References American Institution of CPAs. (2014). Code of Professional Conduct: ET Section 100-1 Conceptual Framework for AICPA Independence Standards. Retrieved from http://www.aicpa.org/Research/Standards/CodeofConduct/Pages/et_100.aspx Bhattacharjee, S., & Moreno, K. K. (2013). The Role of Auditors' Emotions and Moods on Audit Judgment: A Research Summary with Suggested Practice Implications. Current Issues In Auditing, 7(2), 1-8. Gendron, Y., Suddaby, R., & Lam, H. (2006). An Examination of
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Age and EWT 1. Describe the aims, procedures, findings and conclusions of Poole and Lindsay’s (2001) study of the effects of age on EWT – science demonstration Aims- The aims of their experiment were to assess whether children were able to source monitor. Procedures- They used child participants aged 3-8 years of age. They were shown a science demonstration throughout the day; later that day their parents read them a story, which contained aspects of the science demonstration. The next day
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Audit Charter Authorized by: Date: Internal Audit Facilitator: Date: Audit Planning Identify and prepare internal auditors: | |Responsibilities |Preparation and Training | |Audit Team Leaders* |( Planning. organizing, and directing the audit |( Training in audit methods and practice | |
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How to improve and maintain the independence of external auditors Auditor's responsibility is to give advice based on the company's annual financial statements. A company will work with the auditor's annual report of the decision. So this is an important auditor to provide accurate reports. (Dr Jill, Professor Robin)[online] An independent auditor to give the opinion that is no other factors. It includes human, economic, monetary, and so on. Their view is that there is no limit, and give them the
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Abigail Rockwell Due Date: February 15, 2014 Jamaica Water Properties Case Study During a time in our recent history when greed and self promotion was the benchmark that most financial and managerial directors of companies, both public and private, seemed to strive for, David Sokol stands out above the crowd. Instead of looking to further his own self-image, career, or standing, instead of taking what most people would view as the easy road, Mr. Sokol did the right thing. He chose ethics,
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Performance and international accounting Q2 The external auditors of PSA (and therefore, independent cabinets) are the firm EY, represented by Jean-Louis Simon and Jérôme de Pastors as well as the firm Mazars, represented by Christian Mouillon and Marc Stoessel. It is important to note that the auditor’s report on financial statements is not an evaluation but just a given opinion. Their responsibility is to express an opinion on those statements. This is what it is explained in the section
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Memo To: Freddie Mac Chief Officers This memo is to describe the challenges facing the company following the previous accounting firm’s misconduct, along with a detailed process into recovering from this scandal. We will begin moving forward into rolling out an accounting department ethics program. The program will include a detailed Code of Ethics, an Ethics Training class for all employees, an Ethics Help-Line where employees can anonymously report any violations of the Code of Ethics, periodic
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DISCUSSION QUESTIONS 1. Both the company’s bank and Lakeside owners would require an independent CPA firm to avoid any biases and upkeep the independence in auditing. 2. Under generally accepted auditing standards the audit is to be performed by a person or persons having adequate training which is interpreted to mean ‘technically qualified and experienced in those industries in which their clients are engaged” (Arens, Elder, Beasley, & Hogan, 2010, p. 35). This interpretation is based on recent
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Throughout the period of the audit assignation PCAOB describes professional skepticism as a general duty of care that need to be applied by the examiner. Professional Skepticism is when someone has a questioning mind, that involves a critical assessment and analyze of audit evidence. It is primordial for an auditor to exercise professional skepticism when conducting the audit of financial statements. In order word, an auditor must refer to quality and credible reference. The auditor needs to question
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Planning the Engagement Step 1: Obtain an understanding of the engagement client and business unit under review. The purpose of this step is to obtain an understanding of the activities of the organization, as well as the environment in which the organization operates. Step 2: Meet with the engagement client. During this step, the purpose and extent of the audit engagement is discussed with the engagement client. Step 3: Conduct a preliminary survey. During this step the internal auditor
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