responsibility is to make sure that all our accounting personnel are available for the investigators to interview. Our full cooperation on this matter is of utmost importance. We are also required to contact our external auditor, Deloitte LLP, and have our audit team get in contact with the SEC investigators. We need to make sure that our external auditors are fully debriefed on the situation. There have been rumors circulating in the media concerning the allegations against us, especially
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This assignment is worth a total of 30 points allocated as indicated. Please complete your answers in a Word document and submit it using the Assignment 2 dropbox. This course is geared toward research and communication. That means you will be researching the appropriate standards and communicating your answers. Support answers with facts and/or examples. Your answers should be original – do not just copy or paraphrase the lecture notes, books, articles, or your classmates. All composition-type
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the business operations effectively. Each business unit maintains all its recording and proceeds of transactions, general ledger and other accounting information at the business unit level. Of the many business units, few are to meet the Statutory Audit requirement by the competent state authority. The management teams meet up periodically to discuss the development and performance of business units and divisions in particular along with regular meetings with management at the consolidated level
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decision. * Attitude: Ask yourself this: Do the client’s management personnel have a reasonable attitude toward being audited, or do they seem overly resentful or apprehensive? Most companies with nothing to hide have a very casual attitude toward an audit, even if they consider it an inconvenience. And if management has a bad attitude toward paying taxes, as evidenced by interviews with the management or by income tax changes either proposed or made by the
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their lack of internal control. They failed to do so. 2. List three types of consulting services that audit firms have provided to their audit clients in recent years. For each item, indicate the specific threats, if any, that the provision of the given service can pose for an audit firm’s independence. c. Bookkeeping – This has potential conflict because as an auditor you may not audit your own work as in depth as you would someone else’s. d. Tax Advice/ Tax Return Prep. – This has
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She has met with her banker to discuss expanding the facilities and equipment with another $150,000 loan. Their first loan for $150,000 was secured by the industrial-size food production equipment purchased with the loan. The banker now demands an audit of the corporate financial statements before releasing another loan to the company. Sarah has offered to place the corporate account receivables up as collateral to secure the second loan. Based on revenue projections by her sister Jillian’s sales
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Executive Summary The Enhanced Science and Technology Institute (ESTI) supports research faculty and staff at **State University, University of Any State, Any State Health Sciences University and Any City State University in its management of new discoveries. This support includes the management of new discoveries having commercial applications, as well as the management of corporate research agreements leading to new discovery. Keys to Success * Building a strong support base with the private
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of an integrated audit, provide opinions on internal control effectiveness. The overall objective of external auditing is to ensure that the financial statements of an organization are correct and are in order. The external audit is intended to enhance the confidence that users can place on management-prepared financial statements. When the auditor has no reservations about management’s financial statements or internal controls, the report is referred to as an unqualified audit report. If the auditor
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a publicly-traded company, should have an audit committee overseeing its internal financial reporting integrity. This audit committee would oversees the audits, both internal and external. Once found evidence of fraudulent accounting, external auditors must communicate the findings within Apollo with the committee or other governing body. External auditors also report the effect that the fraud may result with Apollo. We would plan and conduct our audit with professional skepticism. We are required
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114 (Objectives 11, 13, 15) the following questions deal with audits by CPA firms. 14. Choose the best response. A. Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? 1) It is difficult to prepare financial statements that fairly present a company’s financial position, operations, and cash flows without the expertise of an independent auditor. 2) It is management’s responsibility
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