of Clearview Manufacturing using company backround, processes, and financial information. We are pleased to confirm our acceptance and our understanding of this audit engagement by means of this letter. Our audit will be conducted with the objective of our expressing an opinion on the financial statements. The objective of our audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted
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BRIEF This brief will focus on computer assisted audit tools and techniques (CAATTs) for the audit process and documentation of Kudler Fine Foods (KFF). The purpose of the CAATTs is to facilitate and quicken the audit process for KFF’s accounts receivable, payable, inventory, and payroll systems. Preface KFF has implemented internal controls on its accounting and information systems. It has also targeted four areas of the business system for audit purposes – accounts receivable (AR), accounts payable
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Legality and Ethicality of Corporate Governance This paper will discuss the legality and ethicality of United Thermostatic Control’s (“United”) corporate governance. Given the fact that United is a publicly owned company, the role that the Sarbanes-Oxley Act of 2002 (“SOX”) played in this case will be examined. The discussion will cover various regulations such as the AICPA Code of Conduct, GAAP, and the ethicality of the activities that occurred at United. United Thermostatic Controls
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BUS 424 Auditing Summary of Key Audit Planning Concepts Dr. Miller I. GAAP versus GAAS/SAS Generally Accepted Accounting Principles (GAAP) – Consists of Statements of Financial Accounting Standards (SFAS) created by FASB to guide the preparation of financial statements. Generally Accepted Auditing Standards (GAAS) – 10 general standards representing a framework from which AICPA can provide interpretations. They are organized into 3 groups – General Qualifications, Field Work Performance
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of the MIA By-Laws (on professional ethics, conducts and practice) and ISA220 Quality Control for an Audit of Financial Statements, do you believe that the engagement leader of an audit (like David Duncan on the Enron audit) should have authority to overrule the opinions and recommendations of the accounting & auditing function? Why or why not? In our opinion, the engagement leader of an audit should not have the authority to overrule the opinions and recommendations of the accounting and auditing
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Running head: Auditing Introduction Letter Auditing Introduction Letter From: Charles, Olds and Waterford, CPA To: Apollo Shoes Inc. Dear Mr. Lucas, As the auditor of a local audit firm, Charles, Olds and Waterford, I feel privileged of being given an opportunity to highlight certain aspects of our firm and the services we offer. Considering your precious time, I would try to keep the information as precise as possible. Our firm, Charles, Olds and Waterford has been in business
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annual reports because when these reports are issued, they are also a reflection of the company’s internal controls. The internal control process begins with management and the attitude that management portrays through the company. Manager duties include implementing the policies and procedures used within the company, these policies and procedures are also used to build the structure which is found within the internal control environment. Internal Control Reporting Options An audit report
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Auditing Standards and Practices Council Philippine Auditing Practice Statement 1009 COMPUTER-ASSISTED AUDIT TECHNIQUES PAPS 1009 PHILIPPINE AUDITING PRACTICE STATEMENT 1009 COMPUTER-ASSISTED AUDIT TECHNIQUES CONTENTS Paragraphs Introduction Description of Computer Assisted Audit Techniques (CAATs) Considerations in the Use of CAATs Using CAATs Using CAATs in Small Entity IT Environments Effective Date Acknowledgment 1-3 4-6 7-16 17-25 26 27 28-29 The Auditing Standards and Practices Council
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opinion, with proper use of analytical procedures Ernst & Whinney should have detected the overstatement of the leased assets. The following analytical procedures should have been used, at least at the planning and overall review stages of the audit. Trend analysis is the analysis of changes in an account balance over time. Ernst & Whinney could have compared the balances of the leased assets and rent income and their changes over the years. Also, Ratio analysis could have been used to
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several rounds of scathing criticism for failing to meet what he perceived to be unrealistic profit goals, Nashwinter decided to take matters into his own hands. The young manager began fabricating fictitious inventory on his monthly performance reports to headquarters. By inflating his monthly inventory balance, Nashwinter lowered his division's cost of goods sold and thus increased its gross profit. Several years later, Nashwinter insisted that he had never intended to continue his scheme indefinitely
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