"List Three Types Of Consulting Services That Audit Firms Have Provided To Their Audit Clients In Recent Years" Essays and Research Papers

List Three Types Of Consulting Services That Audit Firms Have Provided To Their Audit Clients In Recent Years

of outside audit firms has been an ongoing issue for a long time in the US corporate world. The fundamental problem arises for the lack of clarity about whom does the audit firm really works for, the shareholders or the client company. According to Anandarajan et all (2008), this lack of clarity has resulted in auditor’s independence being impaired. In the US, the client hires, pays, and fires the auditor and therefore, the culture of the auditors serving at the pleasure of the client still remains...

Audit, Auditing, Auditor's report 804  Words | 3  Pages

Open Document

Comprehensive Audit Case 1.1 Enron

users of financial statements. 2. Three types of consulting services that audit firms are now prohibited from providing to clients that are public companies include information technology work, appraisals and valuation services, and internal audit outsourcing services. Auditors are no longer allowed to offer such services while auditing a company because they would be auditing their own work or be put in a situation where they would want to alter an audit based on their other work with the company...

Audit, Auditing, Enron 787  Words | 3  Pages

Open Document


1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one...

Accounts payable, Accounts receivable, Audit 702  Words | 4  Pages

Open Document

Mandatory Audit Firm Rotation – a Literature Review

Mandatory Audit Firm Rotation – A Literature Review Introduction Since the passing of the Sarbanes-Oxley Act of 2002, much debate has occurred concerning mandatory auditor rotation for publicly held companies. Most corporate scandal involves dishonest or questionable accounting. This realization has brought about the priority to take more measures are taken to assure companies disclose the most reliable financial information. It is believed that a lack of auditor independence may be to blame...

Audit, Auditing, Auditor's report 1335  Words | 4  Pages

Open Document

Audit Final Outline

* 3 overlapping methods/theories of ethical behavior: * (1) Utilitarianism- the interests of all parties affected, not just one’s self-interest should be considered. * (2) Rights-based approach- individuals have certain rights and other individuals have a duty to respect those rights; should undertake actions only if it doesn’t violate the rights of any individual. * (3) Justice-based approach- concerned with issues such as equity, fairness and impartiality. An Overview...

Accountant, Audit, Auditing 1168  Words | 5  Pages

Open Document

Audit Proposal - 1ç

Audit Proposal—Kudler Fine Foods Previously Kudler Fine Foods had asked accounting firm 123 Accounting for their recommendation on a system which would improve automation in their business processes. Accounting firm 123 Accounting provided Kudler with a recommended course of action to take towards automating their accounting information system, as well as provided a flowchart to assist in describing the process by which the software will help management consolidate their financial data. Currently...

Audit, Auditing, Auditor's report 1626  Words | 5  Pages

Open Document


TYPES OF AUDITS Operational PURPOSE: To evaluate whether operating procedures are efficient and effective USERS: Management of the organization NATURE: Highly non-standard; often subjective FREQUENCY: PAs: Frequently AGs: Frequently CRA: Never Internal: Frequently Compliance PURPOSE: To determine whether the client is following specific procedures set by higher authority USERS: Authority setting down procedures, internal or external NATURE: Highly non-standard; often subjective FREQUENCY: PAs:...

Audit, Auditing, External auditor 508  Words | 3  Pages

Open Document

Audit Independence

light of investments by auditors or their family members in audit clients, employment relationships between auditors or their family members and audit clients, and the scope of services provided by audit firms to their audit clients. The amendments also identify certain non-audit services that, if provided by an auditor to public company audit clients, impair the auditor's independence. Finally, the new rules identify non-audit services that might impair an auditor’s independence. For all annual...

Audit, Auditing, Auditor's report 1018  Words | 4  Pages

Open Document

Big 4 Accounting Firms

The Big Four Accounting Firms Financial Accounting September 8, 2012 In the world of accounting four global firms take the gold. Those are considered “The Big Four”. Over the past twenty years many financial organizations have been established, but only the best have survived long enough to be well known across the world. Those four corporations are Deloitte & Touche, Pricewaterhouse Coopers, Ernst & Young, and KPMG. The biggest name in the industry however, is Deloitte & Touche...

Arthur Andersen, Big Four auditors, Ernst & Young 1002  Words | 3  Pages

Open Document

KPMG: How many Firms?

Professional Standards do not allow a company’s auditors to also provide tax services and retain independence. There have been myriad restrictions placed on professional service companies by the SEC and PCAOB. These companies are restricted on the nonaudit services that the company’s auditors can provide clients. If a service company provides auditing services for a particular company, they are restricted in terms of other services that they can provide. These restrictions were not always in place, but...

Audit, Auditing, Auditor's report 926  Words | 3  Pages

Open Document

audit homework

Threat Safeguards Objective Assessment a) The lending of staff by the firm to an audit client may create a self-review threat. (APES110.290.142) Referring to APES110,290 142, it states that if the firm lend the staff to audit client, and it will create the self-review threat. The possible safeguards are as following: Pay more attention on the work done by the loaned staff while in audit engagement. Do not assign any audit responsibility to the task that is performed by that loaned staff. ...

Audit, Auditing, Family 1060  Words | 4  Pages

Open Document

Assurance Service Letter

Assurance Services Letter Martha Busko ACC 546 January 24, 2011 Arlette Peoples Assurance Services Letter Dear Apollo Shoes: Like most other accounting and auditing firms Biro’s and Sons CPAs offers assurance services. We offer several different assurance services, such as attestation which is mostly an audit, and Webtrust services. A Webtrust service is a type of attestation service Attestation on internal control over financial reporting and a review of historical financial statements...

Accountant, Audit, Auditing 770  Words | 3  Pages

Open Document


OutlineAuditingAUDB 313SLT: 126H Semester I Academic Year 2013/2014 | Masdiah Abdul HamidRoom: AA-2-42Tel: 09 – 455 2020 extension 3121Fax: 09 – 455 2007Email: Masdiah@uniten.edu.my Wan Mohammad Taufik Bin Wan Abdullah Room: AA-2-14Tel: 09 – 455 2020 extension 2062Fax: 09 – 455 2007Email: WMTaufik@uniten.edu.my | | | * Subject Synopsis This course introduces the elements of auditing. It discusses the principles and procedures of auditing, types of audits, scope and objectives of auditing. It also...

Academia, Audit, Auditing 1492  Words | 6  Pages

Open Document

Audit Framework

following the ethical framework provided in the chapter. Students are not likely to identify all of the points or may come up with others, but these are the primary ones. a. Identify the ethical issue(s). There are two ethical issues: 1. Whether to issue an unqualified opinion based on the evidence already obtained, disclaim an opinion, or follow up on the information provided by the chairperson of the board, knowing that the client may not pay for the additional audit time spent. 2. What...

Audit, Auditing, Auditor's report 1481  Words | 5  Pages

Open Document

Completing the Audit Engagement

CHAPTER 17 COMPLETING THE AUDIT ENGAGEMENT Answers to Review Questions 17-1 A contingent liability is defined as an existing condition, situation, or set of circumstances involving uncertainty as to possible loss to an entity that ultimately will be resolved when some future event occurs or fails to occur. FASB ASC Topic 450, “Contingencies,” classifies uncertainties into three categories: 1. Probable: The future event is likely to occur. 2. Reasonably possible: The chance of the future...

Audit, Auditing, Auditor's report 1319  Words | 5  Pages

Open Document


expectations for revenue accounts Recognize factors that lead to precise expectations of account balances Appreciate the degree of professional judgment involved in evaluating differences between expected and reported account balances Understand the audit planning implications of using analytical procedures as substantive tests of account balances Burlington Bees, an independent, minor league baseball team, competes in the North-west Coast League. The team finished in second place in 200X with...

Audit, Auditing, Baseball 756  Words | 4  Pages

Open Document


Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation, conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external...

Audit, Auditing, Auditor's report 970  Words | 3  Pages

Open Document

Audit Introduction Letter

Audit Introduction Letter Elizabeth Grieco ACC 546 February 11, 2013 Hillary D. Edmondson Audit Introduction Letter TO: Apollo Shoes, Inc. FROM: Elizabeth Grieco, Auditor-In-Charge Anderson, Olds, and Watershed (AOW) DATE: February 11, 2013 SUBJECT: Auditing and Other Assurance Services Available SUMMARY: This memo includes information regarding the services that Anderson, Olds, and Watershed (AOW) is able to provide to clients as well as the standards that auditors must follow...

Audit, Auditing, Auditor's report 1170  Words | 4  Pages

Open Document

Audit Report

Beginning the Audit Report Audit Process Plan 100 Shoe Plaza Shoetown, ME 00001 [ENTER TODAY’S DATE] Larry Lancaster Chairman, President and CEO Apollo Shoes, Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Mr. Lancaster, This letter explains how I intend to carry out the audit process for Apollo Shoes, Inc. I will continue audit services for the company, which will involve a series of steps. I first need to receive the preliminary list including organizational...

Audit, Auditing, External auditor 1164  Words | 5  Pages

Open Document

Beginning the Audit Report

 Beginning the Audit Report Kimberly Cummings ACC/546 January 19, 2015 Jacob Mathews Beginning the Audit Report MEMORANDUM January 19, 2015 To: Senior Partner From: Kim Cummings Re: Apollo Shoes Audit Dear Senior Partner: As you know, our firm has been selected to perform the Apollo Shoes audit. The planning process has been the most delicate stage as we want to ensure we have a solid audit approach. The team I select will be dedicated in meeting the objectives and strategies for completing...

Audit, Auditing, Auditor's report 1923  Words | 11  Pages

Open Document

Beginning the Audit Process

Beginning the Audit Report Peter Serunjoji ACC546 January 15, 2012 Arlette Peoples Beginning the Audit Report MEMORANDUM TO: Larry Lancaster, Chairman, President, and CEO of Apollo Shoes, Inc. FROM: Matrix Certified Public Accountants (MCPA) Inc., DATE: January 15 2012 SUBJECT: Beginning the Audit Report (Engagement letter, Engagement checklist, Outline of timeframes and milestones of the audit) Dear Mr. Lancaster, This letter is to confirm the...

Audit, Auditing, Balance sheet 1203  Words | 5  Pages

Open Document

Audit Partner Rotation - Issue Brief

Audit Partner Rotation - Issue Brief In response to the wave of corporate crises, the Sarbanes-Oxley Act includes a provision regarding mandatory audit partner rotation for firms auditing public companies. This should not be confused with audit firm rotation and it is important to make the distinction. The Act requires the lead audit partner and audit review partner (or concurring reviewer) to be rotated every five years on all public company audits. The Act requires a concurring review of all...

Audit, Auditing, Business 1401  Words | 5  Pages

Open Document


INTERNAL AUDIT 1 Internal audit ‘Internal audit’ is an appraisal activity established by management for the review of accounting and internal control systems as a service to the entity. It reviews, monitors and make recommendations for the improvement of systems. Other activities include: Examination of financial information Review of economy, efficiency and effectiveness (‘value-for-money’ audits) Review of compliance with external laws and regulations Review of internal policies Review...

Audit, Auditing, Auditor's report 1487  Words | 6  Pages

Open Document

Importance of Hr Audit

ON THE IMPORTANCE OF HR AUDIT TO INCREASE THE PRODUCTIVITY OF AN ORGANIZATION’S FUNCTIONS INTRODUCTION OF THE STUDY: The concept of HR audit has emerged from the practice of yearly finance and accounting audit, which is mandatory for every company, to be done by external statutory auditors. This audit serves as an examination on a sample basis of practices and systems for identifying problems and ensuring that sound accounting principles are followed. Similarly, an HR audit serves as a means through...

Audit, Auditing, Auditor's report 1866  Words | 6  Pages

Open Document

Audit Quality

Fraud at Parmalat Parmalat, the international dairy giant with 139 business units in 30 countries of more than 40 years history (Hamilton & Micklethwait, 2006) stepped on its way to meltdown due to its aggressive business strategy of worldwide expansion in the early 1990s. In order to cover the financial deficit caused by inefficient factories, poorly managed inventory and costly acquisitions in the long era expansion (Hamilton & Micklethwait, 2006) and to hide embezzlement to prop up failing...

Audit, Auditing, Auditor's report 1237  Words | 4  Pages

Open Document

Audit Internet Problem 14-1

the SEC’s Litigation Release No. 20470 and related press releases associated with the fraud at Bally Total Fitness Holding Corporation: a. According to the SEC press releases and Litigation Release No. 20470, Bally fraudulently accounted for three types of revenue it received from members: initiation fees, prepaid dues, and reactivation fees. Initiation fees: Bally fraudulently and prematurely recognized revenue from initiation fees. Part of the price of a Bally health club membership was a...

Audit, Bally Total Fitness, Contract 773  Words | 3  Pages

Open Document

Improving Independence Within The Audit

Improve Within the Firm University of Maryland University College Executive Summary This paper is to discuss an ongoing issue found within the accounting field, but this paper focuses on Arthur Bell in particular and how to go about fixing it. Arthur Bell is an alternative investment accounting firm that focuses on providing auditing, tax preparation, performance analysis, and consulting services for such things as managed futures and hedge funds. The issue within this firm that is being addressed...

Accounting scandals, Arthur Andersen, Audit 2312  Words | 9  Pages

Open Document

Audit Study Guide

external financial statement audits. 1. What is the purpose of a financial statement audit? a. To confirm the accuracy of management’s financial statements. b. To provide assurance that the audited entity is financially sound. c. To express an opinion on the fairness of the financial statements. d. To provide assurance that fraudulent activities have not occurred. 2. Information risk arises from which of the following situations? a. Adverse selection threats. b. Audit risk, inherent risk, control...

Accounts receivable, Audit, Auditing 1400  Words | 7  Pages

Open Document

ZZZZ Best Company: How Does a Review Differ from an Audit?

Whitney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31, 1986. How does a review differ from an audit, particularly in terms of the level of assurance implied by the auditor’s report? While both a review and an audit are attestation services provided by CPAs. A review and an audit differ in that a review does not offer the level of assurance that an audit does, auditors do not...

Audit, Auditing, Auditor's report 1401  Words | 2  Pages

Open Document

Audit & Assurance

Part 1 The purpose of Part 1 is to perform preliminary analytical procedures. You have been asked to focus your attention on two purposes of analytical procedures: Assess going concern and Indicate where there is an increased likelihood of misstatements Required for Part 1 Calculate at least ten ratios that are useful to assess going concern using Heritage’s financial statements, which are located on Blackboard, appendix 1 & 2. Document the ratios in a format similar to the following: Ratios...

Accounts receivable, Auditing, Balance sheet 1033  Words | 4  Pages

Open Document

Review on the Impact of Management Integrity on Audit Planning and Evidence

the Impact of Management Integrity on Audit Planning and Evidence Objective This research is done to assess the correlation between management integrity and RMM, audit planning and misstatement detection, which leads to analysis of the impact of management integrity information on audit conduct. Motivation Some cases of failures such as Enron and Sarbanes-Oxley have led public in general requiring auditors to be more careful in conducting their audit tasks, especially in terms of audited...

Audit, Auditing, Financial audit 955  Words | 4  Pages

Open Document

Does Opinion Shopping Impair Auditor Independence and Audit Quality?

Audit Theory Written Essay Assignment Does Opinion Shopping Impair Auditor Independence and Audit Quality? by: Tong Lu Journal of Accounting Research, Vol. 44, No.3 (Jun., 2006), pp.561-583 Additional articles: Ghosh, A., Moon, D., (2005). Auditor Tenure and Perceptions of Audit Quality. The Accounting Review, Vol. 80(2), pp.585-612. Myers, J. N., Myers, L. A., Omer, T. C., (2003). Exploring the Term of the Auditor-Client Relationship and the Quality of Earnings:...

Audit, Auditing, External auditor 2355  Words | 6  Pages

Open Document

Audit Procedures

CHAPTER 10 – AUDIT PROCEDURES Analytical Procedures – ISA 520 states that analytical procedures must be used at the planning stage to identify risks and at the completion stage of the audit as a final review. They are not just the comparison of one year with another AP’s can be used in ratio, trend analysis and proof in total. In order to use analytical procedures the following processed should be followed, create your own expectation of what you think the figure should be, compare with the actual...

Asset, Audit, Auditor's report 960  Words | 3  Pages

Open Document

The Audit

assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions, balances and presentation and disclosures - List out and describe general transaction related audit objectives, balance related audit objectives and presentation and disclosure audit objectives - Understand specific audit objectives and how they are linked to general audit objectives and management assertions Topic 4 – Audit evidence...

Audit, Auditing, Auditor's report 1165  Words | 5  Pages

Open Document


which exceeds materiality of $50,000. c. The auditor should either propose an audit adjustment so that the unadjusted statement amount is less than materiality, and/or perform more testing to obtain a better estimate of the population misstatements. The additional testing will likely focus on receivables and inventory because they have the largest estimated misstatements. 9-28 a. The following terms are audit planning decisions requiring professional judgment: Preliminary judgment about materiality ...

Audit, Auditing, Auditor's report 762  Words | 3  Pages

Open Document

Audit and Assurance

BA (HONS) ACCOUNTING & FINANCE BA (HONS) PROFESSIONAL ACCOUNTING PROFESSIONAL ACCOUNTANCY COURSE YEAR 3 AUDIT & ASSURANCE 1 INDIVIDUAL ASSIGNMENT BRIEF HAND OUT DATE: 5th October 2011 HAND IN DATE: INSTRUCTIONS FOR COURSEWORK You are required to research and prepare a report based on one of the following topics. Please seek the assistance of the module leader Ivor Pingue and your seminar tutors for help and guidance with your coursework. Do not leave the research too late...

Audit, Auditing, Auditor's report 929  Words | 5  Pages

Open Document

Auditing, Attestation, and Assurance Services Paper - Introduction

Auditing, Attestation, and Assurance Services Paper Jane Johnson Contemporary Auditing I ACC/491 Auditing, Attestation, and Assurance Services Paper Introduction Auditing is a subset of attestation, which is a subset of assurance. These services, which are governed by several organizations, are unique in their own way. Because of the constantly changing role of the auditor, particularly since the Sarbanes-Oxley Act of 2002, different types of services have become necessary. In this paper...

Auditing, Balance sheet, Certified Public Accountant 1093  Words | 4  Pages

Open Document

Mandatory Auditor Rotation: a Way for Regulator to Prevent Audit Failures?

FOR REGULATORS TO PREVENT AUDIT FAILURES? 1. Introduction Auditor rotation has long been a subject of debate as a measure to prevent audit failures, especially after the financial crisis. Two types of rotation suggested are firm rotation and audit partner rotation. Mandatory auditor rotation limits the number of consecutive years that a registered public accounting firm or audit partner can serve as the auditor of a company, and is claimed to be able to enhance audit quality and reduce market...

Audit, Auditing, Big Four auditors 1812  Words | 6  Pages

Open Document

Audit 1

Company for the year ended December 31, 2014. We will audit the company’s balance sheet for December 31, 2014, and the related statements of income, retained earnings, and cash flows for the year then ended. The purpose of our audit is to form an opinion as to whether these statements are fairly presented in accordance with accounting principles generally accepted in the United States of America. We will review the company’s federal and state income tax returns for the fiscal year ended December...

Audit, Auditing, Auditor's report 1365  Words | 4  Pages

Open Document

Audit Report

Independent Auditor's Report To the Stockholders Apollo Shoes, Inc. 1235 Winner's Road Write City, IN 12354 LCC has conducted an audit of Apollo Shoes, Inc. balance sheets, the retained earnings, cash flows, and other related statements of income for the year ended December 31, 2006/2007. Apollo Shoes Inc management is responsible for maintaining the effective internal controls that goes along with the financial statements and how well the accuracy is going to be. LLC has evaluated the effectiveness...

Audit, Auditing, Auditor's report 1271  Words | 5  Pages

Open Document

Results of Audit Fee Reduction

Introduction This report will try to identify what changes can be made by the audit firm if a substantial reduction in audit fees is agreed with the client, considering current economic climate. Furthermore it will discuss whether these changes could risk the quality of the audit. The research was carried out in Aldrich library and is based on various research articles, articles in professional magazines and the financial press. The current economic climate The current...

Audit, Auditing, Auditor's report 1991  Words | 6  Pages

Open Document

Corporate Audit Questions

Which of the following is not a Sarbanes-Oxley requirement for audit committees? A. The audit committee should view itself as the “client” of the external auditor. B. The audit committee must be chaired by the chair of the board of directors. C. Audit committee members must be financially literate. D. Audit committee members must be outside directors. 2. There are several reasons why users of information desire assurance services from accountants. Which of the following is not such a reason...

Audit, Auditing, Auditor's report 1255  Words | 7  Pages

Open Document

Audit Case: Jaimica Water Properties

Sam Li Case: Jamaica Water Properties 1. Place yourself in David Sokol’s position. After discovering the suspicious items in JWP’s accounting records, would you have taken a different course of action than he did? Why or why not? I doubt if I can reach the position that David Sokol had in my career’s life. However, let say that if I was in David Sokol’s position, I would probably do the same thing David had done. I believe the proper working ethics are accountability, professionalism and...

Audit, Auditing, External auditor 1167  Words | 3  Pages

Open Document

Audit Partner Rotation

of audit partner rotation states that an audit partner must be rotated off the audit engagement if he/she has worked (been responsible for the issuance of the audit report reflecting the reporting of the financial statements and the dealings with the audit committee and management) on the engagement for the prior five consecutive years and be subject to a five year “time-out period” from the registrant. Previously, this rule was that the lead audit partner was to be rotated after seven years with...

Accountant, Audit, Auditing 877  Words | 3  Pages

Open Document

Present Day Bangladesh Audit Objective

Present Day Bangladesh Audit Objective Today the business world has expanded its empire and captured the whole world. Without the growth of business the economy will cease to exist. This growth is only possible in a protected environment where the business can grow without the fear and anxiety of corruption and dishonesty. This required atmosphere can only be provided by proper audit. The auditor in charge of this auditing determines how far the business world can grow. A dishonest and corrupted...

Audit, Auditing, Auditor's report 2058  Words | 7  Pages

Open Document

audit proposal

Audit Proposal Brenda Pina, Rachel Foster, Maria Kight, Christine Twiford, and Clorissa Willie ACC/542 July 14, 2014 Professor Thomas Cappels Audit Proposal There are many different types of audits including internal, external, and information technology. Companies should be familiar with the types of audits that may possibly be used on an Accounting Information System (AIS). Knowing the different types of audits and where they are used will help a company be ready for an audit and make...

Audit, Auditing, Auditor's report 1136  Words | 4  Pages

Open Document

Mandatory Audit Rotation

Arguments in Favour of Mandatory Audit Rotation: As an attempt to strengthen the audit independence and the audit quality, mandatory audit rotation is to be considered as a very good proposal to safeguard the audit independence. It is, however, limited number of years above that the audit firm or the engagement partner (For instance, the U.K. approach is to change only the engagement partner. While in the U.S. approach it is mandatory to change the whole audit firm) can no longer be or continue as...

Audit, Auditing, Auditor's report 1427  Words | 6  Pages

Open Document

Types of Audit Report

Presentation: 6 1 (a) Explain the different types of opinions that the auditors may issue. Give an example of a modified and an unmodified report by referring to actual company reports (year ended 2011 or 2012). 1) Unqualified Opinion: An independent auditor's opinion that a company's financial statements comply with accepted accounting procedures. 2) Qualified Opinion: An independent auditor's opinion expressing certain limitations of an audit. 2 3) Disclaimer: A statement where the...

Annual report, Audit, Auditing 549  Words | 4  Pages

Open Document

Audit Proposal

would now like to see a proposed audit schedule for these systems. The team will distinguish between the types of audits that may use for each process. The team will also recommend the most appropriate audit for each process and explain how to conduct the audits. Identifying events that may prevent reliance on auditing through the computer will also be presented to Kudler for review (Apollo Group, 2009). Types of Audits The types of information technology audits are attestation, findings and...

Accounting software, Accounts payable, Accounts receivable 1321  Words | 4  Pages

Open Document


5.30 (Medium) Sufficient appropriate audit evidence has not been obtained to support the conclusions. | | Procedures | General point | Quality (appropriate evidence) | Quantity (sufficient) | (a) | Observation of stock take - went according to instructionsInventory test counts and cut-off prove satisfactory. | To conclude that the ACCOUNT balance is fairly stated (i.e. in $$ terms), all material assertions must be verified. | Existence assertion (an overstatement test) has been tested from the...

Auditing, Depreciation, Expense 1374  Words | 5  Pages

Open Document

Tips for Carrying Out an Audit

for carrying out an Audit. Before an audit is assigned to staff, there are few matters that should be considered such as: - The size of the company to be audited. (If it is a private limited co .i.e. Sdn.Bhd. 2 or 3 staff will be required. If it is a Public Listed Company 3 or 4 staff and if it's a Group audit 6 or 7 staff depending on the number of subsidiaries.) - The budget is very important as we are always advised to stay within the budget so that the audit fees is sufficient to...

Accounts receivable, Audit, Auditing 1315  Words | 5  Pages

Open Document

case 1

Enron Corporation 1. List three types of consulting services that audit firms have provided to their audit clients in recent years. For each item, indicate the specific threats, if any, that the provision of the given service can pose for an audit firm’s independence. In the recent years, auditing firms provides the following consulting services to their clients: a. Internal auditing b. Design of accounting systems c. Various types of Information Technology (IT) services 2. Briefly describe...

Audit, Auditing, Big Four auditors 774  Words | 3  Pages

Open Document

What Is the Need for an External Audit

The need for an external audit in the case of companies arises primarily from the existence of split-up of ownership from control. When control is shared an audit report will be needed in order to ensure that all the partners or be it shareholders are on the same page as the managers (the ones who will be controlling the company) and know what has been happening in the company, what is happening at present and what can be expected to happen in the future in order to increase returns in the company...

Audit, Auditing, Auditor's report 1636  Words | 5  Pages

Open Document

How the Sarbanes-Oxley Act Will Impact the Audit Function

as the academy awards used the services of a CPA, it was done not because the counting of ballots was a technically difficult task, but because people believed CPA's could be trusted. The recent problems encountered by many of the nations top accounting firms "has taken something important from all accountants: the assurance that practicing or teaching others to practice accounting is an honorable way to spend one's life (Williams 2003)." The traditional audit involved many time consuming practices...

Audit, Auditing, Auditor's report 2015  Words | 6  Pages

Open Document


Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms, establishing standards for audit engagements, and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing Standards (GAAS)**** ...

Audit, Auditing, Auditor's report 590  Words | 3  Pages

Open Document


Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated, Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and...

Audit, Auditing, Auditor's report 670  Words | 1  Pages

Open Document

Enron Case Study

Case Study One: Enron Corporation Richa Chopra Kaplan University Case Study One: Enron Corporation The Enron debacle created what one public official reported was a "crisis of confidence" on the part of the public in the accounting profession. Lists the parties who you believe are most responsible for the crisis. Briefly justify each of your choices. Enron proves to be a classic example of all that glitters is not gold. In 2001, Enron was hailed as America’s most innovative company and its CEO...

Audit, Auditing, Auditor's report 1380  Words | 6  Pages

Open Document

Waste Management Audit Failure

Executive Summary Background Waste Management, Inc., founded in 1894, offers environmental services to nearly 20 million residential, industrial, commercial, and municipal customers in the US, Canada, and Puerto Rico. With a large customer base, it is difficult to picture such a large company committing fraud. However, between the years of 1992 and 1997, several chief officers in the company engaged in a systematic scheme to falsify and misrepresent Waste Management’s financial results. Heading...

Arthur Andersen, Auditing, Corporate governance 1399  Words | 5  Pages

Open Document


Maharshi Pandya Student ID: PCC2388 Audit Assignment 1 Answer 1. In our case study, King and Queen are the auditors and the plaintiff that is taking legal action against them is EFL. Negligence can be defined as any conduct that is ‘careless or unintentional in nature and entails a breach of any contractual duty or duty of care in tort owed to another person or persons’.(Godsell, 1993 P23) If EFL wants to claim for negligence than they will have to prove that the four elements exists (Gay...

Audit, Auditing, Auditor's report 1067  Words | 4  Pages

Open Document


Management consulting - To the brainy, the spoils As the world grows more confusing, demand for clever consultants is booming May 11th 2013 | NEW YORK |From the print edition ELITE management consultancies shun the spotlight. They hardly advertise: everyone who might hire them already knows their names. The Manhattan office that houses McKinsey & Company does not trumpet the fact in its lobby. At Bain & Company’s recent partner meeting at a Maryland hotel, signs and name-tags carried a discreet...

Bain & Company, Big Four auditors, Boston Consulting Group 1278  Words | 4  Pages

Open Document

Become a StudyMode Member

Sign Up - It's Free