The Sarbanes-Oxley Act of 2002 and the PCAOB Liberty University Abstract As a result of massive accounting scandals in the United States between 2001 and 2002 involving notorious companies, such as Enron, Worldcom, Tyco, and various other recognized entities, President George W. Bush signed into legislation during 2002 the Sarbanes-Oxley Act of 2002. This historic piece of legislation has had a profound effect on the accounting profession. As a result of the act, the PCAOB was created. Since
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Chapter 1: Auditing: Integral to the Economy 5 copy 1. The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. True False 2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence. True False True False True False True False 3. Auditors should
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will run compliance audits to evaluate compliance with laws and regulations and organizational policies and procedures. The auditor will help the organization meet compliance with Committee of Sponsoring Organizations internal control standards. COSO has developed wide-ranging internal controls for organizations in the Guidance on Monitoring Internal Control Systems. The guidance provides objective assistance with the development and monitoring of internal controls. “The current guidance re-emphasizes
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http://pcaobus.org/Standards/Auditing/Pages/default.aspx 1. After the report release date – can the auditor delete or discard or add information to the audit work papers? Information cannot be deleted or discarded from the audit work papers after the report release date, but information can be added to the work papers after the release date. 2. Certain audit matters may be documented in a central repository for the public accounting firm or in the particular office participating
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Audit Proposal Tonja Wallace Georgia State Accounting Information Systems ACC 542 Deborah Johnson September 06, 2010 Audit Proposal Our firm has been working with Kudler Fine Foods for several weeks implementing a new accounting information system (AIS) that will assist with the process of payroll, inventory, accounts receivable and payables along with the daily sales. The current AIS that have been implemented will address the systems integrity and the new system will help KFF to
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Comprehensive Checklist for Evaluating Internal Controls ACC/544: Internal Control Systems Comprehensive Checklist for Evaluating Internal Controls As defined by the COSO framework, there are five elements that are used to explain an internal control system applied in an organization. These elements include: 1. Control Environment – The control environment is the foundation for the other four components of internal control. It outlines discipline and structure for the internal control
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Kellogg vs Nestle Kellogg Company Kellogg’s Company (“Kellogg’s”) was founded in 1906 and incorporated in Delaware in 1922. Kellogg’s is a publicly traded company on the New York Stock Exchange under the ticker symbol K. Kellogg’s is engaged in the manufacturing and marketing of ready-to-eat cereal and convenience foods. Kellogg’s manufactures these products in 20 countries and markets them in over 180 countries. Major brand names trademarked by Kellogg’s include: All-Bran, Apple Jacks, Cheez-It
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------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Module 3 - CIT Case 1. Explain the three aspects of the fraud triangle and how these factors enabled fraud to occur at CIT. The three aspects of the fraud triangle were available in the CIT case. Niakan was the Director of Assets Management. He was in charge of two departments, the
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CONTENT AND SKILL SPECIFICATIONS FOR THE UNIFORM CPA EXAMINATION Approved by the Board of Examiners American Institute of Certified Public Accountants May 15, 2009 Effective Date: January 1, 2011 Board of Examiners Examinations Team American Institute of Certified Public Accountants Parkway Corporate Center 1230 Parkway Avenue, Suite 311 Ewing, NJ 08628-3018 COPYRIGHT © 2009 BY AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC. CONTENT SPECIFICATION OUTLINES (CSOs) The outline
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544) Apollo Footwear is largest supplier of shoes in the western United States. Exponential company growth has facilitated the need for tighter information technology internal controls. The Treadway Commission (COSO) defined internal controls in the following way " a process, affected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives" (Raval & Ashok, 2007,
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