Audit Week 2: Financial Statement Audits, Financial Statement Assertions and Audit Evidence Financial Statement Audit * A systematic process of objectively obtaining and evaluating evidence regarding assertions about the economic actions and events to ascertain the degree of correspondence between assertions and established criteria * Purpose: To enhance the degree of confidence of intended users in the financial statements by the expression of an opinion by the auditor Overall Objectives
Words: 7274 - Pages: 30
LIT 1 Part A SOLE PROPRIETORSHIP: Sole proprietorship is the easiest, fast and most common type of business structure to start. It is business that does not have a difference from the owner and the business. Responsible for all your business’s debts, losses and liabilities can even come after personal property. • LIABILITY: Owner has unlimited liabilities because there is no difference between the owner and the business. • INCOME TAXES: The taxes are taxed just like any other form of
Words: 2173 - Pages: 9
Audit Committee Material Weaknesses in Smaller Reporting Companies December 2nd, 2010 OUTLINE: I. SUMMARY OF THE ARTICLE II. PROBLEM STATEMENT III. SUGGESTIONS FROM THE AUTHORS IV. RELEVANCE TO AUDITING ENVIRONMENT V. CONCLUSION I. Summary of the Article This report summarizes the article published by Gramling, Audrey A, Hermanson, Dana R, Hermanson, Heather M in the CPA journal of 2009. The main focus of the article
Words: 1917 - Pages: 8
Solutions for the Biltrite Bicycles Inc. Case Module I - Assessment of Inherent Risk..............................................................3 Module II – PRELIMINARY ASSESSMENT OF CONTROL RISK BASED ON AN UNDERSTANDING OF THE DESIGN OF CONTROLS ................17 Module III - Control Testing: Sales Processing................................................29 Module IV - PPS Sampling: Factory Equipment Additions............................31 Module V - Accounts Receivable Aging Analysis.
Words: 23506 - Pages: 95
IMPORTANT AICPA INFORMATION ON SARBANES-OXLEY |How the Sarbanes-Oxley Act of 2002 Impacts the Accounting Profession (AICPA) | | | | | |
Words: 4973 - Pages: 20
Revenue Cycle (Ch11 Hurt) 92% of Public Companies’ Revenue Processes at Risk for Compliance Failures and Restatements New study by RevenueRecognition.com and IDC reveals widespread reliance on spreadsheets, which greatly increases the likelihood of control weakness and accounting errors. A recent survey of 685 senior financial executives from a broad range of companies, revealed that revenue recognition and reporting activities are not automated within Financial/ERP systems. As a result, 92%
Words: 2076 - Pages: 9
ACCN-7280 Accounting and Controls for Operational Risk Section 01, 02 and 03 Fall 2015 Instructor: Dr. Bol Office: Goldring/Woldenberg Hall I 503 Office Hours: MW 2:45pm - 3:15pm Office Phone: 5043147033 E-mail: jbol@tulane.edu I am happy to address questions and concerns via e-mail; allow one-business-day turnaround Class Meeting Day & Time: MW 11:00am – 12:15pm, 12:30pm – 1:45pm or 3:30pm – 4:45pm Class Location: Goldring/Woldenberg Hall II 2110 Blackboard Site: myTulane
Words: 1998 - Pages: 8
Managing: the art of determining the right balance Maastricht University School of Business and Economics Maastricht, 6 June 2014 Ignacio, I.K.A ID number: i6016200 Study: MSc Accountancy Course code: EBC4045 Group number: 2 Tutor name: W. Foppen Writing Assignment: Individual paper Table of Contents 1. Introduction ....................................................................................................................... 2 2. Managing ..................................
Words: 5201 - Pages: 21
Rogue Trader COSO Control Questionnaire Control Environment: 1). The possibility of Nick Leeson being able to defraud Barings can be explained by the lack of management supervision. Since Leeson was making a lot of money for the company, senior executives didn’t punish him. Here are three examples of this: * The funding kept coming even after company realized that Singapore law had funding restrictions * Senior Executives didn’t punish Leeson for the violations he had committed * After
Words: 2103 - Pages: 9
Corporate Governance Issues- Pre and Post financial Crisis By Unnikrishnan. P -ID No. 4317257 Session: Spring Year: 2013 Word Count: 1768
Words: 2110 - Pages: 9
