PRINCIPLES OF AUDITING The field of accounting offers its candidates several career choices from Tax Accountant, Payroll Accountant, CPA, and Forensic Accountant just to name a few. Most of the jobs require a Bachelors’ Degree from an accredited university. Local accounting firms (AKA) public accounting firms provide services such as preparing taxes for business or personal, located within the city limits. The federal, state, and local taxes that are due from or to the business or individual
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Internal auditing covers a broad range of areas that includes a lot of regulation. Even more focus is on information technology. “As the demands of traditional audits responsibilities and the growing burden of information security evolve, the industry is beginning to see emerging trends in internal auditing departments across many organizations” (Hirth, 2012). Information technology controls continue to increase in importance to today’s organizations as reliance on technology and compliance requirements
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THE COLLAPSE OF ENRON & THE INTRODUCTION OF THE SARBANES OXLEY ACT BY TREVOR GARRETT 02/25/2011 Abstract Enron Corporation was one of the largest energy trading, natural gas and Utilities Company in the world that was based in Huston, Texas. The downfall of Enron is one of the most infamous and shocking events in the financial world, and its reverberations were felt around the globe. Prior to its collapse in 2001, Enron was one of the leading companies in the U.S and considered among
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Sarbanes Oxley Act of 2002 Terri Largent BUS591: Financial Accounting & Analysis Dr. Donald Majors August 24, 2015 Fraud is something that the United States and the New York Stock Exchange is all too familiar with, and with the upheaval of many big companies such as Enron, Tyco, Worldcom, Xerox, and Sunbeam, the country’s economic stability took a turn for the worst. However, the year of 2002 brought about many changes for the economic world, most notably to publicly traded companies
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Enron, Arthur Andersen, WorldCom, and Tyco, these corporate names are heard and scandal is what it thought. When corporate names become associated with scandal and greed, public confidence begins to falter. The Sarbanes-Oxley Act (SOX) came to be in July 2002 and introduced major changes to the regulation of corporate governance and financial practices. Also like other regulatory requirements, some sections of the act are more pertinent to compliance than others. Sarbanes-Oxley has been called by
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the auditing standards put in place by the SEC. AICPA principles will be followed, ensuring that the Keller CPAs are independent of the client and free of conflicts of interest when performing professional responsibilities. Q2 Discuss the essential activities involved in the initial planning of an audit. How do these all specifically relate to the Smackey Dog Food client? SOLUTION: 1. Understand the client’s business and industry. Keller CPAs can use its experience from auditing other
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Why or why not? The partner-in-charge is responsible for leading the engagement team through the audit and making decisions during the process. The partner is responsible for reviewing the team’s final work, monitoring quality control standards and maintaining the human-resource policies of the firm. It is required that partners rotate periodically. Auditing & Assurance Services states “as required by the Sarbanes-Oxley Act, the SEC independence rules require the lead and concurring audit partner
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Running head: AUDITOR INDEPENDENCE Auditor Independence Linda Bell Strayer University Auditing ACC403 Ronal P. Lentz, CPA, PhD March 26, 2010 Auditor Independence After the Enron scandal in late 2001, the government decided that there was a need for more regulations for the accounting profession. The Sarbanes-Oxley Act of 2002 was enacted to ensure more controls on accountants and public companies. One of the issues addressed in the act was the independence of auditors. In 2003
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Chapter 2 The CPA Profession ← Review Questions 2-1 The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services, which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four
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cONcEPT Of AUDIT RISK, MAKINg REfERENcE TO THE KEY AUDITINg STANDARDS WHIcH gIVE gUIDANcE TO AUDITORS AbOUT RISK ASSESSMENT. 01 TEcHNIcAL audit risk RELEVANT TO AccA QUALIfIcATION PAPERS f8 AND P7 AND This article outlines and explains the concept of audit risk, making reference to the key auditing standards which give guidance to auditors about risk assessment. Identifying and assessing audit risk is a key part of the audit process, and ISA 315, Identifying and Assessing the Risks
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