"Financial Audit" Essays and Research Papers

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Auditing Issues

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 the privilege to go on audits with my company even though I...

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Case 1 A Delima

responsible to maintain and prepare the accounting and financial matters and documentations. CASE SUMMARY Recently, Delima Ent. Had secured a contract worth a large amount and due to shortage of funds, the company intend to ask for banking facilities from Malayan Banking Berhad and CIMB. The bank required Audited Financial Statements of the company for the last 2 years, but unfortunately the company had never performed the statutory audit since the directors were not familiar with the Accounting...

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Exercise 7-16 of Modern Auditing by Boynton

integrated and complex audit, including test controls and financial statements. The company is still a new player in industry, what it makes it vulnerable and weak. Because the company is new, it is risky not having any track record. b. Here is the list of auditing and accounting problems appearing to exist: 1. In Accounting there is one question/problem, it is the capitalizing of assets legitimate? 2. In Auditing: Is the audit firm registered with the PCAOB to audit public companies? establishing...

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Pcaob Case

After analyzing 8 PCAOB inspection reports, I have found 5 common main topics. Deficiencies in Audits of Internal Controls The most significant deficiencies that I identified in auditing internal controls are the following: * The firm’s failure to sufficiently test the design and operating effectiveness of management review controls, such as their forecasts for revenues * The firm’s failure to test the system-generated data and reports that support vital controls * The firm’s failure...

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Generally Accepted Accounting Principles and Substantive Tests

December 31, 2011 We have been retained as continuing auditors for Prairie Technology Partners (PTP) for the year ending December 31, 2011 Engagement Objectives * Provide our report on the examination of PTP's financial statements by February 5, with year-end fieldwork to begin January 14, 2012 * Issue our management letter comments by February 10, 2012 Preliminary Analytical Review Briefly describe the results of your analytical procedures. Print this...

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Page number Executive summary 4 Introduction 5 Audit in brief: 6 History of auditing profession in Bangladesh 6-10 Ending summary 10-11 conclusion 11 Executive summary: The development of auditing profession in an emerging economy Bangladesh is analyzed here. This report aims to discuss the historical background and evolution of auditing. It is found that auditing has evolved through a number of stages. In the mid 1800s to early 1900s, the audit practice was considered as traditional conformance...

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Trolley Dodgers Case

THE TROLLEY DODGERS 1. Identify the key audit objectives for a client’s payroll function. Comment on both objectives related to tests of control and those related to tests of control s and those related to substantive audit procedure. The key audit objectives for client’s payroll function in this Trolley Dodgers Case are: i. Occurrence ii. Completeness iii. Accuracy iv. Posting & Summarization v. Classification vi. Timing i. Key Audit Objective : Occurrence Dodgers must recorded...

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Summary of The Auditor

have and the stress it can bring on family life. He is also upset because his friend Don was considered for the promotion too, but was turned down. In these chapters, Loebbecke shows the good and the bad that comes with partnership. There are financial rewards and prestige, but also potential strain on friendships and family. For the rest of the book, the author unfolds the events that take Jack closer to his partnership with The Firm. After Jacks promotion, the story goes back in time and shows...

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assertion applies to 3)Which of the following assertions is NOT made by management in placing an item in the financial statements 4)Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act, the standard used to determine an items materiality 5)Individuals or entities the auditor knew or should have known and would rely on the audit report in making business and investment decisions are 6)Section 18 liability is relatively narrow in scope...

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Business Case Study: Plastim Manufacturing

will not be zero and it must affect the final audit risk. So the conclusion is wrong. An auditor should not give an conclusion with reference to the observation of internal control. The auditor should implement the extra audit procedure to determine if there is internal control. Sam Wong The conclusion made by Sam Wong is invalid. The auditor, Sam Wong, is not totally understanding the operation of Plastim Manufacturing. Before applying the audit procedure, it is essential for an auditor to have...

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