Transcript of ZZZZ Best Company, Inc ZZZZ Best Company, Inc Case 1.9 Audit Review VS Full Audit Review • The accountant is not aware of any misstatements or material modifications that need to be made • Limited assurance • Auditor has no opinion on the financial statements, just looks them over Barry Minkow- 16 years old 1982 Carpet cleaning business turned insurance restoration Tom Padgett and Interstate Appraisal Services Ernst & Whinney- elaborate scheme to convince them History
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Auditing Introduction Letter From: Langroodi, CPA To : Management of Apollo Shoes, Inc. RE: Auditing and assurance services Dear Mr. Jason, First, I would like to appreciate to giving me this opportunity to explain a couple points related to our firm and services, so then I’ll try to make them understandable and short as much as I can; because I know how valuable your time is. Langroodi CPA has proud to being in business for more than 15 years and we always tried to build a close and
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Olympus cameras began business in 1919 as Takachiho Seisakusho, a thermometer and microscope manufacturing company in Tokyo. It was renamed Takachiho Optical Co. in 1942 and later Olympus Optical Co in 1949, taking its name from its trademark logo, and reflecting the fact that optical products had become the core of company. Today, Olympus’ key business segments include medical imaging equipment, consumer electronics, industrial imaging equipment and scientific devices, including microscopes. Olympus’
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Adequacy of Legal Protection for Auditors Loganathan Krishnan Department of International Business, Faculty of Accountancy and Management, Universiti Tunku Abdul Rahman, loganathan@utar.edu.my This paper was presented at the International Conference on Emerging Issues in Public Law: Challenges and Perspectives, Faculty of Law, Universiti Teknologi MARA (UiTM), 13th to 14 December 2011, Shah Alam, Malaysia. ABSTRACT In Newton v Birmingham Small Arms Co (1906), the English court made
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5.3 The North Face, Inc. 1. Auditors should not insist that clients accept all proposed audit adjustments even those that have immaterial effect on the financial statements. The auditor can give their clients suggestions on where to make adjustments. If the client insists that doesn’t want to make any changes, then the auditor should exercise professional skepticism, when considering the possibility that a material misstatement due to fraud could be present (AU Section 316). 2. The auditor
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IT AUDIT - INFORMATION SYSTEM AUDIT - INFORMATION SECURITY ASSESSMENT IT AUDIT is an independent and systematic exercise of assurance (according to standards or as per the company's defined policy) of the IT environment under study or the business application, in order to give reasonable assurance that controls over IT processes have been implemented in such a way the company can achieve its objectives effectively (using available resources optimally) and efficiently (in terms of performance)
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stockholders actually lost with Enron, which was around 63 billion dollars, where audit fees back in 2003 was 3.6 billion. One question that I still have is; is there a board that audits the auditors? I know that there was a board specific to auditing, but who is to say people aren’t being paid off by these corporations to boost their statements for them?
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AUD 610 TUTORIAL 1 (Professional conduct and ethics) Question 1 For each of the following situations, discuss whether there has been any violation of ethical conduct. Support your answers by reference to the relevant professional code and ethics. I. Wani is a CPA, a partner with Joe and Wani, a CPA firm. Her husband owns 30 percent of shares in an audit client of the firm, but she does not take part in the audit of the client and the value of her shares is not material in relation to her husband’s
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collected and compared with the Inventory Status Report. Corrections are recorded on the Inventory Status Report and entered into the Inventory program. Auditor’s Procedures: Inventory observation is a required procedure under Generally Accepted Auditing Standards. In addition to inquiry regarding the client’s count controls and procedures and observing the client’s overall inventory count process and the organization of the warehouse, the external auditor performs test counts on a sample of inventory
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Chapter 1 Auditing and Internal Control Review Questions 1. What is the purpose of an IT audit? Response: The purpose of an IT audit is to provide an independent assessment of some technology- or systems-related object, such as proper IT implementation, or controls over computer resources. Because most modern accounting information systems use IT, IT plays a significant role in a financial (external audit), where the
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