 - Pages: 27
...English I 15 5 8 ENG 002 Prep. English II 15 5 8 MATH 001 Prep. Math I 3 1 4 MATH 002 Prep. Math II 3 1 4 PYP 001 Prep. Physical Science 2 0 2 PYP 002 Prep. Computer Science 0 2 1 PYP 003 University Study Skills 0 2 1 ME 003 Prep. Eng. Technology 0 2 1 PE 001 Prep. Health and Physical Educ. I 0 2 1 PE 002 Prep. Health and Physical Educ. II 0 2 1 20 10 16 18 12 15 Total credit hours required in Preparatory Program: 31 First Year (Freshman) MATH 101 Calculus I 4 0 4 MATH 102 Calculus II 4 0 4 PHYS 101 General Physics I 3 3 4 PHYS 102 General Physics II 3 3 4 ENGL 101 An Intro to Academic Discourse 3 0 3 ENG 102 Intro to Report Writing 3 0 3 CHEM 101 General Chemistry I 3 3 4 ICS 102 Intro. To Computing I 2 3 3 IAS 111 Belief & its Consequences 2 0 2 IAS 101 Practical Grammar 2 0 2 PE 101 Physical Education I 0 2 1 15 6 17 14 8 17 Second Year (Sophomore) COE 202 Digital Logic Design 3 0 3 ICS 202 Data Structures 3 3 4 ICS 201 Introduction to CS 3 3 4 COE 205 Computer Organization & Assembly 3 3...
Words: 10169 - Pages: 41
...PARSONS 2012–2013 CATALOG ACADEMIC CALENDAR 2012-2013 ABOUT PARSONS PROGRAMS OF STUDY PROGRAM REQUIREMENTS FACULTY ADVISING ACADEMIC POLICIES AND PROCEDURES REGISTRATION FINANCIAL INFORMATION STUDENT LIFE OTHER UNIVERSITY POLICIES ABOUT THE NEW SCHOOL 1 ACADEMIC CALENDAR 2012-2013 FALL 2012 Registration April 2–27 (Registration (Most new for continuing students) students register over the Aug. 20–24 (Registration summer for the fall term) for transfer students and late registration for continuing students) . Classes Begin Mon., Aug. 27 Last Day to Add a Class Mon., Sept. 10 Last Day to Drop a Class Tues., Sept. 18 Last Day to Withdraw From a Class With a Grade of W Undergraduate Fri., Oct. 12 Students Parsons Graduate Fri., Oct. 12 Students All Other Graduate Tues., Dec. 18 Students Holidays Labor Day Sat., Sept. 1–Mon., Sept. 3 weekend: Rosh Hashanah: Sun., Sept. 16 eve*–Mon., Sept. 17 Yom Kippur: Tues., Sept. 25 eve*–Wed., Sept 26 *Sunday and Tuesday classes scheduled for 3:50 p.m. or later do not meet. No classes meet on Monday and Wednesday. See rescheduled days below. Thanksgiving: Wed., Nov. 21–Sun., Nov. 25 Winter Break: Wed., Dec. 19–Fri., Jan. 25 Makeups and On Tuesday, Nov. 20, Rescheduled Days classes will follow the Wednesday schedule. On Tuesday, Dec. 18, daytime classes will not meet. Spring 2013 Registration Nov. 5–30 Juries Arranged by program Classes and Exams End Tues., Dec. 18 Online Session A Aug. 27–Dec. 18 Online Session B Aug. 27–Oct. 26 Online...
Words: 36068 - Pages: 145
...Email me if there is any problem or if you need help with your other classes assignments, problems or quizzes. ewood6449@gmail.com 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 Terms: Sarbanes-Oxley Act Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills Topic: SOX 2) Which of the following is considered audit evidence? A) Oral statements Written Auditor made by management Communications Observation Y N N B) Oral statements made by management N C) Oral statements made by management Y Written Communications Y Auditor Observation Y Written Communications Y Auditor Observation Y D) Oral statements made by management N Answer Terms: Audit evidence Diff: Moderate Objective: LO 1-1 AACSB: Reflective thinking skills Written Communications N Auditor Observation Y 3) Evidence is paramount to audit and attestation engagements. List the four basic types of audit evidence. 4) The criteria by which an auditor evaluates the information under audit may vary with the information being audited. A) True B) False Terms: Criteria which an auditor evaluates information Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills 5) The criteria used...
Words: 175224 - Pages: 701
