ACC30010 Auditing Unit Revision 1 S1, 2015 Exam Preparation: In presenting for the final exam it is expected you have: Read the set chapters in the textbook Read the lecture slides Done all of the set tutorial work Minimise what you are memorising – far better to understand: There will be some things you will need to commit to memory. There needs to be structure to your exam preparation: Topic summaries – not past exams! Read 2 as many auditing questions
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skepticism with characteristics of the client and adjust their assessed risk accordingly. As the number of risk factors increase, auditors are normally more skeptical. Due to the fact that many audit firms provide guidelines on the risk assessment process to their auditors, auditors are applying more presumptive doubt and
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(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 a governmental entity adheres to its budget is a major consideration when assessing accountability
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Introduction The Sarbanes-Oxley Act (SOX) was signed into law in July 2002 with the goal of improving the scope of declared information and the rectitude of financial statements of U.S. publicly traded companies through increasing their reporting standards, the implementation of independent audits, and the institution of steep penalties for corporate executives who submit fallacious filings (Botes, 2012). These actions provide increased investor assurance of the accuracy of public financial filings
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Forensic Audit vs. Financial Audit • How Does a CPA-Audited Financial Statement Add Value? • Financial Statement Certification • What Is a Certified Financial Statement? • Audit Procedures for Income Statements • Phases of the Audit Process A financial statement audit is an engagement performed by an independent accountant to provide assurance that an entity’s financial statements are reported in accordance with accounting principles generally accepted in the U.S. Specifically
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trading and leasing of aircraft and supplying of aircraft spare parts and accessories. Kencana & Associates served as FCB’s auditors. During their audit of the 2006 accounts, the auditors identified several discrepancies. They incurred a number of auditing difficulties, i.e. the inability to verify aircrafts, returned debtors’ confirmation letters, unsupported sales transactions, improper amounts of recorded loan, and unverified abnormal items. The situation posed reconciliation problems to the auditors
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Case Study #1 Timothy Grant 11/06/2015 The survey is a tool used to identify risk. To determine the likelihood of a security problem or vulnerability to the facility and infrastructure of an organization. This process will be used to determine risk after normal management safeguards have been applied. The type of security checklist I will create, will be the tabular format. The focus will be on the infrastructure and the perimeter. The survey will show areas of weakness, deficiencies and
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companies and also companies have not been disclosing all the facts about their financial position. These problems are the reasons why there is a need for an overseeing, unbiased board of professionals. The board can help stop most of the problems with auditing and filing of financial statements. The board can do so by establishing and enforcing rules and standards for public companies and auditors. The two recent boards that have attempted to solve the problems are the Independence Standards Board and
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GLOSSARY OF TERMS 1 (August 2013) Access controls—Procedures designed to restrict access to on-line terminal devices, programs and data. Access controls consist of “user authentication” and “user authorization.” “User authentication” typically attempts to identify a user through unique logon identifications, passwords, access cards or biometric data. “User authorization” consists of access rules to determine the computer resources each user may access. Specifically, such procedures are designed to
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great pleasure that I introduce myself to you and say how pleased we are that you have chosen our firm for your auditing and assurance needs. My name is Paula Smith, and I am the Senior Auditor, in charge of your account. I will be working with you throughout the process of our engagement. I would also like to take this opportunity to highlight some details for you to make the audit process a smooth one. First, you can expect an engagement letter from us within the next 5 days from the date of this
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