Department of Law, Economics, Accountancy and Risk AUDITOR INDEPENDENCE Introduction The concept of independence is strongly associated with professionally standard auditing (Olagunju, 2011, pp.85). In other to maintain the utmost standard for the accounting profession, independence is seen as being free from control or pressure and not allowing situations which would tend to weaken objectivity or create personal preconceived notions (Porter and Simon et al., 1996). Audit improves the trustworthiness
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Academic Year: 2014/15 Module code: P13505, Level 3 Autumn Semester Module Outline: Auditing, Governance and Scandals (AGS) |Module Convenor |Dr. Kevin Dow, AB474 | |Lectures |Dr. Kevin Dow | | |TH 4:00-5:30, TB 329
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Auditing Fall 2015 ACCT 412A – MWF 1:00 – OLIN 220 Instructor: Diane Slider Farley Office: Olin 110 Email: farleyds@wofford.edu Phone: 597-4530 Course Description and Goals This course is an introduction to auditing and assurance services. We will learn why there is a demand for audits and the basic steps involved in performing an audit. We will apply auditing concepts to cases throughout the semester. Although many concepts must be committed to memory, our focus will be on
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Enron Case 10.8.2014 Melissa Becker Boya Du Sidi (Fiona) Chen Wei (David) Yu In June of 2001 Enron’s new CEO, Jeff Skilling, was heralded as the “No. 1 CEO in the entire country and Enron was saluted as “America’s most innovated company.” Just six months later, in December, Enron filed for bankruptcy. The failure shocked the public and angered investors. How could this have happened? Did no one see this coming? Where were the accountants? Where were the controls? Enron’s public troubles
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OVERVIEW OF AUDITING I. Review Questions 1. One definition of auditing is that it is a systematic process by which a competent, independent person objectively obtains and evaluates evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. The Philippine Standards on Auditing (PSA) 120 “Framework of Philippine Standards on Auditing” states the
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Shoes, is considering utilizing my firm, AOW, for auditing and assurance services. I want to personally thank you for the consideration. There are a few services I can offer your company that would be very beneficial to you. These services including auditing your financial statements, attestation services, controls over and risks related to investments, and fraud and illegal acts risk assessment. Auditing Service When it comes to auditing, we are here to audit your financial statements.
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Evolution of Auditing Abstract It is essential for any business to use physical, mechanical, and electronic controls. Audits are a critical and an important part of every company whether performed internally or externally. The definition of physical control is safeguarding the assets of the business. Mechanical and electronic controls were created to safeguard assets and enhance the accuracy and reliability of the accounting records. Some methods that managiment and auditors can employ to prevent
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Nature of Auditing and the Public Accounting Profession 1. Auditing neither creates goods nor adds utility to existing goods and therefore does not add value to business. Auditing exists only because it has been legally mandated. Auditing exists because it is needed by the company. It is beneficial to users who need assurance if their financial statements reflect economic conditions that occurred in a period. Without reliable information, companies might make less effective decisions which
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address system integrity and the use of computer assisted auditing techniques (CAATs). This brief will examine the following: how CAAT is used to validate data and system integrity within the system, explain the functions of audit productivity software, and explanation of how audit productivity software might be used in the system designed. How CAAT is used to validate data and system integrity Auditors prefer to use computer assisted auditing techniques (CAATs) for many reasons. They enable auditors
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Commission) as part of the submission for safety certification under Commission Regulation 1158/2010. Our internal audit processes meets the requirements of section S of the Common Safety Method Directive (CSM) by demonstrating that there is an auditing system that is • Independent • Impartial and transparent • Planned and revised dependant on results of previous audits • Procedures are in place for competent auditors • Management of recommendations and communications of findings to persons
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