22E21000 Auditing - Theory and Practice Case: UNITED STATES SURGICAL CORPORATION Case: UNITED STATES SURGICAL CORPORATION Answer 1. In our opinion, with proper use of analytical procedures Ernst & Whinney should have detected the overstatement of the leased assets. The following analytical procedures should have been used, at least at the planning and overall review stages of the audit. Trend analysis is the analysis of changes in an account balance over time. Ernst & Whinney could
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limitations of the services we will provide on the Apollo Shoes Company internal audit services. The objective of our audit is the expression of an opinion whether your financial statements are fairly and materially presented. Our audit will aligned with auditing standards GAAP and will include tests of your accounting records and other procedures we consider necessary to enable us to express such an opinion. If our opinion anything but unqualified, we will discuss this with you before issuance of the opinion
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agency theory, financial reports are thus regarded as reports to owners of the business who are the principals and the external auditor is seen to act for and on behalf of the owners. DEFINITION OF AUDIT STATEMENT OF AUDITING STANDARDS-GLOSSARY OF TERMS issued by the Auditing Practices Board defines an Audit as; “ An exercise whose objective is to enable auditors to express an opinion whether the financial statements give a true and fair view of the entity`s affairs at the end of a period and
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Framework Auditing Standards and Practices Council PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS Framework PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS CONTENTS Paragraph Introduction 1-6 Definition and Objective of an Assurance Engagement 7-11 Scope of the Framework 12-16 Engagement Acceptance 17-19 Elements of an Assurance Engagement 20-60 Inappropriate Use of the Practitioner’s Name 61 Effective Date 62 Acknowledgment 63-64
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Indiana University Kelley School of Business Indianapolis BUS A375 18265 Internal Auditing: Process Controls BUPA A575 18579 Internal Auditing and Corporate Governance Fall 2011 Meetings: 6:00- 8:40 W, August 24 – December 14, 2011, Room BS2007 Required Textbook: Internal Auditing: Assurance and Consulting Services 2nd Edition, Reding et al., © 2009, The IIA Research Foundation, ISBN-13: 978-0-89413-643-6. Optional Materials: Gleim CIA Review Manual, 14th edition, Part
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internal auditors behave and practice with: n Integrity. n Objectivity. n Confidentiality. n Competency. It also delineates rules of conduct under each of the principles. A code of ethics is necessary and appropriate for the profession of internal auditing, founded as it is on the trust placed in its objective assurance about governance, risk management, and control. Ethical Values According to the Institute for Global Ethics (IGE), five ethical values exist in any human culture, regardless of
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Evaluate management’s assessment process; 3. Understand the company’s internal control over financial reporting; 4. Test and evaluate the design effectiveness of the company’s internal control over financial reporting; 5. Test and evaluate the operating effectiveness of the company’s internal control over financial reporting; 6. Form an opinion on the effectiveness of internal control over financial reporting. Generally, Auditing Standard No. 2 also requires auditors to perform
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Business Research and Ethical Issues in Independent Auditing Te’ Portia Sibley RES 351 John Gilpin Jan, 22, 2014 The role of an auditor is to audit with integrity and objectivity. In an essay by Roger D. Martin, the role of an auditor should expand to assess the integrity and ethical values of their client as well. The purpose of this research was to bring to light how the auditor-client relationships could devolve into questionable behaviors. This article is in response to the regulations
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LBJ: SOON TO BE A PUBLIC COMPANY A Guide To Internal Control Table of Contents 1. Introduction 2. Internal Control Standards 3. LBJ’s Successes 4. LBJ’s Opportunities For Improvement 5. Conclusion Introduction This is a report for the LBJ Company to better assist with the needs of internal control. Our findings are based off of what has been shared with us by the company president on how LBJ Company operates on a day to day basis. It does seem
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Name: Josue Tumialan Student ID: 213-851-407 Section: B Individual Assignment Beaumont Limited A. Provide 2 causes of information risk relating to the financial statements of BL and explain how the conduct of an audit reduces each Information risk is the likelihood of improperly record information which end up being provided to decision makers. In this case I was able to identify two possible causes of information risk at Beaumont Limited: i. Not adopting proper internal
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