Audit Evidence of Grande Store Case Nancy Johnson Rasmussen College Author Note This paper is being submitted on January 23, 2015, for Gary Rosner, A340 Advanced Auditing Concepts and Standards course. Audit Evidence of Grande Store Case When it came to the audit of the Grande Store there was insufficient numbers (four out of 1,100) to be an exact for the confirmations that were made regarding what was spent by McClure Advertising Credits. With 114 pages, 1,100 vendors and $300,000
Words: 1003 - Pages: 5
Ocean Manufacturing Inc. - The New Client Acceptance Decision What non-financial matters should be considered before accepting Oceans as a client and why? - Most of Barnes and Fischer’s audit clients are in the healthcare services industry and the company has never had a client in the small appliances industry. The engagement presents an excellent opportunity for the company to enter a new market and expand its reputation, especially if Ocean goes public in the future. However, auditors need to
Words: 632 - Pages: 3
PCAOB Proposes a New Auditing Standard to Enhance the Auditor... http://pcaobus.org/News/Releases/Pages/08132013_OpenMeeting.aspx Stay Connected: PCAOB Proposes a New Auditing Standard to Enhance the Auditor's Reporting Model Also Proposes a New Related Auditing Standard on the Auditor’s Responsibilities for Other Information in an Annual Report Washington, DC, Aug. 13, 2013 The Public Company Accounting Oversight Board today proposed for public comment a new auditing standard and related
Words: 654 - Pages: 3
a. The issue being addressed in the paper: “Risk-Based Auditing, Strategic Prompts, and Auditor Sensitivity to the Strategic Risk of Fraud” written by Kendall Bowlin explains how auditors do not anticipate the strategic risk that arises when client managers anticipate auditors’ risk based resource allocations. The conventional auditing approach suggests that more (fewer) audit resources should be focused on higher (lower)-risk accounts. However, according to the paper’s author this idea is causing
Words: 1042 - Pages: 5
point of view of: (a) the internal auditor (b) the external auditor 3. (a) Discuss the role of an internal audit department in a large business organisation. (b) What objectives are common to both internal and external auditors? (c) What factors should be considered by external auditor when deciding to what extent he or she may rely on the work of the internal auditor? (d) In what specific ways can the internal auditor help the external auditor? 4. The audit committee has asked you to
Words: 267 - Pages: 2
Corporate Governance CASE NO. 4 CORPORATE GOVERNANCE: VALUES VERSUS ETHICS 1. Is Manuel Dolorica still liable with the accusations brought out by the whistle blower? No, Manuel Dolorica is no longer liable with the accusations brought out by the whistle blower. The moment the whistle blower came out and made known to the public the corruptions of government officials, Manuel is not working as an auditor for the government anymore. As an auditor, he performed his responsibility of auditing the
Words: 339 - Pages: 2
LILTS BERGER & ASSOCIATES Certified Public Accountants Ocean City, Florida 33140 Independent Auditor's Report Mr. Donald Phillips, President We have audited the accompanying balance sheets of Oceanview Marine Company as of December 31, 2015, and the related statements of income, cash flows, and inventory for the year ended, and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation
Words: 380 - Pages: 2
MEMORANDUM TO THE CORP BOARD RE: Richard Selapack, Correction of Error Mr. Selapack served in a CORP designated position as a Correctional Industries Production Manager at Arizona Correctional Industries from 01/14/2006 through 08/08/2011. He retired from ASRS in 02/10/2006 and properly enrolled in the CORP (see attached), where he and the Department have continued to made both employer and employee contributions to the CORP. During this period, ACI requested to reallocate the position he was
Words: 470 - Pages: 2
(1) The auditor has been providing audit service to Pinnacle for three years. Therefore, the inherent risk can be lower as the auditor has adequate previous audit works. Such repeat engagement will lower the inherent risk. This case outlines a number of factors related to fraudulent financial reporting that increase the inherent risk. Most of these factors are concluded by understanding the Pinnacle’s business. Concerning the measurement of performance, Pinnacle has introduced performance review
Words: 1174 - Pages: 5
responsible for the audit committee overseeing both the external and internal audit functions. External Auditors External Auditors are concerned with minimizing legal and professional risk to maintain their reputation. They are responsible for objectively acquiring and assessing evidence regarding economic actions and events made by management. They are also responsible for communicating these results to interested parties. The two external auditors involved are the current auditor Paige &
Words: 589 - Pages: 3
