auditing standards put in place by the SEC. AICPA principles will be followed, ensuring that the Keller CPAs are independent of the client and free of conflicts of interest when performing professional responsibilities. Q2 Discuss the essential activities involved in the initial planning of an audit. How do these all specifically relate to the Smackey Dog Food client? SOLUTION: 1. Understand the client’s business and industry. Keller CPAs can use its experience from auditing other manufacturing
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Smackey Dog Food client? Solution: Audit planning includes eight major parts, of which the first seven are intended to help Keller CPA to establish the eighth, which is to develop an overall audit plan and audit program. They are as follows; Acceptance of the client and perform initial audit planning – Keller has already agreed to accept this client, although they should still try to assess Smackey with regards to other audit client of theirs. They should go through the usual client acceptance procedure
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of that profession. The ethical requirements for CPAs are similar to the ethical requirements of other professions. All professionals are expected to be competent, perform services with due professional care, and recognize their responsibility to clients. The major difference between other professional groups and CPAs is independence. Because CPAs have a responsibility to financial statement users, it is essential that auditors be independent in fact and appearance. Most other
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Principles-Based Versus Rules-Based Accounting Karla Law Liberty University Accounting 301-B07 Abstract Principles-based and rules-based accounting systems each have their advantages and disadvantages. When carefully examining these two accounting systems, it is clear to see that neither is better than the other. However, many individuals have the misconception that principle-based accounting is better. This is due to the fact that in recent years, the Financial Accounting Standards Board
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s e c TIo n client acceptance C a s es inC lu de d in t his se Ction 1 3 1.1 Ocean Manufacturing, Inc. . . . . . . . . . . . . . . . . . . . . . . The New Client Acceptance Decision InsTrucTor resource Manual — Do noT copy or reDIsTrIbuTe InsTrucTor resource Manual — Do noT copy or reDIsTrIbuTe ocean Manufacturing, Inc. The new client acceptance Decision ins tr uC t ional o b je C t ive s [1] To c a s e 1.1 Mark S. Beasley · Frank A. Buckless · Steven M. Glover
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Group 2 Assignment: The Sarbanes-Oxley Act (SOX) & Financial Statements Accuracy University of Maryland University College Geralda Francois Courtney Holbrook Nicole Mone Walker Moyosore Bankole AMBA630 Mark Wylie August 18, 2015 Introduction The United States Securities and Exchange Commission (SEC) was created after the Great Depression of the 1930’s, and given a mandate to oversee US financial markets. Since then its basic policy has been to promote transparency in corporate
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very important. The initial audit planning should be done in the early stages of the audit. The auditor must determine whether to accept the client. It is late in the year to accept new clients, and there are also some major issues with the way the company is being run, in spite of these challenges; Keller CPA’s has agreed to accept Smackey Dog as a client. The second stage in audit planning is to determine why the audit is needed. Since Smackey Dog is not publicly traded, there is no law that
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Public Company Accounting Oversight Board Bylaws and Rules – Standards – AS3 AUDITING STANDARD No. 3 – Audit Documentation June 9, 2004 AUDITING AND RELATED PROFESSIONAL PRACTICE STANDARDS Auditing Standard No. 3 – Audit Documentation [Effective pursuant to SEC Release No. 34-50253; File No. PCAOB-2004-05, August 25, 2004] 302 As of February 15, 2005 Public Company Accounting Oversight Board Bylaws and Rules – Standards – AS3 Auditing and Related Professional Practice Standards Auditing
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whistleblower hotline also is conferred. REPORT Summary and compare the requirements of section 301.4 of the Sarbanes Oxley Act 2002 and compare those requirement with those as required by Bursa Listing Requirement 2013. Sarbanes Oxley Act 2002 section 301 stated the corporate responsibility. It is following the Securities Exchange Act of 1934 (15 U.S.C. 78f) section 10A that have been amended by adding standards relating to audit committees clause that contain of 6 sub sections. Sarbanes Oxley Act
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contact and dealings with government employees and public officials, and to adhere to high ethical, moral and legal standards of business conduct. This policy includes strict compliance with all local, state, federal, foreign and other applicable laws, rules and regulations. If you have any questions concerning government relations, contact the Company’s Legal Department at Complianceandethics@infosys.com. | GSK employees must ensure that dealings with Government Officials are carried out according to
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