WORKING PAPER Auditor Independence: An Examination Independence Risk Factors and Mitigating Factors on Auditor Judgment Barbara M. Vinciguerra Penn State Great Valley School of Graduate Professional Studies Auditor Independence: An Examination Independence Risk Factors and Mitigating Factors on Auditor Judgment Abstract Professional standards require auditors to be independent in the performance of attestation services. Critics of the accounting profession have expressed
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original pronouncements. Finally, there will be an explanation of how the MSA program prepares the student for a professional life within the accounting vocation. In 1971 the board of directors of the American Institute of Certified Public Accountants (AICPA) appointed two committees: the wheat and the trueblood committee. The purpose of the wheat committee was to study how financial accounting principles should be established. The purpose of the trueblood was to determine the objectives of financial statements
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Accountants (AICPA), and the U.S. Federal Office of Management and Budget (OMB) (Mercer, 1999). In order to maintain a not for profit status the organization must comply with the IRS reporting measures and provide. The rules with the IRS can be found under section 501(c)(3) of the Internal Revenue Code and is how an organization can be tax exempt. Beyond federal guidelines “many states require that contributions, gifts, grants, etc., and functional expenses be reported according to the AICPA industry
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Golden Bear Golf, Inc. The assertions that were relevant to Paragon’s construction projects are: existence and occurrence, completeness, valuation or allocation, and presentation and disclosure. Existence and occurrence: should have been used to test the revenue and gross profit on its construction projects. By testing to see if the assertion is appropriate to make sure that all revenue and gross profit exist would have brought the attention to the $4 million of un-invoiced construction costs
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Learning: Medium 31. Which of the following was the first private sector entity that set accounting standards in the United States? A. Accounting Principles Board B. Committee on Accounting Procedure C. Financial Accounting Standards Board D. AICPA AACSB: Reflective thinking Bloom's:
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CPA Report MEMO Drafted Response for Requested Information: Methodology Financial Accounting Standards No. 96 requires entities to use the liability method for calculating the deferred tax assets and deferred tax liabilities (Wilson, 1990, p. 1). The liability method is used to classify the temporary differences on the balance sheet date as temporary differences. A temporary difference might result in a future reversal as a higher taxable income or deductible differences from future reversal
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Contents 1. INTRODUCTION..................................................................................................................... 2 1.1 Luca Pacioli: Father Of Modern Accounting ...................................................................................... 2 1.2 19th Century – The Beginnings of Modern Accounting in Europe and America ............................... 3 1.3 20th Century – The Development of Modern Accounting Standards.........................................
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1 Egypt’s Accounting Standards (EAS) against IFRS: The Reason behind Compliance and The Main Differences. Ahmed Mostafa Eliwa German University in Cairo Supervised By: Prof: Dr. Ehab K. A. Mohamed 2 Chapter 1: IFRS Historical Background 1.1 Introduction The purpose of this chapter is to gather information about the history of the international financial and reporting standards (IFRS), the committee that issued them, and what the reasons behind issuing such standards are to be agreed and
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Accountancy is the production of financial records for organizations and shows readers in money terms the economic resources the company has under its control and represents it in terms of relevance and does this faithfully. Accounting is called “the language of business” because it acts as a vehicle for a business entity to report their financial information to groups of people outside of the company’s day to day activities. Some researchers believe the earliest instance of accounting was from
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AUDITING CASE STUDY ACCT: 407-01 3/31/2010 The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity[->0] and reliability[->1] of information; also to provide an assessment of a system's internal control[->2]. The goal of an audit is to express an opinion on the person / organization/system (etc) in question, under evaluation based on work done on a test basis. Due
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