"Auditing" Essays and Research Papers

Auditing

  Summer 2010  Update     for    Auditing    Assurance Services:    An Integrated Approach  13th Edition  and Alvin A. Arens Randal J. Elder  Mark S. Beasley    We are committed to providing students and  faculty up‐to‐date content for use in the  classroom and are pleased to provide this  newsletter highlighting recent events affecting  the audit and assurance profession.   Pearson Prentice Hall SUMMER 2010 UPDATE  AUDITING AND ASSURANCE SERVICES:  AN INTEGRATED APPROACH...

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Auditing

BF3394 – AUDITING AND PROFESSIONAL ETHICS Module Number: Module Title: BF3394 AUDITING & PROFESSIONAL ETHICS 10 credits Number of Aston Credits: Total Number of ECTS Credits: 5 credits (European Credit Transfer) Staff Member Responsible for the Module: Dr Melina Manochin Finance and Accounting Group ABS Building, Room 410, Extension 3732 m.m.manochin@aston.ac.uk Availability: Please see office hours on door or group administrator, Ms Rosaleen Shirley, ABS 404, Extension 3238 Other Staff...

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AUDITING

company has automated the production, procurement, finance and human resource functions. You have been appointed the auditor of Bandari Ltd. Required: (a) Outline the major types of computer assisted audit techniques (CAATs) that could be used when auditing Bandari Ltd. (b) Describe the potential benefits that would be derived as a result of using CAATs. (c) (i) Briefly explain three uses that the auditors could make of a test pack when examining a sales ledger system maintained on Bandari Ltd’s computer...

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Auditing

reason for the switch is to build a relationship with a more nationally established CPA firm. Whatever the true reason is, neither will be serious problem regarding accepting the client. We can refer to the fee in the engagement letter before all the auditing work begin. We don’t have a client in the home appliance industry and the industry has been growing at a steady peace. Therefore, the engagement will be a great opportunity for our company to enter a new market. According to the financial...

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Auditing

comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2012, and our report dated October 17, 2013, expressed an unqualified opinion thereon. W CPAs Foost, MN October 1,2013 Citation : Auditing and Assurance Service, Timothy Louwers, page 201 b. To the Board of Directors and Shareholders of L Inc.: We have reviewed the accompany statement of assets, liabilities, and equity – income tax basis of, L Inc. as of December 31, 2012, and the...

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Auditing

reports should be directed to the audit committee, board of directors, and/or other appropriate governing authority; “in this context, direct reporting means that the governing authority would set the direction and approve the policies of the internal auditing activity “. What types of relationships would compromise independence? Any relationship in which the internal auditor did not directly report to either the audit committee, the board of directors, or the appropriate governing committee as mentioned...

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Auditing

AUDITING 4 INTERNAL CONTROL In business control is required for optimum utilizatiion of resources and for maximising the profits.business operations are carried on with the help of human agents and equipments.both require supervision to ensure that tasks assigned to them are carried out properly to avoid wastes and losses. Internal control required for small business is not identical with that required for a large business in the sense that in case of the former,the entire control...

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Auditing

accountants These services include book-keeping services, tax services and management consulting services. Also mystery shopping, fraud and illegal acts risk assessment, compliance with trading policies and annual environment audit. Economic demand for auditing The following three factors are based on a bank making a loan 1) Risk free interest rate- Approximately the rate the bank could earn by investing in government bonds for the same length of time as the business loan 2) Business risk for customer-...

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PROCESS OF AUDITING,AUDITING VS INVESTIGATION

Process Of Auditing,Auditing Vs Investigation INTRODUCTION: Introduction to auditing: Economic decisions in every society must be based upon the information available at the time the decision is made. For example, the decision of a bank to make a loan to a business is based upon previous financial relationships with that business, the financial condition of the company as reflected by its financial statements and other factors.As a result the bank has lost both the principal and the interest...

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Auditing Strategy

receives regular security auditing is a better bet than one where security is down to good luck. The relationship between Audit risk and audit strategy is that by assessing the control risk as high (according to AUDITING A PRACTICAL APPROACH), a predominantly substantive approach applied minimum knowledge of client’s internal system required as well as no tests of those controls it will lead vert poor effective with mitigating an identified inherent risk (Modern Auditing & Assurance Services...

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A Description of Auditing

Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users (Boynton & Johnson, 2006). In auditing there are many attributes that describes the auditor’s work. Elements of the Generally Accepted Auditing Standards are followed by auditors. The Generally Accepted Auditing Standards...

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Ethics Auditing

Ethics Auditing: Identify the benefits and limits of ethics auditing. Is there a strategic role that ethics auditing may play in a company? Ethics Auditing By definition, an ethics audit is a “systematic evaluation of an organization’s ethics program and/or performance to determine its effectiveness.” (1) This concept of ethics auditing is fairly new and few companies have conducted an ethics audit. However, performing such audits will likely become more mainstream as recent legislation encourages...

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E-Auditing

Financial Control Auditing in an Electronic Environment (e-Auditing) Presented to Dr. Marwa Tarek Presented By: Pierre Guirguis 9104428 Rimon Abd El-Meseih 9104386 Mahmoud Mohamed Refaat Auditing in an Electronic Environment (e-Auditing) * What is e-Auditing? Electronic auditing, or e-Auditing, is computer-assisted auditing that uses electronic records to complete all or part of the audit. If you use a computer to record your business activity and maintain this data electronically...

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Independence of Auditing

In recent years, as the collapse of some renowned companies, the issue of audit independence turns to be more and more concerned by the international regulators. Independence is the cornerstone of the auditing profession, and auditor’s opinion is suspect if lack of independence. However, in some circumstances, some potential threats of audit independence would be generated as jointly provision of non-audit and audit services to the audit client. Although it will create threats to independence, some...

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Auditing Practice

between sample size and other elements of auditing?  A. If materiality increases, so will the sample size. B. If the desired level of assurance increases, sample sizes can be smaller. C. If materiality decreases, sample size will need to increase. D. There is no relationship between sample size and materiality or the desired level of assurance.   3. Which of the following statements about the study of auditing is NOT true?  A. The study of auditing can be valuable to future accountants and...

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Auditing Principles

Principles of auditing are defined in the ISO 19011, the principles are designed to make an audit an effective and reliable tool for business performance improvements. The audit principles are also designed to achieve consistent conclusions from performed by independent auditors. There are six audit principles that are prerequisites that should be adhered with to achieve consistent audit results. The six principles are integrity, fair presentation, due professional care, confidentiality, independence...

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Auditing & Ethics

101-1). In Goodbread’s case this refers to the fact that he had shares of stock (direct financial interest) in his possession when he was the audit engagement partner who oversaw the audit of Koger Properties, Inc. Under the Generally Accepted Auditing Standards (GAAS) there are three sections, General Standards, Standards of Fieldwork, and Standards of Reporting. Under the General Standards section of GAAS there is a specific standard for independence and it reads, “The auditor must maintain...

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Auditing Issues

Auditing Issues - TR Week 10 Most people have the same feeling when they hear the word audit. It usually implements fear in a person, even though that person may have done nothing wrong. Fear is common when the auditors are being brought in because most people don't know what to expect. This is also true when audits are being done for businesses. I know from personal experience that the auditors are not always greeter with kindness. I currently working in an accounting firm and have had...

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Auditing Stages

explain how an auditor goes about the process of auditing financial statements and presents the five basic stages that the auditor performed during the financial statement audit at Maryward Primary School in Kwekwe for the year ending 31 December 2012. In order to be in a position to fulfil auditing responsibility to report on the client’s annual financial statements, the auditor followed a series of procedures and activities as required by the auditing profession. The auditor applied the following...

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Auditing Reflection

INTRODUCTION This report consists of 5 reflections related to auditing standards and each case was extracted from internet sources. The purpose of this report is to reflect and understand each case. REFLECTIONS First reflection is on China sky case for its non-compliances with SGX. Next is the case on corporate governance where new rules were proposed to improve risk management and risk control. Third will be the extracted information of executives’ compensation in...

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The Nature and Purpose of Auditing

Nature and Purpose of Auditing Content : • Definition and objectives of auditing Types of audits • Development of auditing • Qualities of an auditor • Auditing process Objectives : Students should be able to : • Describe the definition and the objectives of auditing. • Distinguish between different types of audits. • Briefly describe the development of auditing. • List and explain...

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Auditing Review

experienced staff to the engagement 4Adjust the extent of the supervision of the audit staff 38Further consider management’s selection and application of accounting principles 40Incorporate an added element of unpredictability in the selection of auditing procedures. 11Ateration in the nature, timing, and extent of the procedures performed 69Procedures to further address the risk of management override of internal control. CONTROL ENVIRIONMENT FACTORS 47Integrity and ethical values 15Commitment...

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Auditing 530

Coyote, located in Phoenix, Arizona and centers around three personnel members. Yancy Corliss is a new partner with the firm that is summoned into the managing partner’s office, Sharon Rules. Rules indicates that Jost Furniture is looking for a new auditing and she has been approached to submit a bid. Before committing to a bid Rules would like Corliss to conduct a background check to assess the potential risk of obtaining Jost as a client. The contract could prove to be quite lucrative for the firm...

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Auditing Case

functions of an audit committee is to monitor the periodic reviews of the accounting and financial reporting processes and systems of internal control that are conducted by the company's independent auditors, financial and senior management and internal auditing department. So in this case, the AC could review the company's internal control processes regarding following up on long outstanding debtors and adherence to the credit terms granted to customers. If 6 months is way overdue, and the internal auditors...

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Concept and Significance of Auditing

Concept and significance of Auditing The word ‘audit’ is derived from the latin word ‘audire’ which means to hear. In the olden times, when frauds or errors were suspected as regards receipts and payments in business or to verify tax amount payable to the king, explanations would be heard from persons responsible for keeping accounts. Today, audit is more than just cash verification. It is reporting about the financial position of an organization as disclosed by the Profit and Loss account...

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Comtemporary Auditing

could result in lost clients or legal actions against them. Adjustments may be required to reflect real earnings and may become more complex as well as subject to further discussion with management being required. Refer to red flags- 3. What auditing standard, if any, requires auditors to determine whether their clients have properly classified key amounts in their periodic income statements? Identify three methods that audit clients can use to put a favorable spin on their reported operating...

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Auditing Introduction Letter - Example

Auditing Introduction Letter Leslie Brian ACC/546 August 6, 2012 Eddie Loussararian Auditing Introduction Letter Greetings! To start off, I would like to introduce myself; my name is Leslie Brian, and I am a lead auditor for Nortex, Inc. Our organization is a leading firm in the industry, with offices in more than 20 states. We appreciate your company’s interest in our services. I have taken the opportunity to outline the following: the services we offer and their benefits...

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week 5 auditing paper

officers. For this reason, auditing and assurance services must sign-off or attest to the credibility and reliability of written assertions. Creditors rely on the accuracy of financial reports when calculating the risk and interest rate of loans. Investors and employees need reliable information when allocating their precious resources. Governmental agencies require transparency and compliance to insure the public is not being victimized by fraud. Do increased auditing requirements guarantee that...

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Audit and Auditing Process

 The Auditing Process INTRODUCTION Auditing is defined by the American Accounting Association or AAA as “a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users” (cited in Turney et al p. 108). From that definition, it is evident that the auditing process consists of three elements:...

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Auditing, Attestation, & Assurance

Auditing, Attestation, and Assurance Name Class Date Instructor Auditing, Attestation, and Assurance What is Auditing, Attestation and Assurance? Auditing relates to the analysis of the financial statements, attestation relates to the financial information beyond the financial statements, and assurance relates to improvement of the reliability of the financial information within the financial statements. This paper will give examples of each type of service, who might request these services...

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Auditing Profession - Example

Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria (Arens, Elder, & Beasley, 2010). Auditing should be done by a competent, independent person. Accounting is the recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making (Arens, Elder, & Beasley, 2010). Many people confuse auditing...

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Accounting and Auditing Differences

Accounting and Auditing Differences 1. The main difference between auditing and accounting is that accounting is related to the collection, recording, analysis and interpretation of financial transactions while auditing refers to the examination of books of accounts along with the evidential documents. However, both processes are concerned with the accounting records of a business. While, audit report are reliable by the users for few reasons such as : a) To verify some information needed about...

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The Scope of Internal Auditing

internal auditors should provide assurance and consulting on – the scope of internal auditing (governance, risk management and control processes). Standard 2100 is one such injunction – “The internal audit activity must evaluate and contribute to the improvement of governance, risk management, and control processes using a systematic and disciplined approach.” What are these processes that internal auditing has to evaluate and contribute to the improvement of? The best way to describe them...

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Managerial Auditing Journal 7

1. Research online news services to identify recent developments impacting the accounting and auditing profession in Japan. Briefly summarize these developments in a bullet format. The 5-S auditing. Managerial Auditing Journal It has been recognized that Japanese firms are clean and orderly. The same is true for high quality western firms. Over the last two decades, the Japanese have formalized the technique and named it 5-S practice. As the name is new to most western societies, the objective...

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Auditing Introduction Letter

Auditing Introduction Letter Mahshid Kianipour Instructors: Cecil B. Lucy November 15,2010 University of Phoenix Auditing Introduction Letter From: Langroodi, CPA To : Management of Apollo Shoes, Inc. RE: Auditing and assurance services Dear Mr. Jason, First, I would like to appreciate to giving me this opportunity to explain a couple points related to our firm and services, so then I’ll try to make them understandable and short as much as I can; because I know how valuable...

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Auditing Letter week 1

 Auditing Introduction Letter Lareina Mirabella ACC/546 November17, 2014 Kelly Oleary Auditing Introduction Letter November 17, 2014 Larry Lancaster President and CEO Apollo Shoes, Inc. Shoe town, Maine Dear Larry Lancaster Based on the accounting department meeting below is an outline of the primary assurance and attestation services offered by Mirabella Auditing Firm. This outline will provide the company with additional information regarding key distinction between these services offered...

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Generally Accepted Auditing Principles

Generally Accepted Auditing Principles Generally Accepted Auditing Principles There are many different types of audits including financial statements audit, the operational audit and the compliance audit. Either an internal auditor or an external auditor from another firm can conduct these various audits. “The American Accounting Association defines auditing as a systematic process of objectively obtaining and evaluating the accounts of financial records of a governmental, business,...

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Forensic Accounting and Fraud Auditing

ACCOUNTING COURSE CODE: ACC 416 WEEK: 10 TOPIC: FORENSIC ACCOUNTING AND FRAUD AUDITING OBJECTIVE: To acquire the knowledge and skills about forensic audit, its reporting and documentation. THE CONTEXT OF FORENSIC AUDITING Forensic audit encompasses the examination of evidence regarding an assertion to determine its correspondence to establish criteria carried out in a manner suitable to the court. Auditing has been defined as the systematic process of objectively obtaining and evaluating...

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Auditing Research Paper - 1

Auditing Research Paper January 9, 2012 Auditing in general is an organized process of accurately finding and assessing statements regarding financial records to determine the degree of accuracy between those statements and established criteria and communicate the results to interested users and or the public. Even though auditing and accounting have similarities, they can be distinguished. An accountant handles the daily financial operations for a business, while an auditor reviews the information...

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Auditing Exam 1 Review

Auditing Exam 1 Review Ch 1 Nature of Auditing: * Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence b/w the information and established criteria. * Auditing should be done by a competent, independent person. Information and Established Criteria: * To do an audit, there must be information in a verifiable form and some standards (criteria) by which the auditor can evaluate the information. Accumulating...

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Auditing Introduction Letter1

Auditing Introduction Letter 22851 Center Street Castro Valley, CA. 94546 May 6, 2013. Mr. Charles Apollo Shoes 123 Market Street Phoenix, Arizona 44444 Dear Mr. Charles, AUDITING INTRODUCTION LETTER I am writing this letter to introduce myself, my company, and the auditing and assurance services we can offer to Apollo Shoes. I will also discuss the benefits of our services as well as the role we will provide and the requirements for meeting the standards for the services we offer. Our...

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Auditing Report - Ethical Issues

Auditing 300 Semester 1, 2012 Assessment one: Individual report Ethical issues in auditing Executive Summary This report provides an analysis of dealing with professional and ethical issues when offering auditing services. It gives a brief decision-making process model by first identifying the key issues and relevant standards involved in the case and then combining theories with reality and giving a short conclusion and some recommendations at the end. 1.0 Introduction Ethical...

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auditing

Question 1 Incentives: Financial pressures from changes in the market and industry intense competition (national, regional, local) under cut prices from municipalities that could offer lower prices by using tax revenue. Pressure to meet earnings expectations Stock ownership benefits Retirement benefits Performance based bonuses Maintain growing stock price Maintain industry leadership Maintain reputation Opportunities: Able to use a lot of estimates in depreciation of PPE (over 1/2 of assets)...

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Auditing: Understanding the Auditor's Report

there might be a bias against another group, such as prospective investors. a. What steps has the external auditing profession taken to minimize potential bias toward important users and thereby encourage auditor independence? ---The external auditing profession as a whole has became more concentrated on maintaining auditor independence and it is now one of the cornerstones of quality auditing. One way that independence can be violated is when an auditor shows bias towards an important user of the...

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Auditing & Assurance 8th Chapter1

CHAPTER 1 AN INTRODUCTION TO ASSURANCE AND FINANCIAL STATEMENT AUDITING Answers to Review Questions 1-1 The study of auditing is more conceptual in nature compared to other accounting courses. Rather than focusing on learning the rules, techniques, and computations required to prepare financial statements, auditing emphasizes learning a framework of analytical and logical skills to evaluate the relevance and reliability of the systems and processes responsible for financial information,...

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Auditing Introduction Letter

Auditing Introduction Letter ACC/546 July 8, 2013 Allan Foster July 8, 2013 Larry Lancaster Chairman, President and Chief Executive Officer Apollo Shoes, Inc. 3411 Silverside Road Wilmington DE, 19810 Dear Mr. Lancaster, I understand that Apollo Shoes, Incorporated is concerned about acquiring certain auditing and assurance services. In today’s business world a company needs to stay ahead by operating more successfully and proficiently than its competition. Stromsodt can help...

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Auditing Research Paper

Auditing Research Paper “Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria” (Arens A., Elder R. J., Beasley M. S. 2010). Auditing of a company should be done by an independent person that has no affiliation with the company that is being audited. The auditor needs to be educated enough to process the audit. There are three different types of auditors, external...

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Auditing

I THE RED FLAGS and the Allegations by the SEC -1996, Ruttenberge family sold a large chunk of stocks for $49.6m on the second public offering while the financial statements continuously showed positive trends - The financial statements analysis - Cash flows were negative while profit was reported. Early 1999, liqutity problem arised, sold $200M of high-yield or Junk bonds in mid 1999. - Justice Department: Adam Gilburne: guilty to conspriracy to commit wire and securities fraud to inflate...

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Auditing: Insurance and Royal Commission

 MIT765801 AUDITING Individual Assignment HIH Insurance Report Student Name: Jinyun Wang Student ID: MIT122634 Lecturer Name: Susan Currie Tutor Name: Susan Currie Due Date: 29 / 1 / 2014 Submitted date: 7/ 2/ 2014 by email Executive Summary The auditing profession plays a significant role in industrialized economies for many years. In the insurance industry, the manner of auditing profession is regulated. The collapse of Health International Holdings (HIH) was recorded...

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Generally Accepted Auditing Standards

Generally Accepted Auditing Standards Maxx Mayeux ACC/490 February 22nd, 2012 Linda Carr Generally Accepted Auditing Standard • Describe how these standards apply to financial, operational, and compliance audits. • Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. • Discuss the additional requirements that are placed on auditors from this act and the actions...

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Generally Accepted Auditing Standards

Generally Accepted Auditing Standards Heather Sheetz Accounting 491 Julie Oldham March 28, 2008 Generally Accepted Auditing Standards Generally Accepted Auditing Standards or GAAS is “a set of systematic guidelines used by auditors when conducting audits on companies' finances, ensuring the accuracy, consistency and verifiability of auditors' actions and reports” (Lexico Publishing Group, 2008). The following paper will explain the elements of GAAS and how GAAS is applied to audits. GAAS...

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Stanford Auditing Case

investors’ next step was to sue the auditors of Stanford Financial Group. BDO, the accounting firm that was responsible for auditing Stanford’s financial statements, is currently the target of a major lawsuit. BDO did not act in accordance with the responsibilities of an auditor and thus led to audit risk, lack of independence, and various violations of the PCAOB’s auditing standards regarding investment securities. BDO consistently issued unqualified reports when there were material misstatements...

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Auditing group assignment Final

MAA705 – Corporate Auditing Trimester 2, 2014 GROUP ASSIGNMENT Due Date: 8th September 2014 Word Count: 1300 (Including references) NAME Student ID Surbhi Gujral 212251014 Varun 212518186 Pratik Modi 212445608 PART A Beer Brewing Limited is a publicly listed company on ASX since 5 years. It’s into manufacturing of beer. XYZ is a firm of chartered accountants established in 2002. This firm is growing at good pace and increasing its client...

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Auditing Assignment 1

Assignment 1 Name: Leung Hiu Ting Student no.10348622 Course : Auditing a. Outline the main reasons for a company requiring an external audit. Nowadays, a lot of company’s ownership and management is separated. It had major influences for auditing. Shareholders were concerned that their funds may not be used in proper ways to maximize the value of the company by appointed managers. For example, management may distort or withhold material information in their financial statements for personal...

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Generally Accepted Auditing Standards Paper

Generally Accepted Auditing Standards Paper University of Phoenix ACC 490 Auditing February 7, 2011 Generally Accepted Auditing Standards Paper Every auditor is expected to follow the standards of the industry while conducting audits for clients. The most widely used standards were originally established in the 1940s and were adopted by the Public Company Accounting Oversight Board PCAOB in 2003 and are referred to as the Generally Accepted Auditing Standards GAAS (Boynton & Johnson, 2006)...

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Corporate Governance & Ethical Auditing

Case Study A Case Study in Corporate Governance & Ethical Auditing Satyam Fiasco & Role of PwC as an Auditor Group I Submitted By: Aditya Zutshi Ambrish Mani Piyush Anandani Ravinder Pal Singh Dhillon Abstract & Approach On Dec 16, 2008, Satyam declared to buy entire stakes in Maytas Properties for $1.3 Billion & 51% stakes in Maytas Infra for another $300 Million. By this action, the investors were furious. This was because of the move to invest in a promoter-related...

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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...

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Week 8 Auditing II

doubt is needed in the financial statements (including the footnotes) and the audit report. If client disclosures appear inadequate, the auditor should document conclusions whether a qualified or adverse audit opinion should be expressed. Regular auditing procedures that may identify conditions and events that indicate a going concern problem include the following: 1. Analytical procedures – Analytical procedures used as a substantive test or used in the planning and overall review stages of the audit...

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Auditing Introduction Letter

 Auditing Introduction Letter Kelly Garner ACC/546 December 15, 2014 Mr. Michael De Marco Anderson, Olds, and Watershed Certified Public Accountants Shoetown, ME 00001 December 15, 2014 Mr. Eric Unum Vice President of Finance Apollo Shoes, Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Mr. Unum, Thank you for taking the time to meet with Arnold Anderson, CPA (lead auditor); Darlene Wardlaw, CPA (engagement manager) and me last week. During our meeting, you and your team informed us that your...

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auditing week 1

1.26 Value of auditing Required: Would you obtain an audit for this company? Explain the reasons for your decision. Yes, audits exist because of regulatory mandate (required by government). There are three theories which propose reasons why demand for audits might exist without regulatory mandate: 1. Agency theory (The focus of the agency demand for auditing is more related to the stewardship role of accounting- which is more an examination of what has happened.) The separation of ownership...

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