the client has not been established, he or she should ordinarily a. Perform the audit with increase professional skepticism. b. Decline to accept or perform the audit. c. Assess control risk at the maximum level and perform a primarily substantive audit. d. Modify the scope of the audit to reflect an increased risk of material misstatement due to fraud. 2. An auditor should design the written audit program so that a. All material transactions will be selected for substantive
Words: 24670 - Pages: 99
in Corporate Governance This entry was posted on May 16, 2012. Bookmark the permalink. Leave a comment The principles are divided into 4 parts as shown below: 1. Directors 2. Directors’ Remuneration 3. Shareholders 4. Accountability and Audit Below are the guideline set for Directors. 1. DIRECTORS I The Board Every listed company should be headed by an effective board which should lead and control the company. II Board Balance The board should include a balance of executive
Words: 1916 - Pages: 8
However, if an emergency or unavoidable conflict on a particular day causes you to miss class, you may attend another section. Please do not abuse this privilege. Instructor Mark Bradshaw, M.P.A., M.B.A., J.D. Forensics Consultant to PwC Audit Professor in Residence, KPMG (2007) Office: GSB.5.124E; Ph.: 475-8852; E-mail: mark.bradshaw@mccombs.utexas.edu Office hours: Tuesdays and Thursdays from 11:15 – 12:15 and by appointment. I generally prefer e-mail as a means of contact outside
Words: 4401 - Pages: 18
auditing standards, this paper also examines the impact of Sarbanes-Oxley (SOX) and the reasons for the creation of the PCAOB, as well as the implementation of the rules and regulations. Additionally, this paper examines the impact of AS 5. Keywords: audit, AS 5, financial statements, PCAOB, SEC, SOX Table of Contents Introduction ………….……………………………………………………..……………………4 Scandals ...…..……………………………………...……………………………………………4 PCAOB Mission and Vision …………………… ……………………………………………….5 Structure …………………………
Words: 4474 - Pages: 18
Apollo Shoes, Inc. Audit Report The audit firm of Anderson, Olds, and Watershed, CPA (AOW) has been engaged by Apollo Shoes, Inc. to audit the financial statements for the fiscal year ending December 31, 2007, and file the Form 10-k with the SEC within 60 days of this date. It has also been agreed that AOW will prepare the state franchise tax and federal tax returns for Apollo Shoes, Inc. The field work for the audit will begin mid-January, with the trial balance to be sent to AOW shortly after
Words: 1011 - Pages: 5
Which of the following situations would lead to an auditor increasing auditor business risk? 1. The client risk profile is assessed as low risk. 2. Audit staff members are competent and taking continuing education regularly. 3. There are continued problems collecting the audit fee from a client. 4. The audit client uses enterprise risk management to assess fraud risks. b. Which of the following quality control practices at the individual engagement
Words: 4505 - Pages: 19
BRIEF This brief will focus on computer assisted audit tools and techniques (CAATTs) for the audit process and documentation of Kudler Fine Foods (KFF). The purpose of the CAATTs is to facilitate and quicken the audit process for KFF’s accounts receivable, payable, inventory, and payroll systems. Preface KFF has implemented internal controls on its accounting and information systems. It has also targeted four areas of the business system for audit purposes – accounts receivable (AR), accounts payable
Words: 1157 - Pages: 5
within the company or business unit. The idea of the internal control questionnaires is to provide auditors with wealthy information in regards to the controls in place and possible risky areas. “Internal control questionnaires are designed to help the audit team obtain evidence about the control environment and about the accounting and control procedures that are considered good error-checking routines. Answers to the questions, however, should not be taken as final and definitive evidence about how well
Words: 866 - Pages: 4
significance generally attached by the business man to the functions of the auditor and his reports. These functions, and the scope of these reports, have in the past been definitely related to the character of and changes in business activity. Audits and reviews are basically procedures performed on the financial statements of a company, for the purpose of determining whether the financial statements include any material misstatements. Misstatements are essentially wrong numbers due to numerical
Words: 6792 - Pages: 28
of the MIA By-Laws (on professional ethics, conducts and practice) and ISA220 Quality Control for an Audit of Financial Statements, do you believe that the engagement leader of an audit (like David Duncan on the Enron audit) should have authority to overrule the opinions and recommendations of the accounting & auditing function? Why or why not? In our opinion, the engagement leader of an audit should not have the authority to overrule the opinions and recommendations of the accounting and auditing
Words: 1833 - Pages: 8