through the Sarbanes-Oxley Act to provide oversight over auditors for public companies audit, establishes auditing and quality control standards for public company audits, and performs inspections of the quality controls at audit firms performing those audits. The American Institute of Certified Public Accountants (AICPA) is responsible for issuing auditing, attestation, and quality control statements, standards and guidance to certified public accountants for private companies. 2-10
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INTRODUCTION This report consists of 5 reflections related to auditing standards and each case was extracted from internet sources. The purpose of this report is to reflect and understand each case. REFLECTIONS First reflection is on China sky case for its non-compliances with SGX. Next is the case on corporate governance where new rules were proposed to improve risk management and risk control. Third will be the extracted information of executives’ compensation in
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puzzles. How could the accounting and audit failures associated with Enron and Arthur Andersen happen in the US where auditing is sophisticated, accounting principles are strong, and disclosure is emphasized? This is a teaching case for persons outside the US to review the financial reporting and auditing issues related to Enron and to explain the regulation of accounting and auditing in the US. It has broad implications for corporate governance and accounting regulation in other countries as well.
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Legality and Ethicality of Corporate Governance Name ETH 376 January 30, 2012 Instructor Legality and Ethicality of Corporate Governance United Thermostatic Controls is a publically traded corporation, and currently they are in the middle of an internal audit. The company manufactures and markets residential and commercial thermostats. The company is divided into four regions, U.S.A Sales Division, Western Sales Division, Eastern Sales Division, and Southern Sales Division. Each of these
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Internal Auditor This brief will study the subject of using an internal auditor to assist a company with a system currently not working. It will also examine a candidate qualified to assess the organization and can make recommendations to the company. This can help ensure the company conforms to regulations set forth by the Securities and Exchange Commission (SEC), System Not Working The company has realized that their risk management efforts were not
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(“PCAOB”). 2. Examine the key inferences of corporate ethics related to internal controls and accounting principles which lead to the litigation or fine for the accounting firm. During an audit inspection, the PCAOB discovered evidence that Ernst & Young questioned itself internally before allowing faulty assumptions to pass unchallenged (Whitehouse). This goes back to Ernst & Young’s internal controls. It is the company’s responsibility to make sure that they don’t overlook anything
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CASE STUDY PA503 FUNDAMENTALS OF AUDITING Audit Firm Contact Number JABATAN PERDAGANGAN Programme Section CHAPTER 1 CHAPTER 2 Email Materiality and Audit Risk Corporate Governance PROBLEM SOLVING CLO2 | LD2/P3 Instruction: Please answer ALL questions. | Part 1 NEW CLIENT ACCEPTANCE DECISION Learning Objectives After completing and discussing this case, you should be able to: 1. Understand the types of information relevant to evaluating a prospective audit client
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Board (PCAOB) Independent Audit Firm Audit Committee of the Corporate Board of Directors Internal Audit Function Internal Control System Corporate Governance & Financial Reporting U.S. Securities & Exchange Commission (SEC ) Public Company Accounting Oversight Board (PCAOB) Independent Audit Firm Corporate Board Of Directors Audit Committee CEO & CFO Internal Audit Function Internal Control System The U.S. Securities & Exchange Commission (SEC) The mission
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CEO 1 Moccasin Drive Shoetown, ME 98765 Dear Mr. Lancaster: Thank you for the opportunity to provide you with some information that will help you understand how our accounting firm can be an asset to your business. Our firm will provide auditing and assurance services that will benefit Apollo Shoes. We will provide independent professional opinions so that you can make better business decisions and will be better informed. First off, we will perform an audit of the financial records during
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Internal Auditing * Gives you insight into compliance issues, risk assessment, fraud prevention, corporate governance, IT auditing, and many other topics, plus summaries of current audit research, case studies, and feedback on new initiatives and standards from COSO, the Institute of Internal Auditors (IIA), and other organizations. * An independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish
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