Problem 2-7 Since the Sarbanes-Oxley Act of 2002 (SOX), the PCAOB is responsible for establishing the auditing standards for public companies, whereas the AICPA (Auditing Standards Board)is responsible for private companies. Prior to the SOX, the AICPA was responsible to establish auditing standards for both private and public companies. . Problem 2-10 Although the generally accepted auditing standards are quite general, it is probably best to keep them that way rather than having specific audit
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ACCT555 External Auditing(TCO B) The following is a portion of a qualified scope and opinion report due to a scope restriction. (Note: A separate report was issued on the effectiveness of internal control over financial reporting.) Independent Auditor's ReportTo the shareholders of Fast Times Corporation,We have audited the accompanying balance sheet of Fast Times Corporation as of September 30, 2009, and the related statements of income, retained earnings, and cash flows for the past year. These
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Core Marker’s Comment Sheet Course Name: Advanced External Auditing (AU2) Assignment: 1 Modules: 1 and 2 General Comments If you have any comments or suggestions for improvements of these marker’s comment sheets, please forward them to your marker or CGA-BC. Your feedback is important to us. PLEASE NOTE FOR SUBSEQUENT ASSIGNMENTS AND EXAM PURPOSES When answering assignment (and examination) questions, students should carefully read the requirements of the question. Marks are
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Advanced External Auditing [AU2] Examination Blueprint 2013/2014 Purpose The Advanced External Auditing [AU2] examination has been constructed using an examination blueprint. The blueprint, also referred to as the test specifications, outlines the content areas covered on the examination and the weighting allotted to each content area. This document also lists the topics, the level of competence for each topic, and the related learning objectives and competencies. The learning objectives have been
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Today, we are aware of the close links between business growth and protection of the environment. The emphasis is on sustainable development; on creating patterns and practices within industry and commerce that can ensure long-term prosperity, but not at the expense of nature and society. To be sustainable, a business needs to: • generate profits for its shareholders • provide good employment conditions for its employees • trade fairly with its suppliers • look after the communities in which
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Discuss whether the current international regulatory environment for the auditing profession is robust enough to ensure that the external auditors of listed companies provide reports to owners and investors which are sufficiently independent to serve the public interest. Introduction As we will discover, the topic posed above is a complex one, which has many arguments both in favour and against the stability of the present regulatory environment in ensuring that the audits which auditors produce
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THE RELATIONSHIP BETWEEN INTERNAL AND EXTERNAL AUDIT Professor PhD Atanasiu Pop, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: apop@econ.ubblcuj.ro PhD Student Cristina Boţa-Avram, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: botaavram@gmail.com PhD Student Florin Boţa-Avram, „Babeş Bolyai” University of Cluj-Napoca, e-mail: botaavramflorin@yahoo.com ABSTRACT: Analyzing the evolution process of internal audit, from its beginnings and so far, we can easily notice that internal audit
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THE RELATIONSHIP BETWEEN INTERNAL AND EXTERNAL AUDIT Professor PhD Atanasiu Pop, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: apop@econ.ubblcuj.ro PhD Student Cristina Boţa-Avram, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: botaavram@gmail.com PhD Student Florin Boţa-Avram, „Babeş Bolyai” University of Cluj-Napoca, e-mail: botaavramflorin@yahoo.com ABSTRACT: Analyzing the evolution process of internal audit, from its beginnings and so far, we can easily notice that internal audit
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External auditors do not rely on internal auditors as much as they could – why? How could this reliance be improved? Presented By Mingdi Deng Shirene Horner Yueyang Shi Trevor Stewart Jingtao Wang CONTENTS PAGE ABSTRACT 3 1. INTRODUCTION 3 2. REASONS
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in continuous auditing activities. As an automatic method, continuous auditing’s responsibility is to perform auditing activities more frequently which including control and risk assessments. With the aim of helping to automate the identification of anomalies or exceptions, analyze models, test controls and review trends, “Continuous” in this aspect of continuous reporting and auditing serves as the financial information’s real-time ability to be shared and checked. Continuous auditing presents that
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