What are Audited Financial Statements, samples and Templates? Posted on January 7, 2012 Financial statements are one of the most important aspects of a business. There are several types of financial statements, with the three main ones being receipts and payments account, balance sheet and expenditure account. Forming and managing such accounts require a high level of knowledge and expertise, and that includes the analysis of financial states. Let’s take a quick look at financial statements of
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Case 1.9 Case 1.9 Question 1: Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31, 1986. How does a review differ from an audit, particularly in terms of the level of assurance implied by the auditor’s report? Answer: A review report does not assess the control risk of a company, which means Ernst & Whinney could have not gotten the proper risk that a material
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Controls for InformationTechnology and Reporting and Evaluation Julie Strange University of Phoenix ACC/544 Internal Control Systems Christina Yang October 24, 2011 Controls for Information Technology The success of a business is determined by how effective its managers are in managing risk. Therefore, acquiring effective risk management helps to protect the company from losses because of poor accounting practices as well as fraudulent activities. Using good
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Assignment # 1 Case 6.1 The Greater Providence Deposit & Trust Embezzlement Accounting Information Systems – ACC 564 Professor Jim Ridilla October 23, 2011 Discuss how Greater Providence Deposit & Trust might improve its control procedures over the disbursement of loan funds to minimize the risk of this type of fraud. Segregation of duties is a fundamental element of internal control in any company. No single employee should be given too much responsibility over certain
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Commissions (SEC). Our assurance programs have various auditing and attesting categories that your company can select. We concentrate in auditing services based upon your need in the areas of system audit, product and services audit, department audit, conformance audit, compliance audit, and process audit. We approach each audit through the evaluation of internal control, analyzing procedures, and applying the best strategic systems approach to auditing. I get involved on the high level assurance valuation
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......... p. 6 Step 5: Important Risk Areas and Factors ........................................................................... p. 7 Step 1: Client Acceptance Decision Process Barnes and Fisher needs to decide whether it will accept the auditing request of Ocean Manufacturing Inc. or not. In the process of the client acceptance decision five steps are necessary in order to come to a result. The first step of this process is to gain information about client’s company background. Ocean Manufacturing
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Esanda Finance Corporation Ltd v Peat Marwick Hungergords – indirect recipient of info • Facts: financier (Esanda) lent money to Excel in reliance on E’s audited accounts (Peat Marwick) and reports - could not recover money. Sued E’s auditors for alleged negligence. • Issue: whether auditors owe a duty of care to persons other than their clients who have relied on their unqualified reports in entering various financial transactions. • Held: Esanda appealing – appeal dismissed auditors do not
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The Art Of Auditing Internal Auditor, August, 2000 by Lawrence Metzger "Creativity" and "auditor" are not contradictory terms. In fact, creative thinking is the linchpin of effective internal auditing--and it's a skill you can learn and polish. The work of internal auditors is as much an art as it is a science or technique. The internal audit process encompasses far more than a series of rote checklists; it is much more akin to an archeological dig, where layers of information are methodically uncovered
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Case Synopsis 1918 : Arthur Androids form an audit firm called Androids & Co. For many years, the Androids’ motto was “Think straight, talk straight” as it emphasis on honesty. 1987 : David Lawrence appointed as Androids’ partner in charge of auditing Enronaa’s accounts. His job was to check Enronaa’s accounts and to make sure that they fairly represent the state of the business. 1997 : US SEC found Androids guilty of issuing materially false and misstatement audit reports on Solid Waste financial
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Chapter seven: fraud risk assessment Definitions related to fraud * White collar crime: Misdeeds committed by business and government professionals, typically non violent * Fraud: in a financial statement audit team, an intentional act by one or more individual amount management, those charged with governance, employees or third parties, involving use of deception to obtain an unjust or illegal advantage is knowingly making material misrepresentations of fact, with the intent of inducing
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