restatement to ensure financial reporting quality (Zeleke Belay‚ 2007). These corporate upheavals have driven external regulators to find ways of promoting greater accountability‚ disclosure and transparency. The main role of corporate governance is to restore the trust and market confidence as well; shareholders. (Carl Rosen‚ 2010) It has been widely recognised that the role of the internal auditor becomes a continuing contributor in terms of developing good corporate governance practices and structure
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PAPER CAS 610‚ Using the Work of Internal Auditors Paper for ACCT 343 Auditing Wendy Popowich Carrie Prosser Bachelor of Applied Business Administration – Accounting NAIT School of Business Submitted: October 20‚ 2010 Due: October 20‚ 2010 TABLE OF CONTENTS Executive summary 3 Introduction 4 Limitations in changes to the ISA 610 before implementation….. 5 Format and wording changes within the exposure draft 5 Using direct assistance from internal auditors 6 Using examples in the proposed exposure
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PRINCIPLES OF AUDITING Course: Auditing Title: Auditing Operations and Completing the Audit‚ Auditors’ Reports Date: March 25‚ 2014 Justin Kealey‚ CPA‚ is auditing Tustin Companies‚ Inc. Kealey has accumulated known and likely misstatements for the current year to evaluate whether there is a sufficiently low risk of material misstatement of the financial statements to issue an opinion. However‚ Kealey notes that there are several misstatements that have been
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Successor Auditors .01-.13 Using the facts from the ZZZZ Best case and professional guidance from AU Section 315‚ explain the following: A. As the successor auditor‚ what was E&W suppose to do before they accepted ZZZZ Best as an audit client in regards to Greenspan? Summarize in enough detail Au 315.03-.06. In your answer give and support your opinion as to whether or not E&W violated these paragraphs and if you can prove it as a fact. As the successor auditor (an auditor considering
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The Importance of External Auditor’s Independence According to Gillespie‚ Lewis and Hamilton (2004:221) an audit is: “a scrutiny of the accounts by a qualified auditor who carries out checks on the figures so as to establish whether the accounts show a true and fair view of the results and the financial position of the entity.” According to Wikipedia (2011a)‚ auditor independence refers to “an attitude of mind characterized by integrity and an objective approach to the audit process”. Independent
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Integrity According to The Institute of Internal Auditors (IIA)‚ "The integrity of internal auditors established trust and thus provides the basis for reliance on their judgement". IIA further added that to be integrity‚ internal auditors: * Shall perform their work with honestly‚ diligence‚ and responsibility. * Shall observe the law and make disclosures expected by the law and the profession. * Shall not knowingly be a party to any illegal activity‚ or engage in acts that are discreditable
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READINESS OF GOVERNMENT AUDITORS IN FRAUD DETECTION IN MALAYSIA 1.0 PROBLEM STATEMENT 1.1 Public sector governance requires the controlling and accounting officers to discharge their responsibilities of stewardship of public resources by being open‚ accountable‚ prudent in decision making‚ managing and delivering results. The provision of the Financial Procedure Act 1957 also places a high premium for controlling officers to be personally responsible and accountable for propriety and accountability
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in the financial statements. The procedures selected depend on the auditor’s judgment‚ including the assessment of the risks of material misstatement of the financial statements‚ whether due to fraud or error. In making those risk assessments‚ the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances‚ but not for the purpose of expressing an opinion on the
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ACCT304 1. Who are the firm’s auditors? Do they provide a clean opinion on the financial statements? On page 53 of the Green Mountain Coffee Roasters‚ Inc 10-K Annual Report‚ they state that PricewaterhouseCoopers LLP‚ an independent registered public accounting firm‚ has audited the effectiveness of the Company’s internal control over financial reporting. They provide a clean opinion on the financial statements. On page F-2‚ the auditor had written a note stating‚ “In our opinion‚ the
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Anderson‚ Olds‚ and Watershed‚ CPAs Chicago‚ Illinois 60612 December 18‚ 2009 Mr. Kevin Chen‚ Chair of the Audit Committee of the Board of Directors Peach Blossom Cologne Co. 1308 Bee Hive Boulevard Chicago‚ Illinois 60615 Dear Mr. Chen: This will confirm our understanding of the arrangements for our audit of internal control over financial reporting performed in conjunction with an audit of the financial statements of Peach Blossom Cologne Co. for the year ending December 31‚ 2009. We
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