auditing the financial statements for the year ended December 31, 2010. We will begin on January 11, 2011 and end February 5, 2011. The audit will follow a tentative time budget (reference P-1 Time Budget). Our objective is to correctly attest, following AICPA rules, as to whether the company Peach Blossom Cologne has issued financial statements that are fair by GAAP. The team has identified various risk factors involved in this audit engagement. As evidenced by our Internal Control Questionnaire, PBC has
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CHAPTER 1 INTRODUCTION TO PROFESSIONAL RESEARCH Discussion Questions 1. Research in general involves the investigation and analysis of an issue in question. The researcher usually applies reasonable and reflective thinking to develop an answer to the issue or problem at hand. Research requires a clear definition of the problem, using professional databases to search the authoritative literature, reviewing and evaluating the data collected, drawing conclusions and communicating your results
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Chapter 2 Financial Statement Audits and Auditors' Responsibilities |Learning Check | 2.1 The ultimate objective of accounting is the communication of relevant and reliable financial data that will be useful for decision making. Accounting methods involve identifying the events and transactions that affect the entity. Once identified, these items are measured, recorded, classified, and summarized in the accounting records and reported in accordance with generally
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LBJ Company Internal Controls Assessment Report October 6, 2012 Table of Contents Introduction: 3 Considerations 3 Importance of Internal Controls 3 LJB Internal Control Assessment 3 Conclusion 4 Bibliography: 5 Introduction: LJB Company has engaged RR Accounting Firm to evaluate their current system of internal controls as LJB Company is planning to go public. Public companies have additional responsibility to shareholders and investors
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Auditor’s Responsibility when Issuing a Report Abstract The objective of an Independent auditor is to render an opinion about whether the financial statements of a company, legal entity or an organization have been fairly presented in all material respects and in accordance to the generally accepted auditing standards. In expressing an auditor’s opinion, they will typically issue one of four types of reports, an unqualified report, qualified report, an adverse opinion, or a disclaimer of opinion
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Accounting Career When looking at a career that one might want to do, there are many options of what one could choose to do. One of the fields that many people go into is accounting. Accounting is a good choice to go into because there will always be a demand for an accountant in any business. “Employment for accountants and auditors is expected to grow by 13 percent through 2022, according to the U.S. Department of Labor.” (Careers in Accounting) Not only is there a demand in accounting, but
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ENGAGEMENT QUALITY REVIEW Introduction Engagement quality review, also known as concurring partner review or second partner review, is not a new practice and was first mandated in 1977, but it has most recently been required by the Sarbanes-Oxley Act of 2002 for each registered public accounting firm to "provide a concurring or second partner review and approval of [each] audit report (and other related information), and concurring approval in its issuance...." It has been further clarified
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A doctorate PhD in Accounting will earn you the title of “doctor.” A PhD program can be significantly more demanding than a Master’s degree, which is why most accountants finish their Master’s degree before committing to a PhD grogram. Some schools lump a Master’s degree and PhD into one continuous program, which may save time in the long run. Teaching looks like it would be fun, you see that some professors are only on campus two days a week, and you have heard that professors get paid well. What
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Accounting Standards Board (FASB) to learn about Generally Accepted Accounting Principles (GAAP). Go to www.fasb.org. Additionally, you may read more about compliance from www.aicpa.org, the site of the American Institute of Certified Public Accountants (AICPA). What rules impact a business' Accounting Information System? What types of compliance is required? Generally Accepted Accounting Principles (GAAP) are standards that companies abide by when preparing and reporting their financial statements. Accounting
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settlements for their involvement in financial reporting process. * Audit failures rarely result from the deliberate collusion of auditors with client. Instead, auditors may find it psychologically impossible to remain impartial and objective. * AICPA: auditors should achieve a level of independence * Courts’ view: auditors must act in the interest of external users of F.S. * However, such impartiality is impossible under current institutional arrangements. The Structure of the Auditing
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