Overview of PCAOB Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements Provided for use with Auditing and Assurance Services: An Integrated Approach, 12th edition Alvin A. Arens, Randal J. Elder, Mark A. Beasley Pearson Prentice Hall, Inc. INTRODUCTION The 12th Edition of Auditing and Assurance Services: An Integrated Approach, includes extensive coverage of key provisions of the Sarbanes-Oxley Act (the
Words: 3261 - Pages: 14
ROLE OF AUDITORS Sections 138 to 148 of the Companies Act deal with accounts, audit and auditors. These provisions will have far reaching implications for the audit profession. In this article some important provisions contained in the companies act, 2013 are discussed. Understanding the definition of auditor An auditor is an independent professional person qualified to perform an audit. In accounting, an auditor is someone who is responsible for evaluating the validity and reliability
Words: 6723 - Pages: 27
Adoption of the Sarbanes-Oxley Act of 2002 ACC 100. Accounting Professor Hiotellis June 4, 2011 New Standards for U.S. Public Companies The Sarbanes-Oxley Act imposed a series of “enhanced” standards on publicly traded companies intended to ensure financial reports were being reported accurately to the public. Among others, these enhanced standards include: • Companies must maintain adequate controls over financial reporting. • Companies must provide a statement regarding
Words: 869 - Pages: 4
Sarbanes Oxley Companies Abstract Sarbanes oxley act 2002 was passed on July 30, 2002 and only the public companies are now feeling its impact. This act frequently called the “most significant accounting or auditing legislation since the securities exchange Act of 1934”. After the implementation it has established its demands to the companies for proper management and disclosure of risk. Nortel networks is a giant corporate in telecom industry and as it is expected they also have faced the challenges
Words: 6143 - Pages: 25
Project Title: HR Audit INDEX SR NO. | TOPIC | PAGE NO. | 1 | Acknowledgement | 3 | 2 | Executive Summary | 4 | 3 | Introduction to HR Audit | 6 | 4 | Qualitative & Quantitative Indicators for HR Audit | 8 | 5 | Types of Audit | 13 | 6 | HR Audit Process | 17 | 7 | Human Resource Management v/s Performance | 21 | 8 | Approaches to Human Resources Audit | 25 | 9 | HR Audit Tools | 30 | 10 | Checklist for HR Audit | 33 | 11 | Audit Report | 35 | 12 | Audit of HR Results
Words: 9781 - Pages: 40
Auditing Cases An Interactive Learning Approach FIFTH M F S D E D ITIO N S. B A. B M. G F. P Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editor in Chief: Donna Battista Acquisitions Editor: Stephanie Wall Editorial Project Manager: Christina Rumbaugh Senior Managing Editor: Cynthia Zonneveld Production Project Manager:
Words: 139985 - Pages: 560
with current auditing guidelines dealing with the going concern decision and the potential role that non-GAAP earnings can play in this decision. Thus, the three primary learning objectives are to teach students: (1) to apply going concern audit standards, (2) about the potential role of non-GAAP earnings in this decision—especially as a predictor of future cash flows, and (3) other issues associated with non-GAAP earnings. This topic is important, as auditors are frequently auditing companies that
Words: 6341 - Pages: 26
The Violet Bay School INTRODUCTION According to the Government Accounting Standards Board (GASB), the objective of financial reporting is to assist a government entity in fulfilling its obligation to be publicly accountable and to enable users to assess accountability (GASB 2007; Government Accountability Office [GAO] 2007). Budgeting, a process whereby government administrators forecast expected revenues and identify planned expenditures, is an integral part of accountability, and the extent to which
Words: 5312 - Pages: 22
Introduction The 21st century started off with the prosecution of several large corporations for unethical financial practices. In response to this, the SEC developed new, more detailed regulations and punishments for failure to comply with ethical financial behaviors. Currently, ethics and compliance play a very critical role in how organizations operate daily. Learning Team C will be identifying the role of ethical compliance within Lowes. Learning Team C will do this by evaluating how the organization
Words: 427 - Pages: 2
auditor to gather evidential matter sufficient to support the opinion. It follows from the concept of sufficiency that a minimum level of audit work, or evidence gathering, is required on every audit conducted in accordance with generally accepted auditing standards. Although this is obvious, it must be accepted that the concept of a required minimum level of audit work is basically undefined and the concept of audit risk unmeasurable with current techniques. The auditor uses his judgment (recognizing
Words: 4278 - Pages: 18
