data about competitors (benchmarking); controls manuals; information obtained by the auditor from such audit procedures as inquiry, observation, and inspection; and other information developed by or available to the auditor that permits the auditor to reach conclusions through valid reasoning. The performance principle requires auditors to gather sufficient appropriate evidence to be considered appropriate, evidence must be relevant and reliable (auditing & assurance services 4th). Relevance refers
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assigned to the audit will work closely with Katrina Ramirez, the Internal Auditor for Apollo Shoes. This brief contains additional information regarding the auditing and assurance services offered by AOW that Apollo Shoes may find beneficial now or in the future, an explanation of the role AOW will take on in the aforementioned engagement, and a description of the requirements on AOW to meet the standards for these offered services. Auditing and Assurance Services The management of Apollo Shoes can
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INTERNATIONAL STANDARD ON AUDITING 620 USING THE WORK OF AN AUDITOR’S EXPERT (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this ISA ........................................................................................ The Auditor’s Responsibility for the Audit Opinion ................................... Effective Date ..............................................................................
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September 22, 2015 WorldCom Case Analysis According to the section 301.4 of Sarbanes-Oxley Act of 2002, each audit committee shall establish procedures for complaints regarding accounting, internal accounting control, and auditing matters, and the anonymous complaints regarding questionable accounting or auditing matters. However, in this case, the WorldCom Company did not have the procedures for anonymous complaints, so Cynthia Cooper decided to go over Sullivan’s head and reported her findings to
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Section 404 of Sarbanes-Oxley Act Introduction Before 2002, many U.S. companies, such as Enron, WorldCom and Xerox went bankrupt and caused the serious global issues and financial responsibilities of managers in the world. The primary issue was about an ethical leadership and maintained the clean audit system. Well known examples perhaps were Enron and WorldCom scandals. Dyck and Neubert (2010) mentioned that “Ironically, the lucrative rewards for performance and innovation were keys to Enron’s
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Just for Feet, Inc. Abstract Just for Feet, Inc. (JFF), its executive vice president; Don-Allen Ruttenberg, and the company’s auditing firm; Deloitte & Touche, LLP, and its associates; Steven H. Barry, CPA and Karen T. Baker, CPA, were all found guilty, on some level, in the fraud of Just for Feet, Inc. Ruttenberg purposely gave the company’s accounting department false financial information causing the accountants to record over $5 million in fictitious accounts receivable. This, in turn, caused
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adequate separation within the CBIS function, i.e., systems analysis and programming are separate from data processing and control (implications for control risk assessment) • Separation is also maintained between the accounting and finance functions (implications for control risk assessment). • The internal audit staff is competent (but see weaknesses below, implications for control risk assessment). • The corporate controller’s former affiliation with the accounting firm enables him to better assist
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TISSA – UUM SECOND SEMESTER SESSION 2015/2016 BKAA2013 AUDITING AND ANSURANCE 1 GROUP ASSIGNMENT BARINGS COLLAPSE GROUP C PREPARED TO: DR. ROSE SHAMSIAH BT SAMSUDIN PREPAED BY: NAME | MATRIC NO. | CHAN KHAI QING | 233058 | TAN JIE YING | 233076 | YAP YEE WAN | 233152 | SUBMISSION DATE: 15 MAY 2016 TABLE OF CONTENTS 1.0 Case Summary 1 2.0 What are Ethics? Generally, why do people act unethically? 2 3.0 Justify why is there a special need for ethical conduct in
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Continuous Auditing Jessica Hunt Accounting 510 Dr. Yining Chen December 3, 2014 Intorduction Generally auditing: is performed months after the business activities have actually occurred, based on a sampling approach, and includes reviewing of systems of approvals and reconciliations as well as policies and procedures. This method has been realized to provide auditors with only a narrow scope of evaluation and doesn’t really provide much value because of its lack of timeliness. Furthermore
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CHAPTER 1 Auditing and Assurance Services LEARNING OBJECTIVES | | |Exercises and | | | |Problems | | |Review Checkpoints | | |
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