Memorandum To: DeLaune/Simonov From: Courtney Lancaster Date: October 15, 2013 Subject: History of the Auditing Profession Similar to all aspects of the accounting profession, the auditing focus in the business world has evolved considerably over its history. The main drive behind the changes has been new legislation and a strict enforcement standard which more times then not was influenced by the fraudulent activity delivered by corporate management. By the creation of oversight
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Reporting Paper INTERNAL MEMORANDOM To: CEO From: Papa Rydoo Date: October 25, 2010 Reference: Postretirement Plans Introduction Acquisition of a company leads to many changes in the company and especially in the area of the retirement benefit plans for our company. It is complicated adjusting to benefits plans but with the required reporting, the transition will be smooth. The different types of pension plans we will focus on are; defined contribution, defined benefit, and other postretirement
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number 7. In subsequent period, Cendant released these reserves into income; which is shenanigan number 5. 2 Describe the failing of EY with respect to conducting an audit in accordance with GAAS. Include in your discussion any violations of the AICPA Code of Professional Conduct. The EY auditors provided accounting advice as well as audit services to CUC and Cendant in connection with the establishment and use of restructuring reserves. The auditors excessively relied on management representations
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[pic] Incident Response Plan Template for Breach of Personal Information Notice to Readers Acknowledgments Introduction Incident Response Plan Incident Response Team Incident Response Team Members Incident Response Team Roles and Responsibilities Incident Response Team Notification Types of Incidents Breach of Personal Information – Overview Definitions of a Security Breach Requirements Data Owner Responsibilities Location Manager Responsibilities
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The remedy to this dilemma is to assure employee confidentiality. According to the AICPA, an effective whistleblowing program must ensure that submissions of complaints related to accounting, internal controls, and auditing are automatically and directly submitted to the audit committee. Management personally should not have the opportunity to filter through complaints before submission to the audit committee. AICPA also mandates the level of confidentiality and trust. The audit committee should provide
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address his findings and failed to prepare an amended tax form for Barbara’s 2011 taxes. As John ordered Joe to do before John left the firm, Joe did destroy material audit records. According to AICPA’s Code of Professional Conduct, members of the AICPA are responsible for the rules addressed in the Code. Joe Accountant’s actions should be considered under the following rules: Article II (The public interest): “members should accept the obligation to act in a way that will serve the public interest
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Auditing Introduction Letter To: Apollo Shoes, Inc. From: Lead Auditor Anderson, Olds, and Watershed (AOW) Date: March 30, 2015 Subject: Auditing and Other Assurance Services Available Dear Mr. Unum (Vice President of Finance), Last week you meet with Arnold Anderson, CPA (partner in charge of the audit), Darlene Wardlaws, CPA (engagement manager) and me Ashely Bishop (lead auditor) you discuss with us Apollo Shoes, Inc. decision in dismissing your current engagement with Smith & Smith
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Assignment 2: Litigation, Censures, and Fines Tracy Cranden Professor Slater ACC 499 Due: August 25, 2014 1. Analyze the primary accounting issues which form the crux of the litigation or fine for the firm, and indicate the impact to the firm as a result of litigation or fine. Provide support for your rationale. Ernst & Young was fined $2 million to settle charges relating to audits conducted for Medicis in 2005, 2006, and 2007. The primary issue that made this case arise was Ernst
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Case 1.1: Ocean Manufacturing, Inc. 1. Identify five procedures an auditor should perform in determining whether to accept a client. Which of these five are required by auditing standards? (check slides) - Obtain and review available financial information - Inquire of third parties about integrity of prospective client and its management - Consider circumstances that require special attention, unusual business or audit risks - Consider the technical competency of potential audit staff and
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B. O. ACC650 Case 7.1 – Ligand Pharmaceuticals 1. Describe what you believe is implied by the term “engagement risk.” What are the key factors likely considered by Deloitte and other audit firms when assessing engagement risk? How, if at all, are auditors’ professional responsibilities affected when a client poses a higher than normal degree of engagement risk? Engagement risk is composed of three broad categories: the entity’s business risk, the auditor’s audit risk, and the auditor’s
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