Auditing Introduction Letter ACC/546 December 22nd, 2014 December 22, 2014 Anderson, Olds, and Watershed One Main Drive Seattle, WA 99304 Senior Vice President Research and Development Anderson, Olds, and Watershed One Main Plaza Ontario, CA 95112 Dear Apollo Shoes: I understand that environmental and energy-reduction concerns have been on your priority list for some time now. With rising energy costs and a slowing economy, I commend your efforts to explore additional
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INTRODUCTION There was large actual deficit of 12.1$ found in Violet Bay. A special grand jury investigation then uncovered numerous internal control problems that contributed to the deficit. In this memorandum, I will discuss Violet Bay School District’s control systems. I will evaluate the control system using the framework in COSO framework and identify control mechanisms. I will also address the components of the fraud triangle that were present at VBSD. EVALUATION OF CONTROL SYSTEM
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Chapter 1 An Introduction to Assurance, Auditing, and Related Services A. Assurance Services 1. Which of the following statements best describes assurance services? a. Independent professional services that are intended to enhance the credibility of information to meet the needs of an intended user. b. Services designed to express an opinion on the fairness of historical financial statements based on the results of an audit. c. The preparation of financial statements or the collection,
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Case 3.4 Sunbeam: Incentives and Pressure to Commit Fraud 1. Consult paragraph 9 of PCAOB Auditing Standard No. 5. Based on your understanding of inherent risk assessment and the case information. Identify three specific factors about Sunbeam that might cause you to elevate inherent risk. The fact that the structure of the organization was in major flux and that the employees were probably in chaos mode with all the terminations in management, I am sure that the overall tone from the top
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Introduction The Molex Corporation is an electronic connector manufacturing firm, which is based in Illinois. This company is facing a financial reporting problem in which the financial statements were overstated. Joe King ,the CEO of the company, was appointed in July of 2001, and was responsible for managing and inventory control, among other very important duties. Diane Bullock was hired in 2003, to replace the previous CFO. Both Bullock and King were being accused of what? by the external
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Corporate governance and Auditing Introduction Corporate governance is a method that the proprietors and financial providers of a business exercises power and necessitate accountability for the assets that is trusted to the business. The proprietors choose a board of directors to be responsible for overseeing the business’s actions and accountability to interested parties. Many parties have a stake in the quality of an organization’s corporate governance. In this assignment, I will discuss two
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Analysis of the Smackey Dog Foods, Inc. Audit AC555 – External Auditing Devry University Professor Dorothy Brandt Keller Graduate School of Management Introduction Smackey Dog Foods, Inc. is a private own dog food manufacturer. The company was started by three sisters in the suburbs of Chicago. Smackey’s clientele are veterinarians, local pet stores and groceries stores. Smackey is in the process of expansion, and the purchase of new equipment produced the demand for an independent
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guidance 2.2 Introduction The emergence of today’s auditors happened during the Industrial Revolution that started in Great Britain around 1780. This revolution led to the emergence of large industrial companies with complex bureaucratic structures and, gradually, the need to look for external funds in order to finance further expansion: the separation between capital provision and management. Both developments resulted in demand for the services of specialists in bookkeeping and in auditing internal
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Management, Universiti Putra Malaysia Takiah Mohd Iskandar Faculty of Economics and Business Management, Universiti Kebangsaan Malaysia Hasnah Haron School of Management, Universiti Sains Malaysia ABSTRACT The Malaysian Approved Standards on Auditing, AI 240 on “Fraud and Error” (MIA, 1997) requires the auditor to assess the risk of fraud and error during the audit of financial statements. Based on the risk assessment, the auditor should design audit procedures to obtain reasonable assurance
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Current Issues in Auditing Volume 9, Issue 2 2015 Pages P36–P41 American Accounting Association DOI: 10.2308/ciia-51279 PRACTITIONER SUMMARY How Client Identification and Client Commitment Uniquely Influence Auditor Objectivity David N. Herda and James J. Lavelle SUMMARY: This article summarizes our recent study, ‘‘Client Identification and Client Commitment in a Privately Held Client Setting: Unique Constructs with Opposite Effects on Auditor Objectivity’’ (Herda and Lavelle 2015)
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