Auditing

The Sarbanes-Oxley Act

Titled after promoters, “U. S. Senator Paul Sarbanes and U. S. Representative Michael G. Oxley” (“The Sarbanes-Oxley Act”, 2006), “The Sarbanes–Oxley Act of 2002” is a U. S. government regulation that established novel or improved principles for U. S. community business panels, administration, and community accounting organizations. Consequently, because of the SOX, higher management is […]

Auditing – College Essay

Every Study has some Objectives. On doing a course of “Audit & Inspection of Banks” we have to learn a lot of auditing and inspecting tools & techniques. This Study has been undertaken with the following Objectives: » To get an overall idea about the auditing procedure. » Gathering practical knowledge about auditing by solving […]

Auditing and Ethics

Enron, Parmalat, WorldCom, HIH – these corporate failures and accounting scandals have shaken the foundations of investor confidence in the transparency, integrity and accountability of corporations and capital markets. There has also been public disquiet about the role professional auditors and audit firms have played in these corporate scandals. The consequences for many of the […]

Strategic Audit

Strategic Audit is concerned with ensuring that resources and competencies available to a certain business are understood and evaluated. It should be conducted with the view that the primary purpose of an organization’s resources is to support their business objectives, and the resources should be considered a risk if their failure would thwart attainment of […]

Ethics and Professional Responsibility

Like most business professions, there has to be a strong sense of ethics and responsibility. Especially professions like law or public accounting. They must have strong standards of integrity. In public accounting, people rely heavily on the information being provided on companies. Any mistakes or intentional cover up will have high costs to the economy […]

Dreamland ltd

A discussion on the inherent risks that arise from the audit of Dreamland ltd in regards to several claims made by Ms Monica Fasola. As the change in the payroll system is a technological change in IT (Simnett, R. , pg 311), there is an increase in inherent risk within several areas. The change in […]

Recommendation Brief for an Internal Auditor

When a company is experiencing difficulty controlling their accounting functions, hiring an internal auditor may alleviate some of the problems. Internal auditors may perform a variety of services including operational audits, compliance audits, and financial statement audits. Additionally, an internal auditor can assist in development of internal controls and evaluate the effectiveness of computer systems […]

How the Sarbanes-Oxley Act Relates to Internal Control

Writing Assignment-How The Sarbanes-Oxley Act Relates to Internal Control. In attempting to explain the Sarbanes-Oxley Act (SOX) and how it relates to the accounting concepts of control, some brief information is necessary to provide background on why it was enacted in 2002. Questions answered are why SOX was enacted, who passed this Act and why […]

Worldcom: the Story of a Whistle-Blower

Question 1 At the time Cynthia Cooper discovered the accounting fraud, WorldCom did not have a whistle-blower hotline process in place. Instead, Cynthia took on significant risks when she stepped over Scott Sullivan’s head and notified the audit committee chairman of her findings. Discuss the key criteria for the operation of an effective corporate whistle-blower […]

Accounting Ethics

Explain and describe characteristics of an effective system of internal control. An effective system of internal control limits the probability that fraud will take place. Within an effective system on internal control an organization will safeguard their assets, encourage employees to follow company policy, promote operational efficiency, strive towards the most accurate and reliable accounting […]

The North Face Inc

1. The auditor should mainly insist their clients to make the proper adjustments towards material misstatements that have a direct effect on financail statements. In regards to immaterial items, the auditor should give the client suggestions on why they recommend for the client to make adjustments. And if the client disagrees with the adjustments they […]

Regulatury Framework of Financial Reporting in Singapore

Roles of Organisations * ASC (Accounting Standard Council) – sets the accounting standards for both corporate and non-corporate organizations, and also for charitable organizations. * CCDG (Council of Corporate Disclosure and Governance) – function mainly on corporate governance * ICPAS (Institute of Certified Public Accountants of Singapore) – independent organization of the accountancy profession in […]

David Friehling

Yes, it matters that Friehling didn’t do any audit work. It matters because he signed off on financial statements verifying that he had. He played a great part in Madoff’s misconduct by falsely representing to investors that Madoff’s company was financially sound when in fact he hadn’t done a single audit. It without a doubt […]

Crazy Eddie Case

The main critical issue in the Crazy Eddie case is the incompetence and lack of professional skepticism of the company’s audit team and their inability to successfully comply with the standards of GAAS. The auditors failed to exercise the fundamentals of the substantive audit plan which would have uncovered at least some of the fraud. […]

Auditing and Assurance

Game Solutions is a computer games company which has its Head Office located in Glasgow, where all administrative processes are conducted. However, all other functions are sited at four other locations in the UK in order to ensure optimum cost efficiency of the research and production functions in terms of staff, facilities, travel among others. […]

Comprehensive Audit Case

1. There were several parties responsible for the “crisis of confidence” created by the Enron debacle. Enron’s executives were responsible for their behavior in trying to adjust their financial statements. Andersen’s auditors were responsible for not doing their jobs with integrity and not keeping their independence in from Enron. Regulatory groups were responsible for making […]

Goodner Brother Inc

1. Internal controls should have included these controls; -Adequate security for the inventory -Better periodic verification of inventory -Segregated duties when it comes to inventory -Proper supervision for sales transactions and the procedures that they employ to record them -Proper authorization by management for inventory transactions. 2. Internal control weaknesses – Lack of segregation of […]

Dilehmas in the accounting Profession

Qualify or Not? Viccio and Martin staff accountant Jane Ashley was assigned to work on an audit team with one senior auditor Frankie Small. The audit they were to perform was on the top paying client of Viccio and Martin, Models Inc.. Jane had spent time working for the firm while finishing her academics, and […]

Chicken Run

What are the roles of professional accountants in relation to their compliance to the By-Laws of the Malaysian Institute of Accountants as in this case? Integrity Integrity means that the auditor must always carry out their auditing duties and responsibilities with the highest level and sense of integrity. Their work must be performed with diligence, […]

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