new shares, demand meetings with the senior managements of companies regards to their performance, vote on key issues at general meetings and communicate on other matters affecting shareholders' interest. The institutional investor which is an external party that are independence from the management can be seen as a check and balance mechanism in enhancing the effectiveness of the audit function because of their unique position in the company. They are the outsiders but they have voices that can
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basis of agreed or special audits procedures. During these interviews, the auditor should bear in mind the list of items of financial statements. After these initial meetings, the auditor should assess any breach of financial reporting requirements. Analysis of financial statement must be carried out prior to this interview since financial statements may present many significant anomalies. If the first investigations reveal a level of unacceptable business practice or misleading presentation of financial
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in 2003, to replace the previous CFO. Both Bullock and King were being accused of what? by the external auditors, Deloitte & Touche, for not disclosing an 8 million pre-tax inventory valuation error. Financial reporting Problem The financial reporting problem at Molex was that, “the profit on inventory sales that the company made between its subsidiaries but which had not yet been sold to external customers had not been excluded from the company's consolidated earnings and also in the company's
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AC 557 Unit: Six Professor: Bunney Schmidt Student: Saad Panja Company and Situation: Created by the Sarbanes-Oxley Act of 2002, the Public Company Accounting Oversight Board or PCAOB requires auditors of U.S. public companies be subject to external and independent oversight. As well as a “provision requiring auditors to evaluate the effectiveness of companies’ audit committees” (Sharp Paine & Eric Bettcher, 2006). On October 2002 there were four appointed members and two of them were Goelzer
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ABSTRACT Auditing disclosures play an important role within accounting reports as they provide a level of assurance to the users (public). These disclosures will be discussed in light of the collapse of Health International Holdings (HIH). The HIH collapse warranted a Royal Commission investigation and also recorded the biggest corporate collapse in Australia's history. Corporate failures of similar magnitude such as Enron and Parmalat have occurred elsewhere and sparked large scale investigation
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become more and more important in the society. The people cannot know more the situation about listed companies, so they use auditors’ report to think their investment. However, with more and more scandals about auditing, many people think whether external auditors’ reports provide information to investor that serves the public interest under the current regulatory environment. The public interest First, it is important to know what the public interest is. In order to know the public interest better
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are a valuable tool for auditors to test and validate computer applications and they can determine whether or not the source code has been compromised. The implementation of CAATs will increase efficiency and the effectiveness of both internal and external audits allowing auditors to analyze all of the financial data, which would not be possible if the audit were conducted manually. SAS 94, The Effect of Information Technology on the Auditor's Consideration of Internal Control in a Financial
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Accounting: ACC-571 January 28, 2012 A Practical Guide to the New PCAOB Reporting Requirements Created by the Sarbanes-Oxley Act of 2002, the Public Company Accounting Oversight Board or PCAOB requires auditors of U.S. public companies be subject to external and independent oversight. Congress established the PCAOB in order to protect investors and the public interest by promoting accurate, informative, and independent audit reports. The PCAOB aims to improve audit quality, reduce the risks of auditing
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Program/initiative as listed in YPPB 2013 Strategic Plan (file YPPB 2013 Plan v1.0.ppt – slide 8-10). The relevant department must complete the items below for each program/initiative. Program/Initiative | Corporate Social Responsibility | Department | Corporate Services | Brief Description | To reach out to more to the public and extend assistance and at the same time introduce branding Yayasan further | Target Launch Date | Jan 13/Mar13/Dec13 | Duration | 1 Day Per Event | | Program
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The audit committee is established by a company as an independent subcommittee under the board of directors to provide oversight for audit functions. Because this committee is independent, it reduces any possible risk of bias when they elect the external audit. 1-40 A. I agree, auditors serve as investigators to detect any sort of fraud. B. Disagree, that would become an independent issue because nobody knows the relationship between the manager and auditor. C. Disagree, the Red Cross is not
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