"What Are The Typical General Components Of An Audit Program" Essays and Research Papers

  • What Are The Typical General Components Of An Audit Program

    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

  • 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

  • Recovery Audit Contractor Program

    Recovery Audit Program (RAC) Christina W. Furbert Devry University HIT230 Health Insurance and Reimbursement Professor Ingram Table of Contents What is RAC?..............................................................................................................................................................3 What type of audits will the RAC program cover?.....................................................................................................3 What could happen if it...

    Appeal, Audit, Health care 1190  Words | 4  Pages

  • Audit Program

    Audit Objectives: a. Determining that cash on hand as shown in the general ledger is represented by currency and coins on hand. b. Determining ownership and proper accountabilities c. Ascertaining that cash balances are available without restrictions. Audit Procedures: a. Examination of cash proof sheets and tracing of their totals to the general ledger b. Test tracing of deposit or withdrawal slips to individual subsidiary ledgers and vice...

    Bond, Bookkeeping, Debt 906  Words | 5  Pages

  • Audit Program Design Part1

    Audit Program Design Part One Audit Program Design Part One Anderson, Olds, and Watershed, LLP 6500 Riverside Ave. Jacksonville, Fl 32200 January 09, 2012 President, Chief Executive Officer Apollo Shoes Inc. 4500 Riverside Avenue Jacksonville, Fl 32200 Dear Mr. Wallace: This letter serves to confirm our understanding as it pertains to the specific terms and objectives of our contracted engagement. Anderson, Olds, and Watershed (AOW) will conduct a thorough examination of the...

    Audit, Auditing, Auditor's report 1733  Words | 6  Pages

  • Apollo Audit Program Design

    Apollo Audit Program Design Part I Kathryn Cook, Mary Dietrich, Robin Geisler, Connie Goddard ACC/546 July 18, 2011 Deborah Fitzgerald Thomas Apollo Audit Program Design Part I Anderson, Olds, and Watershed 612 North Street Shoetown, ME 00001 July 18, 2011 Apollo Shoe, Inc. Larry Lancaster, President and Chairman Karina Ramerez, Director Internal Audit 100 Shoe Plaza Shoetown, ME 00001 Dear Mr. Lancaster and Ms. Ramerez: Anderson, Olds, and Watershed (AOW), CPAs has been...

    Audit, Auditing, Auditor's report 860  Words | 3  Pages

  • Annual Audit Plans, Programs and Activities

    Director General, PDEA FROM : Chief, Internal Audit Division SUBJECT : Accomplished Program from January to May 2013 and Proposed Audit Work Plan, Programs, Activities and Projects for June-December 2013 DATE : 20 May 2013 REFERENCES: 1. Philippine Government Internal Audit Manual; 2. Agency Orders No. 2012-234-A Commencement of PDEA Internal Audit Team Function dated December 3, 2012; and 3. IAD Memorandum dated 10 December 2012 for DG, PDEA re: Internal Audit Function...

    Audit, Auditing, Financial audit 839  Words | 5  Pages

  • Evidence Law and Audit Program

    you are tasked to find and explain any irregularities in the Apollo Shoes Case. Resource: Apollo Shoes Casebook Define the process you will use and address the following assessed classroom discussion questions: What procedures will be used to collect accounting evidence? What sampling tools and techniques will be used for the examination? How will you use analytical and inferential tools to evaluate accounting evidence? Submit your assignment to the facilitator. Note. APA formatting...

    Cycle, Data mining, Evidence law 894  Words | 3  Pages

  • Audit & Accountability

    Alan Rappley CYB600 Dr. Romney 17 Mar 2013 Audit & Accountability (Class: Technical) Security requirements for Audit & Accountability Controls are to "create, protect, and retain information system audit records to the extent needed to enable the monitoring, analysis, investigation, and reporting of unlawful, unauthorized, or inappropriate information system activity; and (ii) ensure that the actions of individual information system users can be uniquely traced to those users so they can...

    Access control, Audit, Coordinated Universal Time 1147  Words | 4  Pages

  • 10-32 (Components of Internal Control)

    8-16 (Analytical procedures) In audit planning the audit of Circuits Technology, Inc. (CTI). CTI resells, installs, and provides computer networking products (client software, gateway hardware and software, and twinax hardware) to other businesses. Figure 8-14 provides some summary information from CTI’s financial statements. Required a. Calculate purchases, gross margin, inventory turn days, accounts receivable turn days, and accounts payable turn days for the years ended 20x2, 20x3, 20x4, 20x5...

    Accounting software, Accounts receivable, Audit 512  Words | 4  Pages

  • 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

  • All You Need to Know About Audit Evidence and Assurance

    What You Really Need to Know Chapter 8: Audit Evidence and Assurance AUDITORS OBTAIN SIX BASIC TYPES OF EVIDENCE AND USE SIX GENERAL TECHNIQUES TO GATHER IT. THE SIX TECHNIQUES ARE (1) RECALCULATION/REPERFORMANCE, (2) OBSERVATION, (3) CONFIRMATION, (4) ENQUIRY, (5) INSPECTION, AND (6) ANALYSIS. ONE OR MORE OF THESE TECHNIQUES MAY BE USED NO MATTER WHAT ACCOUNT BALANCE, CLASS OF TRANSACTIONS, CONTROL PROCEDURE, OR OTHER INFORMATION IS UNDER AUDIT. Recalculation is redoing calculations already...

    Audit, Auditing, Auditor's report 1938  Words | 7  Pages

  • The Role of Auditor General in Malaysia

    identify the roles of the National Audit Department. 2.0 Research question 1. What is National Audit Department (NAD)? 2. What are the roles of the National Audit Department of Malaysia (NAD)? 3.0 Finding 3.1 Auditing in Malaysia It is a systematic process done to evaluate and examine financial statement made by the government agencies to match with the budget approved by the parliament and have to communicate the audit to the interest party. Audit Institution in Malaysia is existedalmost...

    Audit, Auditing, Auditor's report 1802  Words | 5  Pages

  • White Paper on Hr Audit

    HR Audit: 101 A Nonprofit HR Solutions White Paper By: Sidney Abrams Senior HR Consultant, Nonprofit HR Solutions May 2010 Introduction Do you lie awake at night thinking about questions such as:  Is my organization in compliance with federal and state guidelines requiring that certain information be posted in view of all employees and applicants?  Are my organization’s jobs properly classified as exempt and non-exempt? Would these classifications pass a Department of Labor audit...

    Audit, Best practice, Copyright 1781  Words | 7  Pages

  • Critique Paper on Completing the Audit and Post-Audit Reponsibilities

    2013 Antonio, Mark Earl Angelo P. ACT162 – B74 3/3/2013 2013 Antonio, Mark Earl Angelo P. ACT162 – B74 3/3/2013 Critique Paper #03: Completing the Audit and Post-Audit Responsibilities Critique Paper #03: Completing the Audit and Post-Audit Responsibilities Summary The first article of Moez Bennouri, entitled “Does Auditors’ Reputation ‘Discourage’ Related Party Transactions? The French Case” studies the relationship between the frequency of RPTs and the external auditors’ reputation...

    Audit, Auditing, Auditor's report 2291  Words | 7  Pages

  • Leadership Program Opportunities at General Electrics.

    review the entry-level leadership and experienced leadership programs. Overall, what type of development activities are included in these programs? Choose one program and describe it (development activities, length, participants). Compare the development activities used in the entry-level and experienced leadership programs. How are they similar? How are they different? Why might they differ? General Electrics has designed leadership programs that provide their employees' with a self-directed career...

    Academic degree, Bachelor's degree, Engineer's degree 913  Words | 3  Pages

  • Audit Program Ii

    Auditing Program Design Part II The purpose of this part of the audit process for Apollo Shoes is to design tests of controls, substantive tests of transactions, and analytical procedures for the sales, collection, payroll, personnel, acquisition, and payment cycles. These test and procedures are with intent to attest operating effectiveness of internal controls of Apollo Shoes on the basis of documentation provided. It is with the understanding that with the performing of test and procedures an...

    Accounts payable, Accounts receivable, Asset 2090  Words | 7  Pages

  • Audit

    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

  • Ip Audit

    IP Audit Mrs. C. Arthi Gandhimathi Dr. K. Gopalakrishnan Research Scholar Member, Board of Governors Anna University Coimbatore National Design and Research Forum Coimbatore – 641 047 Bangalore – 560 001 e-mail: arthibala2009@gmail.com Abstract The single most compelling reason for any company, particularly an SME, to conduct an intellectual property (IP) Audit. But what should be measured and how can we begin the process? An IP Audit is defined as a systematic...

    Asset, Balance sheet, Copyright 1483  Words | 5  Pages

  • Audit

    * 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 covers professional ethics in auditing, audit evidences, audit planning and various other aspects of auditing. Moreover it gives knowledge about objectives of doing audit. The course also aims to explain the liability and responsibility of the auditor and how the computerised environment effects the business environment...

    Academia, Audit, Auditing 1492  Words | 6  Pages

  • General Management

    literacy General Management Introduction When I was applying for university, I have discussed with my parents about choosing major. At that time, my father just told me:"Do General Management, try your best, go home and help my business", and then I received an offer from Michigan State University. Until I really need to consider about my major seriously, after some researching, I found this major is really interesting and useful. Here is a brief introduce to General Management: what do general...

    Administration, Human resource management, Leadership 1338  Words | 5  Pages

  • Audit Summary

    SUMMARY OF KEY POINTS OVERVIEW OF FINANCIAL STATEMENTS AUDIT * The audit enables the auditor to express an opinion whether financial statements are prepared, in all material respects, in accordance with and acceptable financial reporting framework. * Complete set of general purpose financial statements: * 1. balance sheets * 2. income statements * 3. statement of changes in equity * 4. cash flow statement * 5. summary of significant accounting policies and other...

    Audit, Auditing, Balance sheet 1220  Words | 5  Pages

  • What is K12 Program :)

    The K to 12 Program covers Kindergarten and 12 years of basic education (six years of primary education, four years of Junior High School, and two years of Senior High School [SHS]) to provide sufficient time for mastery of concepts and skills, develop lifelong learners, and prepare graduates for tertiary education, middle-level skills development, employment, and entrepreneurship. What is K to 12? K to 12 means Kindergarten and the 12 years of elementary and secondary education. Kindergarten refers...

    College, Education, Educational stages 1883  Words | 7  Pages

  • Strategic Audit

    will be reached (strategies, objectives, responsibilities and timelines) Strategic planning determines the overall direction and goals of the organization. Consequently, strategic planning influences numerous aspects of the organization, including what: a) Products and services will be provided by the business and how those products and services will be designed b) Organizational design and roles are needed by the organization c) Performance goals are established for positions throughout the business ...

    Management, Marketing, Michael Porter 1896  Words | 7  Pages

  • Program

    Treatment Program for prisoners Many challenges confront the criminal justice system. One major perennial question is: How can we more effectively deal with individuals who have drug and alcohol problems and are also involved in criminal activity? The complex relationships between drugs and crime have been extensively analyzed. Generally, these studies confirm that drug and alcohol abuse is associated with criminal activity.The magnitude of this problem is also indicated by the recurring finding...

    Addiction, Alcoholism, Arrest 1494  Words | 5  Pages

  • Audit in Private and Public Sector

    Audit in private and public sector * Research problem Private companies have lack of confidence, since they are not sure for property of financial records. Procedures and numbers of company are not reviewed regularly. Most importantly, internal controls are getting poorer, and reliability of financial statements is not attaining progress. In addition, errors on tax payment are influencing the yearly activity of company. All these pitfalls happen as result of ignores of annual audit. Many...

    Audit, Auditing, Auditor's report 1173  Words | 5  Pages

  • 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

  • Accountability in School Counseling Program

    structure and framework for the school counselor and counseling program (ASCA, 2005). The element of accountability, under the ASCA National Model, includes results reports, school counselor performance evaluation, and the program audit (ASCA, 2005). Analyzing the data obtained through these efforts allows counselors to evaluate the effectiveness of the program (ASCA, 2005). The three types of data most widely used in a school counseling program are achievement data, attainment or access data, and school...

    Data, Education, Evaluation 1340  Words | 5  Pages

  • Audit Program Design Part Ii - Acc546

    Audit Program Design Part II ACC/546 May 2, 2011 Audit Program Design Part II The audit of Apollo Shoes, Inc. requires a design of steps to develop audit objectives to plan the audit. The financial statements are divided into cycles to better manage the audit and disperse to staff within the firm. The following cycle’s sales and collection, payroll and personnel and acquisition and payment were developed to design test of controls, substantive tests of transactions and analytical procedures...

    Accounting software, Accounts payable, Accounts receivable 1791  Words | 7  Pages

  • Hrd Audit Literature Review

    read, better not read. (Japanese Proverb) [pic] What is a literature review? A literature review is an account of what has been published on a topic in the past. Its purpose is to inform the reader what has been established about a topic and what the strengths and weaknesses are. A literature review must be defined by a guiding concept and should not be a list of all the material that you can find (Porter, S. 2008, p.49). What is the difference between a literature review, a systematic...

    Critical appraisal, Evidence-based medicine, Human resource management 697  Words | 3  Pages

  • What Are the Effects of Treatment Programs and How Do These Programs Assist the Rate of Recidivism

    What are the effects of treatment programs and how do these programs assist the rate of recidivism? According to Steadman and Naples (2005), 11.4 million people are booked within the United States prison system annually and of that, it is estimated that seven percent have been diagnosed with a serious mental disorder as well. Treatment programs have been previously scrutinized however; studies have shown that relapses and recommitting of criminal acts by substance abusers is common during the...

    Bloods, Crime, Criminology 1881  Words | 6  Pages

  • Brand Audit

     Group Brand Audit Project Your group assignment is to pick a brand from the list of brands(attached) and conduct a thorough brand audit. Each group must study and analyze a different brand. Brands will be assigned on a "first come, first serve" basis. Post your group’s choice of brand and gp number on the “questions for Prof/TA” board so that everyone can see your group’s choice. This way, the other gps will know which brands are already taken on a first come first serve basis. Once...

    Brand, Brand management, Branding 623  Words | 5  Pages

  • Audit

    Standards 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...

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

  • Audit

    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

  • fitness and its components

    mass divided by the square of their height – with the value universally being given in units of kg/m2.      † The BMI is used in a wide variety of contexts as a simple method to assess how much an individual's body weight departs from what is normal or desirable for a person of his or her height. There is however often vigorous debate, particularly regarding at which value of the BMI scale the threshold for overweight and obese should be set, but also about a range of perceived limitations...

    Body mass index, Body shape, Exercise 1846  Words | 7  Pages

  • Strategic Audit

    process that is often known as a Strategic Audit. The external environment in which a business operates can create opportunities which a business can exploit, as well as threats which could damage a business; however, to be in a position to exploit opportunities, or respond to threats, a business needs to have the right resources and capabilities in place. The process of conducting a strategic audit can be summarized into the following stages: Resource Audit, Value Chain Analysis, Core Competence Analysis...

    Business, Human resource management, Management 777  Words | 3  Pages

  • Program

    Pantawid Pamilyang Pilipino Program: “Kaya ng Pinoy tumawid sa Kaunlaran” One afternoon, I bought chips and drinks in a mini-mart. I fall in a long line with people who are too busy checking up their groceries. I heard one talking about the money that they have to budget in a week or two that in some sort helps them in their living. The cash that they had was from a program. I was too curious about the program that they were talking about, what comes next was I found myself talking to one of these...

    Beneficiary, Family, Filipino people 1106  Words | 4  Pages

  • audit

    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

  • Audit Program Design Part 2

    Audit Program Design Part II Kendrick Cross, Teresita Gunn, Geri Franco, Heather Swayze ACC/546 July 08, 2013 Joseph Oloyede Sales and Collection Cycle When engaged in auditing a public firm, such as Apollo Shoe Inc., an auditor must determine when to trust in the company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather...

    Accounts payable, Accounts receivable, Audit 1854  Words | 6  Pages

  • 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

  • Post completion audit

    Post completion audit aims to evaluate the efficiency and effectiveness of the capital budgeting decision that the management has implemented. It compares between the planned and the actual outcome, costs and the use of resources, results and benefits. It contains all assumptions that were made during the decision-making period. It is one of the ongoing continuous processes through which the organisation learns and improves. Recent research suggests that capital budgeting involves far more than...

    Audit, Auditing, Capital budgeting 1460  Words | 7  Pages

  • Computer components

    the instructions of a computer program by performing the basic arithmetical, logical and input/output operations of the system. A computer can have more than one CPU, this is called multiprocessing. All modern CPUs are microprocessors, which mean it is contained to one single chip. Some integrated circuits can contain multiple CPUs on single chip; those IC’s are called multi-core processors. An IC containing a CPU can also contain peripheral devices, and other component of computer system, this is called...

    Central processing unit, Computer, Computer data storage 1726  Words | 5  Pages

  • Marketing Audits and Its Importance to an Organisation

    Marketing Audits and its importance to an organisation As of I am starting to write this essay, an historic and astonishing incident happened in US—Standard & Poors first time downgraded American Federal Bonds form AAA to AA+. Look at the messed up world economic picture--US is suffering from recession without any better signs, Europe is struggling with debt crisis, only growth engine China is also slowing...

    Audit, Auditing, External auditor 1302  Words | 6  Pages

  • Audit Exam Practice Flashcards

    Ordinarily, it is appropriate to design audit procedures that are expected to detect misstatements that aggregate (1) $10,000 (2) $15,000 (3) $20,000 (4) $30,000 9-23 (Objectives 9-6, 9-8) The following questions concern audit risk. Choose the best response. a. Some account balances, such as those for pensions and leases, are the result of complex calculations. The susceptibility to material misstatements in these types of accounts is defined as (1) audit risk. (2) detection risk. (3) sampling...

    Accounts payable, Accounts receivable, Audit 1150  Words | 4  Pages

  • Application Essay: General Dentistry Program

    successful career, . Since the United States has one of the most effective health care systems in the world I decided to pursue a career in one of the sciences that deals mainly and precisely with what I am interested. I researched different universities in the U.S., and found that many schools offer the program that I am looking for. Since I have already graduated with a Bachelor’s in Dental Science in India, I have a good understanding of this field. To have a glimpse of dentistry in the United States...

    Dental implant, Dental surgery, Dentistry 925  Words | 3  Pages

  • Programs

    Taylor Anger Management St. Leo University Abstract In this paper I will discuss different intervention strategies that may be used to deal with anger management issues. I will discuss several different programs that are used and how they are used and the length of these different programs. I will also discuss different Coping strategies that are used to deal with anger management issues. I will also discuss some strategies that have been used in the anger management treatment setting. According...

    Aggression, Anger, Anger Management 1234  Words | 4  Pages

  • Kudler - Information System Audit

    Information System Audit Information technology (IT) has become increasingly sophisticated and complex, escalating the ongoing change within Kudler Fine Foods. As IT information is adopted within the organization, automation controls many processes within the Kudler’s environment. As Kudler has become more virtualized, a need for increased trust and assurance in the relationships with consumers, partners and suppliers. The swell of e-commerce business has created new ways of conducting an audit. Statement...

    Accounts payable, Audit, Auditing 2536  Words | 7  Pages

  • General Motors Case

    Overview General Motors Corp., commonly known as GM, is an iconic American corporation. It was the world’s largest automobile manufacturer from 1931 to 2008. GM was a winner in the automobile market until 2005, when it reported a net loss of more than $10 billion and continued to post annual losses since that time. During 2005 to 2007, the stock price slight increased until it disclosed its huge deferred tax assets. Since then GM’s stock price continued dropping and reached at a low of $1.45 per...

    2008, Automotive industry, Balance sheet 894  Words | 3  Pages

  • Gp Audit

    Executive summary: This assignment is done to provide the user information on Brand Audit of GrameenPhone Ltd, the telecommunication company in Bangladesh. Telecommunication has been a booming industry during the last two decades. Gradually this industry is matching towards market saturation. So, brand audit is also become very important and complex as well. The four major players GP, Banglalink, Robi, and Airtel by name are implementing same unique and confidential branding strategies to grasp...

    Bangladesh, Brand, Brand equity 1816  Words | 6  Pages

  • Audit Program

    udit 22-31 a. The audit program for the audit of Rakin Corporation's capital stock account would include the following procedures: 1. Examine the articles of incorporation, the bylaws, and the minutes of the board of directors from the inception of the corporation to determine the provisions or decisions regarding the capital stock. the authorization for the sale of new issues or additional sales of unissued stock, declarations of stock splits and dividends in the form of cash...

    Board of directors, Corporation, Finance 584  Words | 2  Pages

  • Control Mechanisms at General Electric

    Control Mechanisms at General Electric Introduction In an effort to achieve organizational goals, a large part of General Electric’s overall strategy involves rigorous management oversight and dedication to controllership. Controls are processes that “direct the achievement of individuals toward the achievement of organizational goals” (Bateman & Snell, 2007). Four control mechanisms used by GE are Six Sigma, performance measurement, internal and external audits and financial controls and the...

    Control, Corporate governance, Enron 1805  Words | 5  Pages

  • The Collapse of Hih – Solvency and Audit Risk

    Solvency and Audit Risk Following the collapse of HIH, considerable debate, comment and speculation have arisen regarding whether and at what point HIH became insolvent. When a company is close to insolvency, the risk associated with auditing that company is considerably higher than for one that is solvent. This report investigates methods of determining insolvency, the roles of directors and auditors, and the level of audit risk associated with HIH prior to its collapse. There is general agreement...

    Audit, Auditing, Auditor's report 1438  Words | 4  Pages

  • Knowledge Audit

    What is a Knowledge Audit? What is an Audit? “The most general definition of an audit is an evaluation of a person, organization, system, process, project or product. Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system’s internal control. The goal of an audit is to express an opinion on the person/organization/system etc. under evaluation based on work done on a test basis. Due to practical constraints, an audit seeks to provide...

    Audit, Financial audit, Knowledge 900  Words | 4  Pages

  • AUDIT OF SMACKEY DOG FOODS

     The Audit of Smackey Dog Food, Inc. James Fleming Acct 555 Course Project AUDIT OF SMACKEY DOG FOODS, INC The Smackey Dog Food, Inc. is a family owned business. It was started by three sisters, Sarah, Kim and Jillian, in the kitchen of their home. They lived in a suburban area of Chicago, Illinois. Their business is making all natural dog food. After using their own dogs and the neighbor’s dogs as test subjects, it was discovered by local vets, pet stores and grocery stores. These local...

    Accounts receivable, Audit, Auditing 2188  Words | 7  Pages

  • Audit

    theft. D. Expected effectiveness of controls. 13. The risk that an auditor’s procedures will lead to the conclusion that a material misstatement does not exist in an account balance when, in fact, such misstatement does exist is referred to as A. Audit risk B. Inherent risk C. Control risk D. Detection risk 14. Evidential matter concerning proper segregation of duties ordinarily is best obtained by A. Preparation of a flowchart of duties performed by available personnel. B. Inquiring whether...

    Audit, Auditing, Balance sheet 990  Words | 3  Pages

  • Auditing: Financial Audit and Inventory

    Auditing Case study Answers to case study: 1. What are the auditor's primary objectives when he or she observes the client's annual physical inventory? Ans. The Primary Objective of auditor is to make sure the inventory reflected on the balance sheet actually exists and that the balance sheet includes all inventory owned by the company .This includes all raw material,supplies,inventory in transit.The company may have on consignment with another business and inventory stored off the premises...

    Audit, Auditing, External auditor 1414  Words | 4  Pages

  • Audit

    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

  • Corporate Audit Questions

    particular question, no credit will be given for that question. 1. 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...

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

  • Audit and Case Assignments

    COURSE: Goals of the Course: 1. To prepare students for the real world audit environment. 2. To be able to evaluate a company's internal controls (particularly in the areas of payroll, purchases, and inventory) 3. To understand how to apply audit sampling for substantive tests 4. To be able to write audit programs for various audit areas 5. To understand audit procedures that should be performed at the end of the audit. 6. To be able to draft an independent auditor’s report. REQUIRED TEXTS...

    Audit, Auditing, Auditor's report 1546  Words | 6  Pages

  • HR Audit

    What is an HR audit? :  What is an HR audit? An HR audit is a process to review implementation of your institutions policies and procedures, ensure compliance with employment law, implement best practices and educate your managers. HR Audit refers to an examination and evaluation of policies , procedures and practices to determine the effectiveness of personnel management. HR AUDIT COVERS :  HR AUDIT COVERS MEASUREMENT & EVALUATION OF PERSONNEL PROGRAMMES , POLICIES, & PRACTICES. ...

    Employment, Equal Employment Opportunity Commission, Fair Employment Practices Commission 1413  Words | 6  Pages

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