Management of a company has responsibility for financial statements and related disclosures Board of Directors (audit committee) is responsible for ensuring that processes are in place for maintaining the integrity of the company's accounting, financial statement prep, and financial reporting Independent Auditors (CPA's) present Unqualified (clean) Audits Unqualified/Clean Audit- attests to the fairness of financial statements and related disclosures Institutional Investors- private and public
Words: 1653 - Pages: 7
and explain your reasoning. a. An adverse report would be issued when an auditor was unable to observe a company’s inventory count at the beginning of the year because the auditor was appointed during the year. (1 mark) b. When encountering a violation of generally accepted accounting principles in an audit of financial statements, the auditor will decide between an unmodified report, a qualified report, or a disclaimer of opinion report. The main consideration will be the materiality
Words: 1982 - Pages: 8
Management Standards ............................................................................................. 1 Internal Control Standards ........................................................................................................ 2 Audit Standards ......................................................................................................................... 3 Reporting Standards .............................................................................................
Words: 3186 - Pages: 13
happenings and in a way ensure the financial market runs at equilibrium. In the article the quote appeared, Michael Izza also states that the Joint Stock Companies Act introduced Statutory Audit. From here we begin to highlight the importance of a statutory audit to business functionality. A statutory audit entails an auditor expressing his opinion whether the financial statements are prepared in all material aspects, in accordance
Words: 2299 - Pages: 10
Annual Report 2009 Wits Gold Prospecting Rights in the Witwatersrand Basin, South Africa Witwatersrand Basin Johannesburg Carletonville Potchefstroom Goldfield Evander Klerksdorp Klerksdorp Goldfield Potchefstroom N 0 100 Km Welkom Southern Free State Goldfield Wits Gold Prospecting Rights Mining Leases Witwatersrand Basin Basement Rocks Disclaimer Certain statements in this directors’ report may constitute forward-looking information within the meaning of securities
Words: 47489 - Pages: 190
AUDIT PRACTICE & ASSURANCE SERVICES PROFESSIONAL 2 EXAMINATION - APRIL 2010 NOTES: SECTION A: Answer Question 1, and SECTION B: Answer any two from Questions 2, 3 and 4. (If you provide answers to more questions than required in Section B, you must draw a clearly distinguishable line through the answer not to be marked. Otherwise, only the first two questions to hand will be marked.) Time Allowed 3.5 hours, plus 20 minutes to read the paper. Examination Format This is an open book
Words: 8397 - Pages: 34
Attestation Roger Philipp, CPA AUDIT Written By: Roger Philipp, CPA Roger CPA Review 1288 Columbus Ave #278 San Francisco, CA 94133 www.RogerCPAreview.com 415-346-4CPA (4272) AUDIT Table of Contents Introduction…………………………….………………………………..………………1 AUDIT-1 Audit Standards & Planning…………………………………………….…………….…...2 AUDIT-2 Internal Control…………………………………………………………………….………...3 AUDIT-3 Audit Evidence…………………………………………………………….………………....4 AUDIT-4 Audit Sampling........................
Words: 11022 - Pages: 45
Table of Contents 1.0 Introduction 1 2.0 Discussions 3 2.1 Leadership and Culture 5 2.2 Internal Control 8 2.3 Internal Audit 13 2.4 External Audit 16 2.5 Board of Director (BOD) 19 3.0 Conclusion 21 4.0 Biliography 22 1.0 Introduction WorldCom is a profit organization that specialized in local, long distance and international plans, high cable internet, prepaid cards, and provided telecommunications to customers nationwide with business corporations making up the majority of the 20 million
Words: 5570 - Pages: 23
The areas of its ethic audit that Soumey should change: even in general, Alan be the ethics compliance officer with full support of top management but Alan does not take a good care for the company. Alan did not take serious Jerry’s advice about having another outside audit which might be better for Soumey. From the beginning, Alan just let TIW, an accounting firm highly recommended by Latisha but he did not check and make sure whether TIW is good for Soumey’s type of business or not. Alan just looked
Words: 334 - Pages: 2
North Face Case Questions 1. Should auditors insist that their clients accept all proposed audit adjustments, even those that have an “immaterial” effect on the given financial statements? Defend your answer. No, clients are not required to accept all proposed audit adjustments that need to be made to the financial statements. However, the auditor is required to challenge management to justify not recording these adjustments. Regardless of the justification, the auditor needs to be aware that
Words: 1307 - Pages: 6
