controls: its audit committee its management team or its independent auditors? Explain The management has the final responsibility for the authenticity of internal controls. The client prepares the financial statements and the management makes certain claims or assertions about these numbers. The auditor's validate the management's assertions by identifying audit objectives, which are the auditor's version of assertions on the financial statements. The auditors are hired by the audit committee,
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Application status- Contract signed fees are determined 6. 3. Correspondent status- self evaluation report 7. 4. Candidate Status- awaiting an Audit 8. 5. Standard Compliance Audit- Organization is audited for compliance 9. 6. Accreditation Hearing- Formal review of the audit report 10. 7. Accreditation Status- this good for threes 11. 8. Reaccreditation- involves going through an audit and hearing again. 12. 9. The ACA insures that the jails are accredited 13. Professional
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Solving Ethical Dilemmas August 23, 2012 University of Phoenix Acc/260 After reading this case on ethical dilemmas I would say the ethical dilemma that Dan is facing is whether or not he should do the audit he has been ask to do by his boss in an ethical and responsible manner, or if he should take no regard to the ethical codes and to follow the instructions that his boss has given him. A little background on Dan and what has lead him to have such a big dilemma. Dan works for Baker Greenleaf
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Licensed to: iChapters User Licensed to: iChapters User CONTEMPORARY AUDITING REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials
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Mid-Term Examination #2 ADM 3349 B AUDITING THEORY November 18, 2009 Professor: B. Church | | |INSTRUCTIONS | | | |1. Books and notes are not permitted.
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She has met with her banker to discuss expanding the facilities and equipment with another $150,000 loan. Their first loan for $150,000 was secured by the industrial-size food production equipment purchased with the loan. The banker now demands an audit of the corporate financial statements before releasing another loan to the company. Sarah has offered to place the corporate account receivables up as collateral to secure the second loan. Based on revenue projections by her sister Jillian’s sales
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and fair presentation of F/S b. Design, Implementation, and Maintenance of internal control. c. Auditor’s Responsibility is to Express an opinion on F/S. Auditor require to Plan and perform the audit to obtain reasonable assurance. An audit involves Performing Procedures to Obtain audit evidence about the amount and disclosures in F/S. The Procedures selected including the assessments of the Risk of material misstatement of the financial statements. Auditor should Test internal control
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2.6 case 1. E&Y officials believed that the CBI audits were high-risk engagements. Under what general circumstances should an audit firm choose not to accept a high-risk engagement? Auditing is riskier profession than people realize. Every time the auditor agree to take on an auditing engagement, it comes with potential risks: (1) The audit risk, which is defined as the risk auditor will make a mistake, such as failing to catch a significant error or misstatement on a balance sheet or other
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in-house controls and measures designed to ensure the reliability of their financial records. The SOX Act requires financial reports to include an internal control report. It is designed to show that not only are the company's financial data correct but also the company has confidence in them because satisfactory controls are in place to protect financial data. Financial reports must contain an evaluation of the success of the internal controls. The auditing firms are required to confirm to that assessment
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shareholders of this company is Bangor Berhad. The company’s external auditor is Kencana & Associates where the audit team is led by Mr Chuah Mun Soong. On 5th February 2006, Mr Chuah has been informed by his team that there are some inconsistencies in the accounts of FCB. Therefore he has decided to do his own investigation on the company to determine is there any fraud involved before he can report the situation the managing partner of Kencana & Associates, Mr Keong Chee Wah. II. Statement of
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