Nature and Functions of Auditing August 31st, 2012 Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: • Describe the elements of the Generally Accepted Auditing Standards (GAAS). • Describe how these standards apply to financial, operational, and compliance audits. •
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Generally Accepted Auditing Standards Paper Gary Varnell University of Phoenix ACC 490 Auditing Aaron Strenkoski July 11, 2011 Introduction This paper is designed to explain the nature and functions of auditing, relate these functions to the audit functions of the Shawnee News-Star, describe the elements that make up the Generally Accepted Auditing Standards and how these standards apply to financial, operational, and compliance audits. This paper will also explain the effect that the Sarbanes-Oxley
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Auditing Auditing has been around since the mid-1800's, which originated in British. Some of firms today have been around since the 1800's, such as Deloitte & Co. Price Waterhouse & Co. In this paper, I will state the functions of auditing, the nature of auditing, how the standards apply to financial, operational, and compliance audits, and some other items that pertain to auditing in general. Nature of Auditing The nature of auditing is that auditors are placed with a special purpose, which is to
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HERMOSILLA, VINCENT B. BSA-3 ACCTG 121C SYNTHESIS CASE 8.3 KANSAYAKU I. Summary This case focuses on Japan’s accounting profession and independent audit function. As this case documents, the accounting profession and independent audit function within the United States and Japan are very similar in many respects but very dissimilar in others. Similar to the United States, Japan’s accounting profession has historically been dominated by a small number of large accounting firms. In fact, each of
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Auditing has been basically seen as a ‘social phenomenon' since its purposes remain continuously being change, dependent on the scale of interconnection among the audit profession and the public (Flint, 1988; Power, 1997; Sikka et al., 1998). From one viewpoint, the audit profession seeks to certify that auditing is viewed as important to the changing needs of the public through the progression of the audit function. Flint (1988), Power (1994; 2000), Epstein and Geiger (1994) and Petland (2000),
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Towards Reducing the Audit Expectation Gap: Possible Mission? The auditing profession believes that the increase in litigation and criticism against auditors may be due to the audit expectation gap. The audit expectation gap is defined as the difference between what the public expects from an audit and what the audit profession accepts the audit objective to be. The audit expectation gap is critical to the auditing profession because the greater the unfulfilled expectations of the public
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internal audit function was born through detaching of some activities from external audit, the result being that there some situations when these two functions could be easily confused. The reality is that internal audit and external audit are two distinctive functions; net differenced, but which are also characterized through some complementary relationships. In this paper, we try to give our contribution at the clarification of the similarities and differences between these two functions, making
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internal audit function was born through detaching of some activities from external audit, the result being that there some situations when these two functions could be easily confused. The reality is that internal audit and external audit are two distinctive functions; net differenced, but which are also characterized through some complementary relationships. In this paper, we try to give our contribution at the clarification of the similarities and differences between these two functions, making
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Chapter 1 Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It help an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management control, and government processes. Objective- what an organization wants to achieve. Strategy- how management plans to achieve to organization’s objective. 4 types of objectives -Strategic
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and any applicable management assumptions. Results of auditing procedures that indicate the financial statements or disclosures could be materially misstated or that the auditing procedures need to be significantly modified. Circumstances that cause the auditor significant difficulty in applying auditing procedures he or she considers necessary. Other findings that could result in modification of the auditor’s report. Compliance of Auditing Standards and Audit Documentation – a must for all practice
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