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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including shareholder class actions‚ and the effects of lawsuits on audit firms. 2. Describe the causes of legal action against auditors and identify parties that may sue auditors. 3. Explain the impact of key court cases on the public accounting profession. 4. Describe auditor liability‚ discuss auditor responsibilities‚ identify possible auditor defences‚ and discuss possible remedies and sanctions available under both common law and statutory law. 5.
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Additional Cases for the Course The case readings have been developed solely as a basis for class discussion. The case readings are not intended to serve as a source of primary data or as an illustration of effective or ineffective auditing. Reprinted by permission from Jay C. Thibodeau and Deborah Freier. Copyright © Jay C. Thibodeau and Deborah Freier; all rights reserved. 1••• ( Case 61 ® Enron Enrori’s First Few Years hi~ 1985 Enron had assets along the three major stages of the supply
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Q.3 Define profession? Justify librarianship as a profession? 6+14 Ans. A profession refers to an occupation that requires specialized education‚ knowledge‚ training and ethics and the purpose of which is generally to provide skilled services and guidance in lieu of a definite fee or remuneration. Although professionals make their living in what they do‚ this paid work is often more than just a job or occupation alone. Whether the occupation is law‚ medicine‚ engineering‚ plumbing‚ writing or cricket
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Repairing Society’s Perception of the Accounting Profession in a Troubled Time INTRODUCTION Accountants are held to a high ethical standard because of the sensitive financial information they encounter and the type of financial documents the produce. After events such as Enron surfaced‚ the accounting profession as a whole came under fire and our reputations are in question. These scandals reveled what can happen if accountants do not act in an ethical manner and why it is so important
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discussion is to 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
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The profession of arms calls upon the skill and sacrifice of its members in ways that no other profession will. Reflecting upon nine years of combat‚ the Army is exploring the strengths that have sustained Soldiers and the challenges that they are facing as a profession. The Army has also made a commitment to education‚ efforts to sustain the bond of trust between the Army and the American public‚ and the impact of decentralized operations. What
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Auditing and Assurance Services‚ 14e (Arens) Chapter 24 Completing the Audit Learning Objective 24-1 1) Auditors often integrate procedures for presentation and disclosure objectives with: A) Tests for planning objectives Tests for balance-related objectives Yes Yes B) Tests for planning objectives Tests for balance-related objectives No No C) Tests for planning objectives Tests for balance-related objectives Yes No D) Tests for planning objectives Tests for balance-related
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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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IS THE ARMY A PROFESSION? ARGUING THE ARMY’S STATUS AS A PROFESSION OF ARMS EINSTEIN Is the Army a Profession? The bond between the professional and the client has been around for thousands of years and in the proceeding millennia‚ there has been minimal change to the principles governing the service client relationship. These principles in include trust between the professional and the client‚ uniquely expert work provided‚ and intrinsically motivated employees.1 Like most modern
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