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 non-audit services also could be provided by external auditor if the auditor could have a better control of services provides. According to Section 323 of Corporation Act‚ auditor has the power to gain information from the audit client and the audit client must provide information or other assistance to the auditor concerning the consolidated financial
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References: AICPA (2009). Internal Control: A Tool for the Audit Committee. www.aicpa.org Business Week (2008). Managing Your Company. www.businessweek.com Management and financial Consulting (2009). Professional Auditors. www.professionalauditors.com Paul Graham (2009). How to
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ACC 491 Week 1-5 Entire Course ALL Study Guides www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-491-week-1-5-all-individual-and-team-assignments-27/ Instantly Download! Get Better Grades in Less Time! 100% Satisfaction Guarantee DESCRIPTION FOR THIS STUDY GUIDE: WEEK 1: ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper TUTORIAL: This tutorial includes 779 words in correct APA format. A+++ WORK! Write a 700- to 1
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Accounting. (8th ed.).Prentice Hall Inc Horizontal Analysis Internal Control Practices. (2009). Retrieved on January 7‚ 2013 from http://blink.ucsd.edu/finance/accountability/controls/practices/purchasing.html Internal Control and Risk Management. (n.d). retrieved on January 11‚ 2012 from http://www.kpmg.com/CN/en/services/Audit-Committee-Institute-China/Documents/development/Internal-control-guide-200506.pdf Management assessment of Internal control. (n.d). Retrieved on January 08‚ 2013 from http://www
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Table of Contents Internal Control: Avoiding the Next Catastrophe To quote Edmund Burke “Those who don’t know history‚ are doomed to repeat it”. Here we are‚ thirteen years removed from the Enron scandal. The aftermath led to the Sarbanes-Oxley Act of 2002 and stricter regulations on companies going public. People have a tendency to believe that things like this can only happen to massive companies‚ but we must remember that Enron once started off as a small company‚ a company like LJB
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little uneasy. Items such as their inventory valuation methods not to mention‚ Green’s new client will not submit to an audit of internal financial controls. With all of the issues that Green and Associates are encountering the four types of auditor’s opinions‚ if their inventory valuation methods are legal and supported by GAAP‚ and if ABC’s refusal to permit an internal controls audit is within federal law need to be investigated. Lastly‚ an opinion must be written to address the situation and detail
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According to the COSO framework‚ there are five elements can be applied to analyze companies’ internal control systems. They are control environment‚ risk assessment‚ control activities‚ information and communication and monitoring. Here is my research of what went wrong in internal controls during the 2008 financial crisis using exhibit 6-6 with Lehman Brothers. Control Environment Lehman Brothers has a long history. Fuld led the company tide over the difficulties several times and achieve remarkable
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transaction‚ almost certainly‚ in the future. Therefore the accrual accounting methods recognizes the transaction at the point in which it takes place rather than when the cash is received. Do Discretionary Accruals Help Distinguish between Internal Control Weaknesses and Fraud? Investigation of the effectiveness of
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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 controls 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. An audit also includes evaluating the appropriateness of accounting policies
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Original Work please INTEGRATED CASE APPLICATION –PINNACLE MANUFACTURING: PART II 9-37 (Objectives 9-7‚ 9-8) In Part I of the case‚ you performed preliminary analytical procedures for Pinnacle (pp. 245–247). The purpose of Part II is to identify factors influencing risks and the relationship of risks to audit evidence. During the planning phase of the audit‚ you met with Pinnacle’s management team and performed other planning activities. You encounter the following situations that you believe
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