the Accounting Information System in the areas of accounts payable, accounts receivable, inventory, and payroll, identified all risks and internal control points, incorporated the controls and risks into flowcharts, designed internal controls to mitigate risks to the systems, evaluated the application of internal controls to the systems, and discussed other controls, outside the system that Kudler Fine Foods may need. Kudler’s management requested the proposed audit schedule. They were provided
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engaged in providing independent audit reports for publicly traded companies (SEC.GOV). One of the effect of the Sarbanes-Oxley Act of 2002 was to make it “illegal to provide certain non-attest services to clients and changed the regulation of the auditing profession” (Boynton and Johnson, 2006). Because of the, independence of auditors has been increased. It has also
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to the CPA exam: the content specification outlines (CSOs) which covers auditing and attestation, financial accounting and reporting, regulation, and business environment and concepts; and the skill specification outlines (SSOs) which covers knowledge and understanding, application of the knowledge, and written communication (American Institute of CPAs, 2013). The auditing and attestation section of the CSOs covers auditing standards for public and non-public entities, government entities, and not-for-profit
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BACKGROUND OF STUDY To be a developed nation, it is important for industries, and the country, as a whole, to achieve global competitiveness. In this respect, the IMP3 has adopted the overall theme ‘Malaysia - Towards Global Competitiveness’ and other countries also working towards on that. Industries must strive for global competitiveness through the transformation and innovation of the manufacturing and services sectors. According to The Small and Medium Industries Development Corporation (SMIDEC)
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because a company may not be objective with respect to its own financial statements. 4) Itisacustomarycourtesythatallstockholdersofacompanyreceiveanindependent report on management’s stewardship of the affairs of the business. B. Independent auditing can best be described as 5) A branch of accounting. 6) Adisciplinethatatteststotheresultsofaccountingandotherfunctionaloperations and data. 7) A professional activity that measures and communicates financial and business data
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various types of audits that will give credence to the accounting records, accounting policies, and financial statements of a business organization. For example, an internal audit can be conducted of the accounting department to examine company policies and procedures as well as development and evaluations of internal controls. Internal audits will provide management with insight and recommendations based on analysis and assessment of data and business processes. An external audit will assess the computer-based
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accounting records and internal controls, the safeguarding of superannuation fund assets, the selection of accounting policies and the preparation of financial reports and returns. The trustees are required to keep minutes of meetings, reports and records of trustee changes for a period of at least 10 years. My audit will be conducted in accordance with Australian Auditing Standards. Those auditing standards require that I comply with relevant ethical requirements relating to auditing engagements and
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Krispy Kreme Doughnuts ACCT 6334. Taiwan – Auditing Fall 2013 Class Research Project STUDENT: Chien-Yun Tseng UTD ID# 2021195349 Table of Contents INTRODUCTION................................................................ 3 CHAPTER1. THE CLIENT ACCEPTANCE /CONTINUATION PROCESS, INCLUDING ESTABLISHING AN UNDERSTANDING WITH THE CLIENT ... 4 CHAPTER2. OBTAINING AN
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paper will focus on the analysis of four issues and discuss how the Sarbanes-Oxley Act affected the following subjects: A. 1. Audit committees of public company board of directors responsibilities since SOX 2. Sarbanes-Oxley section 404 on internal control 3. The accuracy of public company financial statements and the cost of capital for public companies 4. The main advantages and disadvantages of Sarbanes-Oxley Act B. Can legislation guarantee the accuracy of public company financial statements
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statement of management's responsibility for establishing and maintaining an adequate internal control structure and procedures; • Management’s assessment, as of the end of the company's most recent fiscal year, of the effectiveness of the company's internal control structure and procedures; and • Outside auditor’s attestation to, and report on, management's assessment of the effectiveness of the company's internal controls and procedures for financial reporting, in accordance with standards established
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