September 23, 2012 Audit Firms’ Work Deemed Deficient September 17, 2012 Siyuan Zhu I. Summary of the Story with Key points clearly identified Recently, regulators discover that big audit firms’ work has a substantial amount of serious deficiencies. Although the PCAOB conducts inspections of the big firms concentrate on problems at highest risk every year, it states that the report may not be truly reveal how frequently a firm’s overall audit work is deficient. Thus more work need to be
Words: 477 - Pages: 2
stakeholders. It aims to protect shareholder’s rights, to enhance disclosure and transparency, to facilitate effective functioning of the board and to provide an efficient legal and regulatory enforcement framework. It addresses the principal/agency problem through a mix of company law, stock exchange rules and sub regulatory codes. It arises from high profile corporate scandals, globalization and increased investor activism. Significance of Corporate Governance in Banking Sector Corporate
Words: 1979 - Pages: 8
Assurance. auditing and assurance FOR PUBLIC ACCOUNTANTS PERFORMING AUDIT AND REVIEW ENGAGEMENTS BULLETIN Staff contact Chi Ho Ng, CA, CPA(IL), MBA Principal Auditing and Assurance Standards Department 277 Wellington Street West Toronto, ON M5V 3H2 Tel: (416) 204-3443 E-mail: chiho.ng@cica.ca Fax : (416) 204-3408 Auditing Considerations in an Uncertain Economic Environment Uncertainties in the current economic environment There is a possibility that the Canadian economy may weaken in the
Words: 7297 - Pages: 30
What is meant by “the public interest” in relation to the (accounting and) audit profession? What is the “current regulatory environment”? Is audit quality of a sufficient standard to serve the public interest? Do audit reports provide information which serves the needs of the public? Conclusion: does the current regulatory environment for auditing ensure that external auditors’ reports provide information to investors which serves the public interest? In very general terms: Something
Words: 882 - Pages: 4
risk management In this section a summarized position of various risks facing DBBL while conducting its business and operations and steps taken by the Bank to effectively manage and mitigate such risks are discussed. RISK MANAGEMENT FRAMEWORK Risk is defined by DBBL as risk of potential losses or foregone profits that can be triggered by internal and external factors. Therefore, the objectives of risk management are identification of potential risks in our operations and
Words: 4321 - Pages: 18
IRAC Brief: JP Morgan Chase Settles the London Whale This is a case study analysis of a current legal case regarding the governance principles of regulatory compliance and the methods used to manage risk arising. The briefing of this case will utilize the IRAC method of case analysis to give a breakdown on the case of JP Morgan Chase on regulatory violations and risk management. The IRAC method will address I - Issue, R - Rule, A - Analysis, and C - Conclusion which will provide a researched assessment
Words: 880 - Pages: 4
Internal Control Evaluation An auditor uses a checklist template when conducting an audit of internal control. The auditor will assess the financial condition and internal procedures. Internal control process must comply with industry standards and regulatory requirements. Corporations must prepare responses to auditors and should have an internal control system in place. “Five components of internal control are considered to be criteria for evaluating a company’s financial reporting controls and
Words: 436 - Pages: 2
1. Introduction A human resources management audit can assess how current human resources and employment management arrangements contribute to the purpose and aims of the organisation and how these arrangements support stability and manage the obligations and expectations. It is essentially a comparison of ‘‘what is’’, and ‘‘what should be’’. This presents two fundamental challenges – measuring ‘‘what is’’, and defining ‘‘what should be’’. We argue that traditional models are too insular to
Words: 714 - Pages: 3
purpose of a plan is for an organization to manage and minimize individual risks. Organizations that fail to comply with Federal, State, and local regulations expose the organization to regulatory risks. This could greatly impact the organizations reputation, earnings, and existing assets. This paper will identify regulatory risks and tort liability as related to Alumina Inc. The United States based Alumina Inc. is a global multibillion dollar company based in the state of Erehwon near Lake Dira
Words: 1122 - Pages: 5
with Bursa Malaysia, and orderly, clear and efficient clearing and settlement arrangements for transactions cleared and settled through its facilities. In furtherance of these duties, Bursa Malaysia has put in place a comprehensive and effective regulatory and supervisory framework to regulate the market and its participants, including the listed issuers and their directors and advisers, Participating Organisations, Trading Participants, Clearing Participants, Authorised Depository Agents and Authorised
Words: 2623 - Pages: 11
