Name Chapter 1: Auditing: Integral to the Economy Description Instructions Modify Add Question Here Question 1 True/False 0 points Modify Remove Question The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. Answer True False Add Question Here Question 2 True/False 0 points Modify Remove Question An audit of financial statements is a form of attestation
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approval of a bank loan b. (3) c. (3) 4-20 a. Violation of AICPA and SEC based on rules of independence, if pre-approved it is okay. b. Based on SOX and SEC rules internal auditing of a public company is prohibited. c. Prohibited under SOX and SEC d. AICPA rules of professional conduct, if pre-approved it is okay. e. With pre-approval it is allowed. Normally prohibited under SOX and SEC. f. According to the AICPA, this is allowed as long as the three requirements are met. 4-21
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The Language and Culture of the Accountant, Auditor and Forensic Accountant Jerry Brockman Davenport University Abstract The overall purpose of this Professional Language and Culture report is to detail the accountant’s communication style and culture, as well as, their specialized language. The report begins with a brief discussion of the origin of accounting, as well as, the distinction between bookkeeping and accounting. Additionally, an examination of the Financial Accounting Standards
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Sarbanes-Oxley Act (SOX) has significantly increased the authority and responsibilities of audit committees and the board of directors in overseeing their companies’ financial reporting processes (American Institute of Certified Public Accountants [AICPA], 2005). The board of directors and its audit committee are responsible for overseeing the actions of management. A proactive audit committee and board of directors promotes the likelihood of preventing, deterring, and detecting fraudulent financial
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internal audit team at Data Trappers. In this case the prospective firm, B&T, severed all ties to the client, Data Trappers, prior to beginning the audit. 2. Make an argument for why the audit firm is not independent. Section 0.400.21.b of the AICPA Code of Professional Conduct defines independence in appearance as, “Independence in appearance is the avoidance of circumstances that would cause a reasonable and informed third party who has knowledge of all relevant information, including the safeguards
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Auditing Standards Essay: Auditing Planning Broadly speaking, audit planning is specific guidelines for auditor to perform an audit. Audit planning is usually conducted at the beginning stage of audit process. AICPA (American Institute of Certificate Public Accounting), PCAOB (Public Company Oversight Board), and IFAC (The International Federation of Accountants) are organizations or non-profit corporations who contributes to developing standards and guidance in auditing area, including standards
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firms. In order to become a CPA, one must have a Bachelor’s degree, complete further coursework (around 30-40 more hours), meet the requirements for their state, and pass an exam administered by the American Institute of Certified Public Accountants (AICPA). The exam is very challenging and only about 50% of candidates pass it on
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Discipline Christopher Ziebell ACCT530 Week 4 1/29/15 Discipline to me is a type of training in order to teach someone to follow the rules. I think it applies to all of us when it comes to the professional world. When someone gets hired at new company there is always some sort of discipline in the beginning. If someone has experience in the work that they are hired to do doesn’t mean that they don’t still need training on how the company operates. I have a perfect example of this when
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accounting values issued by a standard setter. The standard setter is in the levels ‘A’ right through ‘D’ of the present US Generally Accepted Accounting Principles, GAAP, ladder. Also included is the American Institute of Certified Public Accountants, AICPA, and the Emerging Issues Task Force, EITF (FASB, 1984). The codification process involves the assigning of numbers or letters to documents to enable faster access to those documents as well as their retrieval. The FASB codification project will allow
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disclosures (M.E. Sharpe, 2006). The SEC deferred to the accounting profession the task of creating auditing standards. The New York Stock exchange and the now American Institute of Certified Public Accountants (AICPA) together published guidelines for audits. In 1971, the AICPA created a committee which was chaired by Francis M. Wheat and comprised of seven members to make recommendations on how to better the accounting principles ("US Financial Accounting Standards Board FASB; IASB and US FASB
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