...This article shares questions appropriate for every type of interviewer. The Recruiter: The 'Big Picture' Person It's the recruiter's job to identify strong candidates and guide them through the hiring process. Think of the recruiter as the "big picture" person. They can give you an overview of the company and the department as a whole. （Save very specific questions about the job for the hiring manager.） The recruiter is also the best person to answer questions about the hiring process. Some questions to ask the recruiter: * How would you describe the company culture? * What type of employees tend to excel at this company? * Can you tell me more about the interview process? The Hiring Manager: Your Future Boss The hiring manager will likely supervise you if you get the job. They're the most knowledgeable people about the position and its requirements. You should direct specific questions about the job, its responsibilities and its challenges to them. You may also want to ask what kind of candidate they're seeking. Some questions to ask the hiring manager: *What are the most important skills for the job? * How would you describe your ideal candidate? * What's a common career path at the company for someone in this role? The Executive: The Industry Expert Senior managers and executives are likely to be most knowledgeable about the latest happenings in their industry. If you'll be working closely with an executive, you can ask them some specifics...
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...Solution to question 9-37 i) The risks associated with the current method of accounting at Frankincents are as follows: The owner Gaboria Frank relies solely on Norma a part time bookeeper, that works two days a week with minimal or no supervision. The owner trusts the bookkeeper completely and the firm does not encourage control practices such as separate passwords and supervision Norma has developed the systems all by herself and is the only one who understands the nature of the software used. As the business owner, Gaboria should be aware of the systems put in place and should also consult his accountant before the implementations of the systems Only Norma is responsible for the complete accounting function and its activities, such as accounts receivable, disbursements, payroll, etc. There is no segregation of duties, and even though in small firms segregation of duties is not always possible, there is no override of control by the owner, giving the incentive and the opportunity for fraud. Additionally, Norma being a part-time employee may have the incentive and pressure to manipulate and increases the risk for fraud. ii) Being a small business it is not always possible to have segregation of duties and the owner, Gaboria Frank should personally perform operational and clerical activities such as accounts receivable, cash disbursements and payroll. This will give stronger control on activities that have high inherent risk and lower the opportunity and risk of fraud...
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...The independence of internal auditing in China Term Paper Advanced Auditing February, 15 * The independence of internal auditing in China Abstract China’s rapid economic growth boosted its accounting system that has evolved at a singular rate. The national government encourages foreign investors to participate in the domestic capital market actively. The government also strictly supervises the different national economic activities; as a result, the credibility of the auditing system plays a important role. Chinese government as well as some firms seek reliable and independent internal audit services. This paper will examine some factors which may cause lack of independence in Chinese internal audit systems, the difference between the internal auditing in China and in western countries. Based on interviews and questionnaires, suggestions are made for future improvement on the internal audit system in China. Key words: internal auditing, audit independence I INTRODUCTION The globalization of economy, complexity of business and allegations of fraudulent financial reporting have recently sharpened the ever-increasing attention to internal controls and internal auditing. (Karagiorgos et al., 2009) The role of internal auditing is also evolving as reflected in the following definition ‘an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing...
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...1 Session 4 Audit Planning; Materiality and the audit risk model Auditing: Principles and Methods 2 After studying this session you should be able to: 1. Discuss why adequate audit planning is essential 2. Make client acceptance decisions and perform initial audit planning 3. Gain an understanding of the client’s business and industry 4. Assess client business risk 5. Perform preliminary analytical procedures 6. Apply the concept of materiality to the audit 7. Define risk in auditing and the audit risk model Auditing: Principles and Methods 3 8. Consider the impact of engagement risk on acceptable audit risk 9. Discuss the relationship of risks to audit evidence 10. Answer the Review Questions Auditing: Principles and Methods 1. Audit Planning 4 Why is adequate audit planning essential? “The auditor must adequately plan the work and must properly supervise any assistants”. There are three main reasons why the auditor should properly plan engagements: to enable himself to obtain sufficient appropriate evidence, to keep audit cost reasonable and to avoid misunderstanding with the client. Auditing: Principles and Methods 1. Audit Planning 5 An important part of audit planning is assessing acceptable audit risk and inherent risk because it helps determine the amount of evidence that will need to be accumulated and staff assigned to the engagement. Acceptable audit risk is a measure of how willing the auditor is to accept that the FSs...
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... | | |Auditing | Copyright © 2009, 2008, 2007 by University of Phoenix. All rights reserved. Course Description In this course, students focus on the auditing practice performed by public accountants. Topics include the CPA profession and the auditor’s role, planning the audit, audit reporting and required communications, evaluating internal controls, audit programs for current assets and liabilities, and audit programs for other business cycles. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Arens, A. A., Elder, R. J., & Beasley, M. S. (2006). Auditing and assurance services: An integrated approach (11th ed.). New York, NY: Pearson. Hayes, R., Dassen, R., Schilder, A., & Wallage...
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...ACC305 – Auditing and Professional Practice Unit Outline – 2015 Unit Coordinator: Dr Chun Jiang (PhD, FCPA) 1|P age Introduction Welcome to Elite Education and ACC305 – Auditing and Professional Practice. This document provides you with information relevant to successful completion of this unit; including schedule of lecture topics, prescribed texts, assessment policies, assessment tasks, examinations, academic and administrative contacts and online learning support facilities. Student Handbook and Administration Office The Elite Student Handbook provides valuable general information for students and a printed copy will be provided to you. In addition, the Institute staff are available to assist you personally during office hours. Office Contact Details: Elite Education Institute 1 James Place, North Sydney, NSW 2060 Tel: 02 9212 2120 Unit Overview This unit introduces the major conceptual and technical aspects of auditing and assurance services. Accordingly, the unit provides critical insights into the auditor's legal and societal role, the underlying conceptual theory of auditing, professional auditing techniques, and contemporary auditing issues. The core theme of this unit is the external audit of corporations, from initial planning to final reporting in the context of a professional environment. Assumed Knowledge Prerequisite: ACC101 – Fundamentals of Accounting I, ACC102 – Fundamentals of Accounting II, and ACC204 – Advanced...
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...SHEET NOTE: This exam paper may be RETAINED by the student EXAMINATION DETAILS Course Code: Course Description: Date of exam: ACCT1111 Auditing and Assurance Services 28/10/2008 Start time of exam: 9:15 AM Duration of exam: 3hr 15min Total number of pages (incl. this cover sheet) 8 ALLOWABLE MATERIALS AND INSTRUCTIONS TO CANDIDATES 1. Write your full name and student number on each examination booklet together with the number of examination books used. Students must not write during reading time. 2. This is a CLOSED BOOK Exam. 3. Commence each question on a new page. Carry out the instructions on the front cover of the examination script book and the front of this exam paper. 4. Non text storing calculators are allowed. 5. Bi-lingual dictionaries are not allowed. 6. No electronic devices such as mobile phones, laptop computers, electronic dictionaries etc. are permitted to be taken into the exam room. 7. The examination paper contains the following questions: Section A ONE essay questions 25 marks Section B TWO short answer questions 15 marks Section C FIVE application questions 60 marks Totalling 100 marks 8. To obtain a pass in this course, candidates must achieve at least 50 marks overall and obtain at least 50% of the total marks on this examination paper. 9. Attempt ALL questions and all parts of questions. 10. No dictionaries are allowed in this examination unless duly authorised as a special consideration by the Course Coordinator, on recommendation...
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...instability and the compromising factor of accounting profession itself. Out of the many parties in the league and the major force behind the debacle of Enron concern Andersen's, the accounting and auditing firm that once deserved name in the industry for its conscience in accounting professional services and auditing. As the case relates to, accounting audit for Enron is attended by Andersen's since long enough. However, the interesting feature is that some compromise in the profession of accounting services by Andersen's was notable, given that there are noteworthy feature of stock manipulation, especially in financial statements of Enron attended and audited by Andersen's. The statement and restatement of Enron also gives some probable indication for manipulation of accounting, where debate and counter debate in that regard from the prying eye of the media was a common feature. Thus, the involvement of Andersen's in Enron consultancy and professional auditing makes it rather more imploded for the direct involvement of Andersen's that also successively ushered the debacle and bankruptcy of Enron for the entire sheer element attached to it. Moreover, the accounting scandal involving Enron have been subject to criticism from many quarters. However, insiders who testify against the auditing firm make it the biggest party of the fall out and bankruptcy of Enron...
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...ACC 491 Entire Course http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). 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 of the PCAOB. ACC 491 Week 1 DQs Access the SEC home page at http://www.sec.gov. What is one of the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is one the most recent Staff Accounting Bulletin that provides guidance to the profession? What was the...
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...the research problem or question. Evaluate the importance of the research question to audit practice. This paper attempts to stimulate research into some of the important questions implicitly raised by SOX regarding the audit profession’s potential failings. Enron’s failure and the accounting scandals at Worldcom and other companies provide compelling evidence that auditing matters and is important. However, it is unclear that whether auditing was sufficiently “broken” in the first place to warrant the radical reforms and changes effected by the SOX. The disconnection is large between the scientific evidence on audit quality and institutional changes premised on the assumption that auditing is broken. This research gives us the direction which we need to collect scientific evidence to guide public policy-making in audit. B. Explain the author’s approach to solving the problem. The authors discuss the following areas and give some suggestions for future research in each of them: 1. Why auditing matters now more than ever 2. Institutions that affect auditing 3. Engagement-specific characteristics that affect audit quality 4. The role of auditing and corporate governance 5. Audit quality and other accounting firm characteristics C. Describe the major findings of the research. 1. The criticism embodied in SOX is usually intense, and appears to be partially motivated by political expediency and often based on anecdotes. 2. SOX transforms auditing from a self-regulated...
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...| |UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) | | |FACULTY OF BUSINESS AND FINANCE (FBF) | | |Bachelor of Commerce (Hons) Accounting | Unit Plan | | | | | |Unit Code & |UBAF 2023 AUDITING | | |Unit Title: | | | | | | | |Course of Study: |Bachelor of Commerce (Hons) Accounting | | | | | | |Year...
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...Auditing Introduction Letter From: Langroodi, CPA To : Management of Apollo Shoes, Inc. RE: Auditing and assurance services Dear Mr. Jason, First, I would like to appreciate to giving me this opportunity to explain a couple points related to our firm and services, so then I’ll try to make them understandable and short as much as I can; because I know how valuable your time is. Langroodi CPA has proud to being in business for more than 15 years and we always tried to build a close and comfortable relationship with our clients. We have the most educated and trained personnel and high quality audit tools. Our audit approach is successful because it concentrates on understanding the clients' business and control issues, and combines diagnostic process, risk assessment, and audit testing procedures. My role in providing assurance is to ensure that there is sufficient audit evidence, to check the control present in the IT environment of your firm, testing control procedures, planning audit procedures, and assisting other auditors and experts. I check if the tests of controls have been properly completed and if substantive procedures have been carried out properly. At this time, I would like to explain some points regarding our services. First, I want to explain, what auditing means: “Auditing is the accumulation and evaluation of evidence about the information to determine and report on the degree of correspondence between the information and establish criteria”. ...
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...Following are multiple choice questions recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board has provided the accompanying explanations. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 2007 AICPA Newly Released Questions – Auditing 1. CPA-05465 Which of the following categories is included in generally accepted auditing standards? a. b. c. d. Standards of review. Standards of planning. Standards of fieldwork. Standards of evidence. ANSWER: Choice "c" is correct. Generally accepted auditing standards include three categories: general standards, standards of fieldwork, and standards of reporting. Choices "a", "b", and "d" are incorrect, based on the above explanation. 1 2007 AICPA Newly Released Questions – Auditing 2. CPA-05466 A retailing entity uses the Internet to execute and record its purchase transactions. The entity's auditor recognizes that the documentation of details of transactions will be retained for only a short period of time. To compensate for this limitation, the auditor most likely would: a. b. c. d. Compare a sample of paid vendors' invoices to the receiving records at year-end. Plan for a large measure of tolerable misstatement in substantive tests. Perform tests several times during the year, rather than only at year-end. Increase...
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...riches but this is not the case of the Enron Corporation. Instead of becoming the nation’s greatest company, Enron instead laid claim to being the largest corporate bankruptcy in the history. The greediness and egotism wiped out the honesty and integrity that should instill on the persons who were involved in this case. Arthur Edward Andersen built his firm, Arthur Andersen & Company, into one of the largest and most respected accounting firms in the world through his reputation for honesty and integrity. His motto was “Think straight, talk straight” and he insisted that his clients adopt that same attitude when preparing and issuing their periodic financial statements. Arthur Andersen’s auditing philosophy was not rule-based; instead he invoked a substance-over-form approach to auditing and accounting issues. He avidly believed that the primary role of the auditor was to ensure that clients reported fully and honestly to the public, regardless of the consequences for those clients. Ironically, Arthur Andersen & Co.’s dramatic fall from eminence resulted from its association with a client known for aggressive and innovative uses of “accounting gimmicks” to window dress its financial statements. Enron Corporation was the second largest client of the firm and was involved in large, complex transactions with hundreds of special purpose entities (SPEs) that it used to obscure its true financial condition and operating results. Among other uses, these SPEs allowed Enron to...
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...Article 1 - Carmichael Assignment (REVISED) Group 15 QUESTION 1) WHO IS THE AUTHOR OF THIS PAPER AND WHAT IS HIS POSITION (GIVE DESCRIPTION OF RESPONSIBILITIES) WITH THE PCAOB AT THE TIME OF THIS ARTICLE. The author of this paper is Douglas R. Carmichael. On April of 2003, Mr. Carmichael was appointed the first Chief Auditor and Director of Professional Standards for the Public Company Accounting Oversight Board. As such he was the primary advisor to the PCAOB on policy and technical issues relating to the auditing of public companies, including but not limited to auditing standards, registration, inspection, and thus enforcement of any mandates that are part of the Sarbanes-Oxley Act. QUESTION 2) WHAT DOES CARMICHAEL SEE AS THE UNDERLYING MISSION OF THE PCAOB? Carmichael views the underlying mission of the PCAOB to be the restoration of the public’s confidence in the auditor’s reports and findings. Accounting scandals, involving companies like Enron and WorldCom, prompted Congress to adopt the Sarbanes-Oxley Act as a means to establish control over accounting and auditing functions. A main focus of Sarbanes-Oxley was the establishment of the PCAOB. The PCAOB is a nongovernmental body, fully funded by fees collected by public and investment companies that benefit from independent audits. They are charged with overseeing the audit of public companies that are subject to SEC laws and related matters of the kind. Carmichael states that the confidence is not only...
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