GUIDELINES ON CONCURRENT AUDIT 1. Preamble: Concurrent Audit is an examination, which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person. This audit is essentially a management process ensuring sound internal accounting functions and effective controls and setting the tone for a vigilant internal audit to preclude the incidence of serious errors
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The effect of audit firm size on audit prices The study is to mainly address questions about how accounting firm size affects the audit prices and and the issue on how auditor changes affect companies’ audit fees. Three factors, which are market competition, the extent to which audit services are differentiated, and scale economies, can affect the relationship between audit prices and accounting firm size. There is one view that if audits are homogeneous goods, accounting firm size would not
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Name: Instructor: Course: Date: Graded Homework – Case 4 Identify the potential revenue recognition issues related to each of the Company’s sources of revenue In today’s financial world, the company are emphasizing much on meeting their revenue targets. Revenues drive the success of the business and it is the mean of generating the profits. Therefore, attaining the best revenue recognition is vital. In each of the company, revenues is contract driven and is determined by the customer by customer
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4. What are the auditor independence issues surrounding the provision of external auditing services, internal auditing services, and management consulting services for the same client? Develop arguments for why auditors should be allowed to perform these services for the same for client. Develop separate arguments for why auditors should not be allowed to perform non-audit services for their audit clients. What do you believe? Non-audit services provided by auditors to their clients fall
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Objectives, Advantages and Limitations of Auditing in a Globalized Business world There are two main objectives of auditing. The primary objective and the secondary or incidental objective. a. Primary objective – as per Section 227 of the Companies Act 1956, the primary duty (objective) of the auditor is to report to the owners whether the balance sheet gives a true and fair view of the Company’s state of affairs and the profit and loss A/c gives a correct figure of profit of loss for the
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Oversight Board. It provides specific processes and procedures for compliance audits, policies for control purposes. Basically it provides an oversight of public accounting firms that do auditing. 2. Auditor Independence: It provides standards for external auditor independence, so that conflicts of interest can be minimized. It also mentions the requirements for appointing new auditor and auditor reporting requirements. Auditing companies are prohibited from providing non-audit services (consulting)
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WorldCom WorldCom An internal auditor can be an invaluable asset to any company. They can help uncover anything from small errors in which there were no bad intentions to issues such as fraud that can end up costing the company and those involved in it dearly. In the case of WorldCom, it was the internal audit department that uncovered one of the largest corporate financial scandals in history. On June 25, 2002, WorldCom, a telecommunications company headed by CEO Bernie Ebbers and CFO Scott
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COVER LETTER SAMPLE Maxwell Smart 321 Hollow Lane Lawrenceville, NJ 08648 609-555-1212 msmart@yahoo.com December 6, 2006 Mr. Joseph Alter Audit Manager Defense Contract Audit Agency 10 Melrose Avenue Suite # 200 Cherry Hill, NJ 08003-3696 Dear Mr. Alter: I am writing to apply for an Auditor Intern position at Defense Contract Audit Agency, which you are currently seeking to fill through your recruitment on the USAJOBS website. Enclosed is my résumé, which describes my academic
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Question 3 ------------------------------------------------- Could the Audit be completed soon without any qualification? From the financial perspective, discuss and recommend objectively the most appropriate solution for Delima Enterprise Sdn Bhd (DESB) financial management and operations. There are two possible answers to this question and the first is being “No, the audit could not be completed without any qualification.” However, the audit can be completed but with a qualified audit report
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Question 2: When an auditor is going to complete an audit one of the first things the auditor must evaluate is the amount of inherent risk. Inherent risk is the risk that material misstatements might be within the financial statements without looking at the company’s internal controls that are in place. This is the one form of risk that the auditor doesn’t have any control over; the auditor will always have to deal with some kind of inherent risk. There are many different aspects the auditor can
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