BENSON IDAHOSA UNIVERSITY BENIN CITY COUSE CODE: ACC 811 TOPIC: EXAMINE THE ISSUES WHICH WERE THROWN UP IN THE CBN AUDIT OF THE NIGERIAN BANKING SYSTEM IN 2009 AND ASSESS THE EXTENT TO WHICH THIS COULD BE ATTRIBUTED TO ACCOUNTING FAILURE BY OBOR OMUEKPEN EVARISTA (MSC ACCOUNTING) EXECUTIVE SUMMARY The reform started when it became clear that poor corporate governance practices, over and undue exposure to the capital market, oil and gas sector, poor risk management practices and inadequate
Words: 2977 - Pages: 12
factors that affect the risk of material misstatement -design tests of controls and substantive proceduresThe auditor’s understanding of the internal control is a majorfactorindeterminingtheoverallauditstrategyThemajor factor in determining the overall audit strategy. The auditor has a responsibility to: (1)obtain an understanding of internal control and ()g(2)assess control risk. 6-3 InternalControlLO# 2 Internal Control Objectives Reliability of Financial Effectiveness & Efficiency ofOperationsCompliance
Words: 264 - Pages: 2
auditors. The company was incorporated in Swaziland on 01 March 2012. The authorised and issued share capital of the company is 55 000: El shares. Sandile Khumalo, popularly known as 'SK' amongst his peers is the audit senior in the Chelsea engagement. He is a very competent clerk and his audit work has been credited as one of the best in the history of the firm. Sandile has prepared the following working paper in relation to the Chelsea engagement for the attention of the Team Manager and Engagement
Words: 9007 - Pages: 37
A Letter from Prison: Background: Introduction to Accounting Ethics. Reading Assignment: The case Summary of Sarbanes-Oxley (2nd page of this document) Pages 18-19 of the text. Assignment Questions: 1. What did Stephen Richards and other members of Computer Associates management do? 2. What impact did these actions have on financial statement users? 3. What were the motivations for these actions? 4. Do you believe the actions taken by Richards and other members of Computer Associates' management
Words: 425 - Pages: 2
recently: a new Vice President has been appointed. MA has switched to another audit firm since the new VP is a good friend of the former engagement partner resulting in a conflict of interest. MA has now appointed E&Y as its new audit firm. The engagement partner has, in turn, appointed you to gather information about MA ‘s general and application controls as well as some of CAATs that we can use in this new audit. You spoke to some of MA’s employees and did some additional research regarding
Words: 4452 - Pages: 18
controls: its audit committee its management team or its independent auditors? Explain The management has the final responsibility for the authenticity of internal controls. The client prepares the financial statements and the management makes certain claims or assertions about these numbers. The auditor's validate the management's assertions by identifying audit objectives, which are the auditor's version of assertions on the financial statements. The auditors are hired by the audit committee,
Words: 617 - Pages: 3
“A STUDY ON BANK AUDITING” BACHELOR OF COMMERCE BANKING & INSURANCE SEMESTER V (2013-14) SUBMITTED BY: ANERI SHAH ROLL NO - 88 PROJECT GUIDE: PROF. SONALI DEOGIRIKAR K.J SOMAIYA COLLEGE OF ARTS,& COMMERCE, VIDYAVIHAR (EAST), MUMBAI-400077 K.J.SOMAIYA COLLEGE OF ARTS, & COMMERCE, VIDYAVIHAR (EAST), MUMBAI – 400077 PROJECT ON: “A STUDY ON BANK AUDITING” BACHELOR OF COMMERCE (B&I) SEMISTER V (2013-2014) Submitted In Partial Fulfillment of the requirements
Words: 15830 - Pages: 64
AUDITING ONLINE TEST 1. A limitation of an audit is caused by: a. The nature of financial reporting. b. The nature of audit procedures c. The need for the audit to be conducted within a reasonable period of time and at a reasonable cost d. All of the above 2. Which of the following is NOT true about Corporate Social Responsibility assurance? a. Reporting is voluntary and is becoming more widespread. b. Includes both financial and non-financial information
Words: 494 - Pages: 2
Situation analysis Important internal controls that were ignored? The auditors of Enron did fail in their task of providing a duty of care to all of the parties. The main reason for this is that they failed to correctly audit the assets and financial position of Enron resulting in all stakeholders having no clue about the forthcoming collapse of Enron. This resulted in the stakeholders facing a very critical condition or a phase where in they were not sure if they would be able to recover their
Words: 1151 - Pages: 5
Jarvis Smith Finance 4311 Corporate Governance and Ethics First Paper Corporate governance has been define many different ways throughout time, but there is one definition that I feel properly demonstrates what corporate governance means. Corporate governance refers to the system by which corporations are directed and controlled. The governance structure specifies the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors
Words: 563 - Pages: 3
