Fall 15 Fall 15 Case II report Shasha Chen Professor: Dr. Maureen Mascha Date: 11/09/2014 Case II report Shasha Chen Professor: Dr. Maureen Mascha Date: 11/09/2014 08 Fall 08 Fall 1. Auditors should always evaluate the design and test the
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Auditing Introduction Letter Kristen Mihevc ACC/546 March 3, 2013 Scott Phillips March 3, 2013 Joe Bootwell Executive Senior Vice-President and CFO Apollo Shoes Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Mr. Bootwell, Thank you for taking the time to speak with Arnold Anderson, Darlene Wardlaw, and me last week. I understand from our conversation that you recently parted ways with your former auditing firm as a result of mutually incongruent goals. I appreciate
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1666 K Street, NW Washington, D.C. 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org ) CONCEPT RELEASE ON AUDITOR ) INDEPENDENCE AND AUDIT FIRM ) ROTATION; ) ) NOTICE OF ROUNDTABLE ) ) PCAOB Release No. 2011-006 August 16, 2011 PCAOB Rulemaking Docket Matter No. 37 Summary: The Public Company Accounting Oversight Board ("PCAOB" or "Board") is issuing a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism
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User Licensed to: iChapters User CONTEMPORARY AUDITING REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials and assignments. • Pick
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accountability. In August 2005, Violet Bay1 taxpayers were informed that their school system had run a $7 million deficit after several previous assurances that the system was fiscally sound and would finish the year with a surplus. By November 2005, an external audit determined that the actual deficit was $12.1 million. Three months later, a special grand jury report was released describing the causes of the financial crisis and addressing the means to correct the situation. What went wrong? Place yourself
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Auditor independence refers to the position of the external auditor’s level of personal and financial ties to a particular organization which can sometimes be complex. When deciding whether to accept an auditing engagement, one must judge their independence and objectivity. This is why integrity is imperative in business, especially within the world of audit. Congress passed the law, The Sarbanes-Oxley Act of 2002 (SOX) that applies to publicly held companies and their auditors. It was intended
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components and experts. (Slide 4) 2) The auditor shall obtain an understanding of the following: (a) Relevant industry, regulatory, and other external factors including the applicable financial reporting framework. (b) The nature of the entity, including: (i) its operations; (ii) its ownership and governance structures; (iii) the types of investments
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Introduction WorldCom’s strategy was growth through acquisition, which was a complex and often time consuming effort. Performing mergers and acquisitions too closely to one another can cause problems that may not be overcome easily, if at all. Shareholders are often the ones who get the short end of the deal when companies continue this type of strategy. The struggle when acquiring a new company is an attempt to continue the same, or better, level of customer service with a seamless transition
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in the interest of external users of F.S. * However, such impartiality is impossible under current institutional arrangements. The Structure of the Auditing Relationship External users: Stockholders, financial advisers, regulators, lenders, creditors, etc. Client (audited firm): has incentives to present the “best” F.S. Hires and pays Represents Independent auditor: Give an opinion on F.S. * Through an qualified audit report, management provides external users a reasonable
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CHAPTER 10 Auditing Revenue and Related Accounts 1 Explain the concept of accounting cycles and their impact on audit approaches, and identify the accounts in the revenue cycle. 2 Discuss the importance of proper revenue recognition and the characteristics of revenuerelated fraud. 3 Describe the major types of fraud and misstatements that have occurred in the revenue accounts. 4 Describe how to use analytical procedures to identify possible misstatements in the revenue cycle. 5 Assess
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