justify to achieve earning expectation and maintain as reputable company. Another factor is regarding to the problematic audit committee from Mr. Ahmad Bin Ali which is non-independence executive director and incompetence of internal and external auditor lack of professional scepticism and convinced that reputable company will less likely to commit fraudulent
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activities. This does not mean being the only one doing the auditing work. That can be done by any party competent to conduct independent review of the program managers’ monitoring programs. This may include the compliance officer, internal or external auditors, consultants, or any combination thereof. The
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by an outsider who has the qualifications is reliable and acceptable but it should be in written form. The auditors of Grande Store used the phone. This alternative procedure might be acceptable but it should never be used. The auditors felt the differences in the audit were immaterial, but the auditors should have went further and found out the reason for these differences. If the auditors had kept track of the differences they might have found that there were many errors this causing them to find
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However, auditors need to examine whether they have the required professional competence to provide the service since the company has no previous experiences in the industry. - Ocean is planning to go public and expand aggressively national markets. There are many hints throughout the case that management is willing to aggressively manipulate its financial statements in order to achieve better results. With the plans of an IPO, the risk of manipulation is even greater. According to SEC, auditors are
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PCAOB Proposes a New Auditing Standard to Enhance the Auditor... http://pcaobus.org/News/Releases/Pages/08132013_OpenMeeting.aspx Stay Connected: PCAOB Proposes a New Auditing Standard to Enhance the Auditor's Reporting Model Also Proposes a New Related Auditing Standard on the Auditor’s Responsibilities for Other Information in an Annual Report Washington, DC, Aug. 13, 2013 The Public Company Accounting Oversight Board today proposed for public comment a new auditing standard and related
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a. The issue being addressed in the paper: “Risk-Based Auditing, Strategic Prompts, and Auditor Sensitivity to the Strategic Risk of Fraud” written by Kendall Bowlin explains how auditors do not anticipate the strategic risk that arises when client managers anticipate auditors’ risk based resource allocations. The conventional auditing approach suggests that more (fewer) audit resources should be focused on higher (lower)-risk accounts. However, according to the paper’s author this idea is causing
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2. In auditing, the importance of auditor independence cannot be over-emphasised. Discuss the effect on independence when carrying out an operational audit from the point of view of: (a) the internal auditor (b) the external auditor 3. (a) Discuss the role of an internal audit department in a large business organisation. (b) What objectives are common to both internal and external auditors? (c) What factors should be considered by external auditor when deciding to what extent he or she
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Manuel Dolorica is no longer liable with the accusations brought out by the whistle blower. The moment the whistle blower came out and made known to the public the corruptions of government officials, Manuel is not working as an auditor for the government anymore. As an auditor, he performed his responsibility of auditing the government funds and reporting his findings with evidences that proved his discoveries which he did not try to conceal. His liability is limited to reporting the result of the
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financial statements. The procedures selected depend on the auditor's judgment which includes the assessment of risks of material misstatements on the financial statements, whether it is due to fraud or errors. When deciding on the risk assessments, the auditor considers internal control relevant to the company's preparation and fair presentation of the financial statements in order to make audit procedures that are appropriate, but not to express an opinion on the effectiveness of the company's internal
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letter did not specify or inform him that the position was an ASRS position. Mr. Selapack was also not informed of the change by his supervisor or by the HR office at ACI. The personnel transaction was audited in Central Office HR; however, the auditor failed to pick up on the change in the retirement system and it was inaccurately processed, leaving the CORP designator in HRIS and, consequently, contributions to CORP continued.
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