Xavier University – Ateneo de Cagayan Office of Student Affairs Student Activities and Leadership Development Student Organization Financing Guidelines 2014 Edition I. Introduction a. Audit Environment Student organizations, just like any other organizations have basic financial needs necessary for them to operate and perform their functions. These financial needs are being provided by the members and the school (also referred to as the stakeholders), and it is the responsibility
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four questions about SOX, sequential, non accounting services and physical control. After that, the report will analyze two case studies, and then discuss the relevant topics related to accounting information systems in detailed. Content Introduction 1 The influences of SOX on provision of attest and advisory services 1 Background Information on SOX 2 Description of attest and advisory services 2 Influences of SOX on attest and advisory services 3 Comparison among sequential, block
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wish to reproduce this material separately. United States Government Accountability Office Washington, DC 20548 February 2009 TO AUDIT OFFICIALS, CIOS, AND OTHERS INTERESTED IN FEDERAL AND OTHER GOVERNMENTAL INFORMATION SYSTEM CONTROLS AUDITING AND REPORTING This letter transmits the revised Government Accountability Office (GAO) Federal Information System Controls Audit Manual (FISCAM). The FISCAM presents a methodology for performing information system (IS) control 1 audits of federal
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the company had managed to secure. Encik Zayed had assigned the tasks to Cik Amy, the Finance Executive who was newly appointed by the company to analyze and provide the Auditors with the necessary clarifications and documentations. 2.0 Introduction 3.0 Analysis of the issues and recommendation Were there any abuses of power by the management and breach of fiduciary on the part of the directors from the legal perspective? Under Section 4 Companies
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1.0 INTRODUCTION Every company has to do the auditing of its financial statements in every end of year in order to analyse the securities of the companies. In doing these analysis, the auditors can see whether the company is succeeding, either making profit or the other way around. The auditors can reveal many problem issues concerning the company’s financial statements and hence to clear these problems. In the case of Flat Cargo Berhad (FCB), the auditors have found some inconsistencies in the
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159264 Semester 2, 2013/2014 * Table of Contents 1.0 Introduction 1 2.0 Case Overview 2 3.0 Issues Identified in FCB 4 3.1 Material Misstatements in Financial Statements of FCB 4 3.2 Lack of Internal Control 7 3.3 Weaknesses on the Corporate Governance 9 3.4 Ethical Issues of the Top Management and Auditors 11 4.0 Recommended solutions 15 5.0 Conclusion 23 6.0 Appendices 24 Introduction Flat Cargo Berhad (FCB) is an air cargo company, which was listed
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Evidence on the Audit Risk Model: Do Auditors Increase Audit Fees in the Presence of Intemal Control Deficiencies?* CHRIS E. HOGAN, Michigan State University MICHAEL S. WILKINS, Texas A&M University 1. Introduction Internal controls over financial reporting (ICOFR) should provide reasonable assurance about the reliability of financial statements by setting in place policies and procedures related to maintaining accounting records, authorizations, and safeguarding of assets.' For such controls to
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Guidance for audit committees Reviewing auditor independence November 2003 The Combined Code on Corporate Governance – July 2003 C.3 Audit Committee and Auditors Main Principle: The board should establish formal and transparent arrangements for considering how they should apply the financial reporting and internal control principles and for maintaining an appropriate relationship with the company’s auditors. Code provisions C.3.1 The board should establish an audit committee of at least
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Introduction to Sarbanes – Oxley Act of 2002 The Sarbanes – Oxley Act of 2002, also known as the Public company accounting reform and Investor Protection Act of 2002 and commonly called SOX or Sarbox is a United States federal law passed in response to a number of major corporate and accounting scandals including those affecting Enron and WorldCom. The Act establishes a new quasi-public authority, the Public Company Accounting oversight Board for overseeing, regulating, inspecting and disciplining
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THE SARBANES-OXLEY ACT: A REVIEW OF THE LITERATURE 1 The Sarbanes-Oxley Act Matthew Gurniak University of Maryland University College Author Note This paper was prepared for AMBA 630, Section 9046, taught by Professor Wylie. Introduction American investors lost confidence in the American market, as a result of several large companies falsifying financial statements. In response to this matter, Congress passed the Sarbanes-Oxley Act (SOX) in the year of 2002 (Rehbein, 2010, p.90)
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