complete the assessment for the year ending on December 31, 2011. Our team associates would like to attest the audit objectives, terms, limitations, and various services provided for this engagement. Our services will include auditing financial statements such as income statement, balance sheets, statement of retained earnings, and the statement of cash flows. The financial audits will make sure that financial statements are in accordance to General Accepted Accounting Principles (GAAP).
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Objective: Analyze the relationship between risk and return. There are no test questions associated with this objective. Objective: Explain the portfolio approach to risk management. 3. In identifying matters for communication with an entity's audit committee, an auditor most likely asks management whether a. 0 the turnover in the accounting department was unusually high. b. 0 it consulted with another CPA firm about accounting matters. c. 0 there were any subsequent events of which the auditor
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2010). One of their guidelines is that public accounting firms that provide audit services to public companies can no longer provide any bookkeeping, consulting, actuarial, or investment services that may interfere with their objective findings in an audit, and to guarantee auditor independence the act provides for the mandatory rotation of lead auditor's. Title III– Corporate Responsibility The act also provides for an audit committee whose primary duty is to the Board of Directors and the investing
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The youngest CPA in Illinois, Arthur Anderson, created Arthur Anderson & Company in 1913. The company developed throughout the years and became one of the largest auditing firms in the world. “Think straight, talk straight,” a quote from, Arthur Anderson, which described his viewpoints for auditing and the approach he took with his clients. Since America did not have strictly based accounting rules, Anderson believed as long as clients fully reported their financial statements minor accounting
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expected to use it for their assignment). You are expected to demonstrate ability to synthesise relevant background financial and non-financial information and apply analytical skills to this information to critically evaluate potential significant audit risks in relation to HVN. The second component is an individual reflection report. Each student must make an independent (individual) submission electronically by the due date and time. The objective of the individual
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Sarbanes Oxley Act of 2002 Daniel Alvalle BUS 670 Legal Environment Instructor: Peter McCann 7/29/2013 If you were an investor would you want your money protected? Would you be skeptical about investing in companies since the securities fraud scandals that have happened recently? The answer is most likely, “yes”, to a certain degree. With the news about unethical business practices and companies not following regulatory guidelines, it is difficult to ignore the risk that is involved
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The foundation of the audit system where it is starting being govern by the law can be traced in Companies Act 196 and Accountants Acts 1967. In Companies Act 1965, it requires companies to have the accounting records to be audited and in true and fair view. Independence of the auditors also being underline in the Act, where any relationship between the independent auditor and the companies must be disclose, to prevent any conflict in interest when auditing the accounting records. The external auditors
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___/ Date 10/20/2013 Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The SEC (Securities and Exchange Commission) has substantial influence on the audit of Smackey Dog Food, Inc. This can be seen in the audit standards that have to be followed by the established independence of the auditors involved in the Smackey audit. In the audit of public listed companies which includes Smackey, the auditors need to observe several principles
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SOX - A new regulatory agency, Public Company Accounting Oversight Board (PCAOB) was created to increase public supervision of auditors. PCAOB is now involved in the registration of accounting firms, the inspection of those firms with relation to audits, the setting of standards for the accountancy profession and enforcement of violations through disciplinary sanctions. - New requirements concerns internal
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also established the Public Company Accounting Oversight Board (PCAOB). The PCAOB provides oversight for auditors of public companies, establishes auditing and quality control standards for public company audits, and performs inspections of the quality controls at audit firms performing those audits (Arens, 2010). But the question is, are these regulations effective against corporate fraud and protecting investors? It is my opinion that the most important sections of the Sarbanes-Oxley Act are sections
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