AUDIT & ASSURANCE ASSIGNMENT 1 SUBMITTED BY: FAIZZAN WAHEED KHAN ID: APS3120 SUBMITTED TO: DATE: 06/05/2016 Q.1. (A) Would King & Queen be liable to EFL? Provide specific case references to support your answers King & Queen will be liable to EFL in as the firm has been at fault in providing the accurate credentials in the financial report. As mentioned in the case study, it clearly states that the audit report was unqualified and it did not state the drop in both
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Information System Auditing Assignment Name ACC/542 Date Sanders Moran Information System Auditing Assignment The article selected for this assignment is titled “Implementing the IT-Related Aspects of Risk-Based Auditing Standards”. It is an overview of the importance of performing a Risk-based audit and the necessary steps auditors take in implementing risk assessment within their audit. Two sets of standards drove the need for risk assessment for IT controls. The first; AICPA SAS 104-111
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To change or not? By Karim Jamal + Shyam Sunder Illustration: Susanna Denti Has the time come to change the auditor’s report to develop a different grading system and increase the value of auditing to society? Regulatory attempts to improve the functioning of capital markets often try to make corporate activities more transparent. The International Auditing and Assurance Standards Board (IAASB) invited comments on its proposals contained in “Improving the Auditors Report,” with an exposure
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5-15 The profession can positively respond to and reduce liability in many different ways. -Only perform a quality GAAS audit -Deal only with clients possessing integrity -Oppose unwarranted lawsuits -Lobby for changes in state and federal laws -Revise and adapt standards and rule setting in auditing to meet the changing needs of auditing. 5-20 a) Lauren Yost & Co should use the defense of contributory negligence. The misstatement in inventory is a direct result of what management
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The Past, Present, and Future of Forensic Accounting G. Stevenson Smith, PhD, CPA, CMA The CPA Journal Vol. 85 (LXXXV)/No. 3 March 2015 pp. 16-21 Today’s business society, including many large corporations as well as small and medium-sized businesses, has been part of the rapid technological advances the world is facing. Nowadays every business is operating via Internet as we are facing constant technological improvements throughout the past couple of decades. That being said, the potential
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The Sabanes-Oxley Act passed by Congress in July 2002 has been described “as the most sweeping and significant change in securities law since the 1930's” (Parles, 2007). This act was largely in response to the highly publicized scandals of companies such as Enron and Worldcom. The “goal of SOX [is] to ensure the accuracy and reliability of financial information of companies trading on public markets” (Parles, 2007). While this act was written quickly in response to a crisis and is only 66 pages its
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The AICPA’s AU Section 316 states auditors should implement considerations of fraud in their financial statement audits. An auditor is responsible for attaining reasonable assurance that the financial statements are free of material misstatement from either error or fraud. (PCAOB, n.d.a) When conducting an audit every activity implemented must be documented or there is no proof it ever occurred. The first course of action I would implement in my audit is a brainstorming session during the planning
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As large auto manufacturers began to invest in automotive technology themselves, could Google compete? Was this investment of time and resources worth it for Google? Environmental Scanning (external and internal analysis): PEST Analysis After reading the case study Google car I have used the PEST analysis model in which the following was concluded: 1. Political Factors: Government’s regulations on automobile transportation are one of the major aspects in Google's car that have legal barriers
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presentation identifies one purpose, but your analysis focuses on issues that differ from the stated purpose, the logical inconsistency will be apparent. Likewise, your alternatives should flow from the configuration of strengths, weaknesses, opportunities, and threats you identified by the internal and external analyses. Thoroughness and clarity also are critical to an effective presentation. Thoroughness is represented by the comprehensiveness of the analysis and alternative generation. Furthermore
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This analysis will provide a background on issues that have negatively affected Toyota’s image as one of the most reliable cars on the market. Along with this a PEST analysis will be produced and the strengths, weaknesses, and outcomes expected will be shown in order to illustrate how our analyses and actions will help move Toyota past their reputational issues. Our goal is to take Toyota back to a place where they can move themselves back to a place of growth, innovation and one of positive consumer
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