Business Justification:Provide an opportunity in which a college Junior would be able to obtain real life work experince at CIT and possibly seek employment with us after graduation. For Internal Audit, it allows us to work with individuals who will have innovative ideas they learned in school that will give us a different persspective on what we do daily as Auditors. Position Description (Summary and Essential Day to Day Duties): The individual will be responsible to
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definition of internal audits and external audits. Internal audit is a function that is performed by company employees; it is responsible for performing audits (both financial and non-financial) within a wide range of areas within a business, as directed by the annual audit plan. Internal audit look at key risks facing the business and what is being done to manage those risks effectively, to help the organization achieve its objectives. On the other hand External audit is an independent body which
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Erica Gray, CPA, is a sole practitioner. She has been practicing as an auditor for 10 years. Recently a long-standing audit client asked Gray to design and implement an integrated computer-based accounting information system. The fees associated with this additional engagement with the client are very attractive. However, Gray wonders if she can remain objective on subsequent audits in her evaluation of the client’s accounting system and its records if she was responsible for its design and implementation
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1- What are the pressures that lead executives and managers to “cook the books?” In the 1990s, the telecommunication was rapidly growing which led WorldCom to adopt the strategy of purchasing small long distance firms with limited geographic service areas and consolidating carriers with large market shares. This was the company’s main key profit. Indeed, by adopting this strategy, WorldCom grew quickly by expanding internationally in South America, West America, Europe and Latin America. As a result
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CSP HOLDING BHD 9426-T MINUTES OF BOARD OF DIRECTORS’ MEETING Minutes of the CSP Holding Bhd meeting held at Bilik Seminar Bunga Raya, Level 10, Office Tower, No.3,Jalan Nagasari (Off Jalan Raja Chulan), 50200 Kuala Lumpur on Monday, 5th May 2014 at 9.00 a.m. Present : Y. Bhg. Tan Sri Wahid Jalil (Chairman) Y. Bhg. Dato’ Zahir Ahmad (Managing Director) Mr. Yeoh Wai Siaw (Non-independent Executive Director) Y. Bhg. Tan Sri Dato’ William Lim (Independent Non-Executive
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Question No. 1 The primary responsibility of external auditor is to report on the organisation's financial statements. The external auditor’s aim is to determine whether the statements fairly present the financial position of the organisation and the result of its operations for the period. But the Internal Auditors have a different function. It is broader and deeper than that of the external auditors. It furnishes managers throughout the organisation with information needed to effectively discharge
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take the deal with First National D) External users like shareholders and lenders depend on assured information. Also they can test their effectiveness of their internal controls of the company. E) The Audit service is going provide a written audit report to report their findings. Understanding the clients’ business is essential to the accuracy, they are well versed in the expertise of that field. It’ll give clarity and provide confidence to the external users. 19A) Information: Information
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2. A company's board of directors is responsible for acting in favor of the shareholders benefit, such as making major company decisions that could affect the shareholders. The Board of Directors hires and fires the executives, decides on dividend policies, option policies and, how much to pay the executives. In my opinion, I think that the board of directors could have changed some policies, been more aware of the risk involving the SPE's instead of letting things unfold the way that they did. The
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Expanded audit report Empirical studies have been conducted in the US, the UK and Australia to examine whether using an expanded audit report is effective in reducing an audit expectation gap. A survey conducted by Nair and Rittenberg (1987) in the USA revealed that an expanded audit report changes the users’ perceptions with regard to the responsibilities of the auditors. Likewise, Gay and Schelluch (1993) found that audit reports based on the revised Statement of Auditing AUP3 (i.e
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Case 1.1 Ocean Manufacturing, Inc.: The New Client Acceptance Decision Ocean Manufacturing, Inc. is recommended as a prospective audit client of Barnes and Fischer, LLP. I believe that Barnes and Fischer should accept the client because of Barnes and Fisher's opportunities in consulting and information technology (IT) development, Ocean Manufacturing, Inc.'s sound management/business model and past successful audits, and primarily, the growth potential of Ocean Manufacturing, Inc. following
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