Audit Report and Internal Control Evaluation Nathalie Salib University of Phoenix ACC546/PR April 9, 2015 Prof. Rafael Marrero - Diaz ANDERSON, OLDS & WATERSHED Certified Public Accountants Independent Auditor’s Report To the Board of Directors of Apollo Shoes, Inc. We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2007 and 2006 and the related statements of income, shareholder’s equity and cash flow for the two years in the period ended
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AM All use subject to JSTOR Terms and Conditions THEIDENTIFICATION CATEGORIZATION AND OF AUDITORS' VIRTUES Theresa LibbyandLinda Thorne paper, we develop a typology of auditors' virtues throughin-depth interviewswith nine exemplarsof the audit community.We comparethis typology with prescribed auditors'virtues as represented in the applicable Code of ProfessionalConduct.Our comparisonshows that the Cocleplaces a primary emphasis on manw datoryvirtues includingthe virtues of "independent,""objective
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fraud problem that continues to plague the United States, as embodied by Enron, WorldCom, Global Crossing, and too many others. Simply stated, Sarbanes-Oxley takes direct aim at the perceived drivers of fraud by attempting to strengthen board and audit committee oversight, increase auditor vigilance and independence, strengthen internal controls and risk management, and create accounting fraud penalties with a significant deterrent effect “(Boatright, 2004). THE UPSIDE OF SARBANES-OXLEY/ADVANTAGES
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creditors, and regulatory organizations following the end of its fiscal year. The report typically contains at least an income statement, balance sheet, statement of cash flows, and accompanying footnotes. It may also contain management comments, an audit report, and various supporting schedules that may be required by regulatory organizations. In addition to the auditor's report, an annual report commonly includes management's review of the operations of the firm and its future prospects, balance
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AYB 301 Audit & Assurance ------------------------------------------------- Group Ethics Project ------------------------------------------------- ------------------------------------------------- Semester 1, 2015 ------------------------------------------------- Total Word Count: 1250 ------------------------------------------------- This case study will analyse the ethical dilemmas faced by David, audit manager at C & A who is hired to do the financial year-end audit for MAL. The
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Communicating Internal Control Related Matters Identified in an Audit (Supersedes SAS No. 112.) Source: SAS No. 115. Effective for audits of financial statements for periods ending on or after December 15, 2009. Earlier implementation is permitted. Applicability .01 This section establishes standards and provides guidance on communicating matters related to an entity's internal control over financial reporting identified in an audit of financial statements. It is applicable whenever an auditor expresses
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The partners all agree that Jason says inappropriate things at inappropriate times which makes him and the company seem unprofessional. Jason’s worried. He doesn’t understand why he has been pulled off the last two audit teams. He knows that the company has a policy that won’t let you audit a company that has any of your family or relation inside it, but he knows that he hasn’t broken that policy. He also doesn’t understand why Jackson, his mentor, hasn’t mentioned to him why he’s been pulled off the
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Questions From CPA Examinations 9-22 a. (4) b. (4) 9-23 a. (1) b. (1) c. (1) 9-24 a. (2) b. (3) c. (1) 9-25 a. The justification for a lower preliminary judgment about materiality for overstatements is directly related to legal liability and audit risk. Most auditors believe they have a greater legal and professional responsibility to discover overstatements of owners' equity than understatements because users are likely to be more critical of overstatements. That does not imply there is no
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Case 1 1 Ocean Manufacturing Inc Free Essays 1 - 30 www.papercamp.com/group/case-1-1-ocean-manufacturing-inc/page-0 Case 1.1 Ocean Manufacturing, Inc.: The New Client Acceptance Decision Ocean Manufacturing, Inc. is recommended as a prospective audit client of Barnes ... 60 Free Essays on Ocean Manufacturing Inc The New Client ...
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Legality and Ethicality of Corporate Governance This paper will discuss the legality and ethicality of United Thermostatic Control’s (“United”) corporate governance. Given the fact that United is a publicly owned company, the role that the Sarbanes-Oxley Act of 2002 (“SOX”) played in this case will be examined. The discussion will cover various regulations such as the AICPA Code of Conduct, GAAP, and the ethicality of the activities that occurred at United. United Thermostatic Controls
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