Essays on Auditor

Planning the audit

This is usually the first step in any audit. It is important to have a plan for an audit so as to ensure that the audit will be effective. During the planning stage, the auditor collects information about the organization where they will perform the audit. Such information is usually obtained after the auditor has been contracted and they have a meeting with the organization. The meeting with the organization is very important for the auditor. The meeting provides an opportunity for the organization to communicate to the auditor what they exactly need from the audit. The organization will ...

Cardillo Travel Systems

The Cardillo Travel Systems case shows the way the management cooked up the books only to be caught later. This essay will attempt to answer some questions on this case. False Representation to External Auditors: The executives at Cardillo Travel Systems were aware it needed to maintain a minimum of $3 million of stockholder’s equity threshold established by the court outstanding against the organization. (Ritterburg, 2012). This was the reason that shaped their intent to falsify the organization’s books to misrepresent facts before investors and creditors. The issue started with the accountants at Cardillo making an improper ...

Introduction

The SOX (Sarbanes-Oxley) Act was enacted in 2002 by the Congress of U.S. As President Bush signed the Act, he characterized the law as the most far-reaching reformations of business practices in America business practices since the reign of Franklin Delano Roosevelt." The motive of the legislation was to protect investors and the public in general, from fraudulent practices and accounting errors in business. The bill also aimed to better the corporate disclosures' accuracy. The Security and Exchange Commission (SEC) of the U.S. is in charge of the act, publishing rules and setting compliance deadlines on requirements. The Act ...

The U.S Securities and Exchange Commission refers to the United States’ agency that is tasked to enforce the securities laws, policies and guidelines, including the country’s stock and options exchange activities. It is the objective of this agency to “ protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation” (U.S, 2017). One of the main roles of the SEC is to ensure that investors who turn into the securities exchange market are protected and activities that are geared towards capital and investment formation are sustained for economic growth.

The Creation of the PCAOB

The Public Company Accounting Oversight Board (PCAOB) was ...

Introduction

Earnings or Net Income is the single most important figure in a company’s financial statement for the average investor. Even a small fall in the reported earnings can result in the loss of millions of dollars in stock value and subjects company managements to scrutiny by investors and financial analysts. Corporate executives are under therefore under pressure to meet market expectations resulting in “earnings management”. Earnings manipulations can range from minor adjustments within the law and the accounting standards to the outright fraud of showing non-existing profits (Carruth, 2011). The Sarbanes- Oxley (SOX) Act of 2002 was enacted ...

Abstract

The Madoff Securities scandal was one of the biggest Ponzi schemes to hit America. This essay would examine the Madoff scandal from an audit perspective since it was the complacency (or collusion) of the auditors that encouraged the perpetrator of this scam. While the scam that was pulled by Bernie Madoff, was both large and difficult to spot, its detection also helped expose a crucial flaw that existed in corporate America at the time. This was the lack of regulatory oversight in the Securities business. While one could lay the blame for this scandal on the Regulator, another important ...

Scenario a

The auditor should not be concerned about the bidding process in this case. The fact that Wright had won 12 of the 21 bids does not imply that the controls on the bidding processes are not effective. Provided the 12 contracts were awarded competitively and that due process was followed, it should not concern the auditor.

Scenario b

This situation should concern the auditor about the company’s controls for the bidding process. Wright won 12 of the 21 bids and in each case, Wright was the last to submit its bid. It raises questions about possible canvassing between the procurement ...

There were several main red flags that were ignored or handled leniently by E&Y auditors in the audit of Health South. The most important were materiality in ledgers of fixed assets that were adjusted by including false entries and fictitious assets that did not appear in real. Another red flag related to the reality was noticed and ignored by the auditors that company’s officials were interested in increasing the share price of HealthSouth in the stock market anyhow. There should have been awareness of the fact that was avoided by auditors was an unusual increase in the net ...

Publicly traded companies such as Verizon Communications are required to prepare and file fully audited financial reports according that adhere to U.S. generally accepted principles (GAAP) and International Financial Reporting Standards (IFRS) guidelines. The importance of preparing financial reports is to assist users with information regarding a company’s financial performance to make decisions. Financial reporting analysis helps to determine whether financial reports have any material misstatement or omissions that would influence a potential investor’s decision. An analysis of Verizon Communications’ 2015 annual report will highlight whether the company is complying with accounting policies to ensure information provided ...

Qualitative Research

Brief Description The interview was conducted among two people on the topic “Interpretation of the migration crisis”, which turned to be quite challenging due to the sensitiveness of the topic. First of all, it was problematic to find participants, as the majority thought that the answers may affect their social or professional life, even though I made it clear that the participation is anonymous. Secondly, one of the respondents refused to continue answering the questions in the middle of the interview without explaining the reasons. However, as this option was discussed before the interview, it did not affect the ...

Personal Growth Assessment

Introduction In various stages of my life, I have learned that growing up and embracing the challenges that come along is a prerequisite for anyone who desires a successful life. I have brought this mentality to succeed in the study of a degree in finance, which I will need to learn the skills needed to be a competitive financial and analyst in the future. Over the three years, I have been undertaking this course, I have learned a great deal of knowledge in financial analysis, accounting as well as risk assessment which I hope to apply in the near ...

Introduction

The main issues with Parmalat include the ineffective audit planning process and risk management. The company was involved in the fraud and misrepresentation of the financial statements. In addition, due to ineffective audits the company had to face severe consequences at the end. There is a need to implement effective audit strategies and risk management process.

It is important for the auditors to confirm cash balances with the financial institutions that are used in the cash reconciliation of the company like Parmalat. By using standard from confirmation, the auditor requests financial institutions to confirm by examining their records about ...

INTERNAL AUDIT AND FINANCIAL CONTROLS

Internal Audit and Financial Controls It is the ethical and professional responsibility of the auditing firm to maintain the high level of assurance and maintain an acceptable level of objectivity and independence as per the applicable codes of the auditing and assurance. Therefore, during or before performing audits, internal and external, the auditors must avoid any threat towards their independence and objectivity. However, in most of the cases, the auditors reduce the level of threats to assure that their reviews are objective and free from bias. ("Internal Audit's Relationship With External Audit") When the audit firm is providing the ...

Abstract

The given case study discusses the rise and fall of Nortel Networks Corporation, which was one of the world’s largest telecommunication corporation. Nortel was a Canadian global organization that was at its peak in the early 2000s and apparently, it botched due to inefficient echelon management, inflated earnings and costs, dysfunctional directors’ board, as well as, illusion of constancy and stability. Although there were numerous possibilities that could have been adopted to prevent the fall and demise of the company; however, those roads were unfortunately not traveled. Nortel’s downfall began when it fails to live up to ...

Answer 1.

In the case given, definitely it is the fraud perpetrator is the responsible one. However, even though the culprit is not found or even when he is found, the accounting company as well as the auditor also is responsible for the crime to some extent. The company is supposed to track all the ongoing problems and maintain control systems, on lack of which definitely someone is going to exploit the situation of weakness. The agency problem, fraudulent activities, unlawful practices and so on, these all are required to be monitored and avoided for which a company should always prepare ...

Attribute Standard 1312 issued by the IIA indicates that Internal Audit Departments purporting to follow IIA Standards must have an external assessment “conducted at least once every five years by a qualified, independent reviewer or review team from outside the organization. Two such organizations include World Com and Fannie Mae. The two organizations were in the news owing to various reporting and internal audit practices that may have resulted in their collapse, as is the case of World Com or hefty financial losses for their shareholders and other stakeholders. Consequent to such observations, the objective of this paper is ...

U.S. Senator, Missouri

2011-Present

Personal Background Martial Status: Married to Abigail Blunt Education: B.A. History, Southwest Baptist University (1970) https://ballotpedia.org/Roy_Blunt M.A. History, Missouri State University (1972) https://ballotpedia.org/Roy_Blunt Previous Experience: Clerk of Greene County, Missouri (1972-1984) https://ballotpedia.org/Roy_Blunt Missouri Secretary of State (1985-1992) https://ballotpedia.org/Roy_Blunt President, Southwest Baptist University (1993-1996) https://ballotpedia.org/Roy_Blunt U.S. House of Representatives (1996-2010) https://ballotpedia.org/Roy_Blunt

Committee Assignments:

Appropriations Committee 2011- present https://ballotpedia.org/Roy_Blunt Commerce. Science, and Transportation Committee 2011-2016 https://ballotpedia.org/Roy_Blunt Rules and Administration Committee 2011- present (became chairman 2015) https://ballotpedia.org/Roy_Blunt Joint Committee on the Library 2015- present https://ballotpedia.org/Roy_Blunt Joint Committee on Printing 2015-present (vice chairman) https://ballotpedia.org/Roy_Blunt Committee on Armed Services 2013-2014 https://ballotpedia.org/Roy_Blunt

Sponsored Legislation

2016 https://www.govtrack.us/congress/bills/browse?sponsor=400034#bill_type[] ...

The professional standards i.e. International Ethics Standard Board for Accounting (IESBA) enables a company’s auditors to provide tax services and retain their independence. The standards give permission to audit firms to provide non-audit services if the provision of services does not conflict with the independence needs of auditors. The non-audit services are known as permissible non-audit services ranging from professional advice related to transactions, tax services, and advisory services regarding business activities. The tax services include assistance related to tax return preparation, tax calculations to prepare transactions, and planning and resolution of tax disputes. Absence of conflict enables ...

Introduction

The case of Bernie Madoff is a good example of unethical practices can lead to corruption. Madoff, which is the former investment and a stock broker, is introduced around the globe as the only operator in the largest Ponzi scheme ever on record. This is because he turned its financial management firm into a huge Ponzi scheme that defrauded a lot of money from thousands of his investors. The paper will determine the regulatory oversight that was existing while the Ponzi scheme was operating. It also speculates on the main reasons why such plans were not discovered while investing ...

(Tutor’s Name) (Assignment)

Executive Summary The disclosure of engagement partners and other participants in audits of public companies can add to the transparency and accountability of financial reporting significantly as it has been suggested by PCAOB and approved by SEC. With the implementation of this policy change, investors and other financial statement users can know the identity of the engagement partners and other participants in the audit. Therefore, investors can make well-informed investment decisions based on these disclosures. However, these disclosures have both direct and indirect costs that will be ultimately passed on to the company management and ...

The Madoff Securities case was a phenomenal one, in terms of the sheer size of the funds involved, the duration over which the scam took place as well as the stature of the victims affected. In most comparable schemes, the victims are usually those who have a very limited understanding of financial products and such schemes mostly do not last very long. This paper will review the case by determining the regulatory oversight in place at the time of the scandal and reasons why this scheme was not discovered as well as delve into other aspects of the case.

Regulatory Oversight of the SEC

...

Question one

The coca cola Enterprise was incorporated in Delaware 2010. Additionally, it is a publicly traded firm that is listed in New York Stock Exchange. It is a marketer, distributor, and producer of the nonalcoholic drinks of Coca-Cola Company via a licensed territory agreements in Belgium, great Britain, Monaco, and Sweden (2015 Annual Report:23). The coca cola Enterprise Inc. acts as the anchor bottler in West Europe, and North America. The products of Coca-Cola Enterprise Inc. are Diet Coke, Sprite, Fanta, and Coca-Cola among others. Its primary strategy is to be the bottling partner in Western Europe as well as ...

Introduction

Auditing is one of the most important elements in any police department. Both the law enforcement and individual offices should always be held responsible and accountable for their own actions. Effective auditing procedures are very vital if all the policing departments are to achieve their set objectives and goals of legitimacy and lawfulness as required by the national policing authority (National Council, 2004). Lawfulness alludes to consistence with the formal prerequisites of the law, including statutes and court choices. Legitimacy alludes to the recognition that police behavior is both legal and reliable with open desires. Responsibility is acknowledged through ...

Abstract

The Sarbanes-Oxley Act changed the ethical nature of accounting for publicly traded companies. The Act requires new forms of ethical behavior from companies, such as creating and maintaining a code of conduct that all employees, even executives, must follow. It also requires that they honestly and accurately report financial reports and maintains that the executive officers of a company have the most responsibility in reporting and certifying that the information is correct. The Act also changes the auditor-client relationship by making auditing more independent of the client, establishing an auditing committee overseen by the SEC, and ensuring transparency. The ...

Abstract

The paper will explore the business environment and the fraud scandals that prompted the need for more comprehensive and stringent regulations on financial disclosure by all public business entities operating on U.S. soil. The primary financial issues that the Sarbanes-Oxley Act was meant to address will be addressed, with a specific focus on how to restore investor confidence by imposing more strict rules on companies in terms of recording investments, cash flows and periodic profit/loss statements . Through an analysis of the basic provisions of the Act with regards to assigning personal responsibilities on officers of the company, as well ...

Abstract 3

Auditors’ Responsibilities and Potential Liabilities 4 Types of Audit Reports and Underlying Reasons for Their Issuance 5 Unqualified Opinion 6 Qualified Opinion Report 7 Adverse Opinion Report 7 Disclaimer of Opinion Report 8

References 9

Abstract This research paper is dedicated to make an important discussion about the different types of reports issued by an external auditor to form an opinion or judgment about the reliability and accuracy of the financial records and statements of the audit client. Generally, auditors issue four types of auditor reports depending on specific situations. Also, different responsibilities of an external auditor are also highlighted while ...

1.0 Abstract Stakeholders are of central importance to every business organization. The success of any business hinges on the relationship that it has with its stakeholders. Disclosure of quality financial reports is significant for the capacity of business organizations to build confidence with their key stakeholders. Corporate governance and the audit quality have attracted the interest of researchers to determine how they impact stakeholders. Additionally, the implementation of IFRS (International Financial Reporting Standards) has impacted the direction of business organizations especially with regards to corporate governance. The question of whether the quality and extent of disclosure of financial information ...

Introduction

Good governance and capital structure play a crucial role in the maximization of corporate profitability, either through an increase in profit margin or a reduction in capital cost or both (Uwuigbe, 2014), and in effect shareholders’ wealth. Companies who are aware of these factors in their objectives of profit maximization eagerly put their good governance principles into corporate codes, which act as valuable reference points in their governance decisions. As such, sound corporate governance engenders investor confidence in terms of capital preservation and acceptable returns of investments (Okiro, Aduda, & Omoro, 2015; Agyei & Owusu, 2014; Heng, Azrbaijani, & San, 2012). With ...

Response to an Audit Report Inquiry

Dear Dominique, I am writing this email in response to your request for clarification and explanation on the different types of audit reports. Generally, audit reports give an appraisal of a company or business’s financial performance and status during a specified period of time. These reports are usually completed by an independent accounting professional (internal or external), and cover the company’s assets and liabilities. Audit reports represent the auditor’s assessment of the company’s financial position and future status. In many countries, audit reports are required by law if the company is publicly traded or operates ...

Audit and Internal Control

Question 1 - Relationship between the Concepts of ‘Business Risk’ and ‘Financial Statement Risk’ The business risk and financial statement risk tend to have a direct relationship with one another because occurrence of business risks, if not addressed by the internal management of ABCDE Company in a timely and wise manner, will potentially result in material misstatements of the figures in financial statements of ABCDE Company. For instance, due to increase in competition, the demand for cleaning equipment sold by ABCDE Company to commercial cleaning contractors decreases which itself is identified as a business risk for ABCDE Company. Due ...

Option 1

Part 1 The company selected for the assignment is Teledyne Technologies. Chart below shows the information regarding the company: The audit report of Teledyne Technologies Inc. for the year ended January 3, 2016 carried an unqualified opinion. The report stated that the consolidated statement of income, comprehensive income, cash flows, and stockholder’s equity for the year then ended presented fairly, in all material respects, the financial position of the company and were in conformity with Generally Accepted Accounting Principles of United States of America. The company’s internal control for the year ended January 3, 2016 were also ...

1.0. Introduction Founded in 2003, Tesla Motors has undergone excellent growth in many aspects such as company size, profitability, product line, etc. Based on gradual progress, now the company has grown into one of giant industry players. It mostly deals in electric cars and trains with more focus on former (The Case, n.d.). This report sets out to analyze the company’s current strategies relating to its product line and future prospects of growth and identify the areas for improvement. In the final section, the consultant recommends the most practical strategy to the company directed towards raising its competitive ...

It was a few years back that the United States market capital saw the domination of financial fraud revelations performed in so called big Companies of the economy. The stakeholders of the Companies like investors, affiliates in the market, and communities had to incur huge historic losses. The top notch corporate leaders were also the ones affected. The corporate veil was lifted in most cases and many of them had to suffer jail term. Industries were affected in the sense that many big names in the industry, including the biggest American audit firm were desperately out of business. The ...

Corporate governance refers to a system in which companies in a given region are directed and controlled. It involves a set of relationships existing between the board, management, shareholders and any other stakeholders of the company. Corporate governance as well is instrumental in the provision of a structure of setting the objectives of a company, the means of attaining the set objectives and monitoring performance of the company. Corporate governance lies on four pillars which include accountability, transparency, fairness and responsibility (Sharar, 8). A corporate governance framework is necessary to safeguard the interest of the various stakeholders in any ...

Corporate governance refers to a system in which companies in a given region are directed and controlled. It involves a set of relationships existing between the board, management, shareholders and any other stakeholders of the company. Corporate governance as well is instrumental in the provision of a structure of setting the objectives of a company, the means of attaining the set objectives and monitoring performance of the company. Corporate governance lies on four pillars which include accountability, transparency, fairness and responsibility (Sharar, 8). The Qatar Financial Market Authority (QFMA) was established in 2009 (Sharar, 8). After its establishment, QFMA ...

Part 1

One of the major risk factors of fraud is the assignment of a wide range of duties to each employee (Stone, 2009). This risk factor gives them numerous opportunities to commit fraud. An auditor should evaluate the level of this risk by checking the job description of each employee. The duties of each employee should be well defined so as to enable the auditor to see the loopholes in the company operations. These loopholes enable employees to commit fraud without being discovered. A good example is where an employee requests the supply of some goods to the company; the ...

The assumption that changes are as good as rest is not always taken positively when it is eventually put into practice. Often than not, reorganization is feared and strongly resisted because it brings around disturbances of the status quo, a threat to individuals vested interests in their jobs. Sometimes changes are altered resulting in a loss of effectiveness and an increase in costs. Vehement resistance to cultural, ethical and professional changes as is witnessed in the New Zealand Police Unit. The top brass in the New Zealand Police though some in subtle ways is up in arms against almost ...

The 1920s was known as the Roaring Twenties in the American history because of changes in the social norms, and the country experienced a strong economic boom (Kennedy: 2). During the time of widespread economic gain, the application of fair value in accounting and lack of regulation in security markets left the investors at great risk. That is the reported figures of stock prices had no information justifying their values. Similarly, financial institutions such as banks were lending recklessly with no guarantees to their clients. Consequently, the gap between the rich and the poor in America increased steadily (pbs.org). ...

In the case study, it is pointed out that all through the late 1990s, Enron Corporation was nearly universally regarded as being among the country’s most innovative corporations (Li 37). The company went on building power plants and operating gas lines; however, it turned out to be well known for its exceptional trading business. Apart from buying, as well as selling, electricity and gas futures, it engaged in the creation of entirely fresh markets for such eccentric ‘products’ “as broadcast time for advertisers, weather futures, and internet bandwidth” (Li 37). Enron Corporation was established in 1985, and being ...

Part A: Multiple Choice Questions:

The seller must have market power, that is the seller must have some control over price The seller must be able to identify different customer groups with different demand elasticities The seller must be able to prevent arbitrage between the two groups All of the above You’ve just decided to add a new line to your manufacturing plant. Compute the expected loss/profit from the line addition if you estimate the following:

There is a 70% chance that profits will increase by $100,000.

There is a 20% chance that profits will remain the same. There is a 10% chance that profits will decrease by $15,000. Loss of $15,000 ...

Question 2

My major is Accounting and Finance. One of the typical jobs for Accounting and Finance majors is accountancy and auditing. Accountants maintain and prepare financial records while auditors examine those financial records. They ensure that the financial statements are true reflection of the business performance and that any taxes that are due are paid on time. According to the Bureau of Labor Statistics (BLS), the lowest 10 percent in the profession earned 41,400 dollars per year. The salary that is paid depends on the level of experience and education level. The minimum entry qualification for accountants and auditors ...

Abstract

The question on the moral issues surrounding companies and their decision makers has been there for a long time. This has become even more critical given companies’ ever-increasing urge to outdo their competitors. It has consequently, led to the development of decision-making models that incorporate ethical values to describe processes that decision makers should follow when dealing with issues containing ethical dimensions. That, therefore, creates and maintains a corporate culture that is ethics-oriented. Many problems and solutions have been attributed to the corporate practices that constitute an organization’s culture. That definitely makes it an important determinant of the ...

GAS 14 requires a firm to translate all transactions involving foreign currency into the its functional currency. The standard provides that the functional currency should be identified considering the general economic condition (Drsc.de). Transactions are initially recorded at the spot exchange rate on the date of the transaction. After which, monetary items are translated using the exchange rate on the date of preparing the statements (closing rate). Non-monetary items are translated using the rates used on acquisition. Any losses or gains on translation are recognised in the income statement as profit or loss (Drsc.de). The financial statements of subsidiaries ...

PART A: Arguments for and against the auditors insisting that MPS should begin expensing some parts of the construction costs instead of accumulating the increasing asset.

According to FASB 360-10, it has been specified that the value of an asset need not to be carried at a greater rate than the potentiality of its service. Moreover, this statement of FASB requires that the carrying amount of an asset should be reduced whenever the expectation of the future cash flow is less than its carrying amount. According to the case study, it seems that the Eagle Mountain would finally cost ...

Impacts of Outsourcing Internal Audit Fuction Author NameInstitution Name

Abstract This research finds out the effects outsourcing internal audit and extent of external auditors’ dependence on the work done by the internal audit team. We explore if outsourcing the internal audit function affects reliability on internal audit job already done and the use of assistant’s position for internal audit. We determine if internal audit outsourcing, the role of internal audit in systems consulting, affects external auditors’ dependence on internal audit. Results show that involvement in consultancy activities relating to the financial reporting system affects the extent of reliance on the work of the internal audit. When internal ...

The concepts and principles related to study of a management issue

The Concepts and Principles Related To Study of a Management Issue Management theories have been developed by scholars to combat administrative matters in corporate companies, but they have not been successful enough to fight issues such as fraud, embezzlement, poor leadership among other issues (Larry, 2016). It is apparent that the government of the United States had to find ways to combat these management problems to avoid scandals that were devastating to the economy. Even with developed policies, the managerial sector is still facing diverse challenges that need strategies that target individual leaders and employees. According to Larry upon ...

Introduction

In his case, Ferrell (2012) discusses Enron Corporation from when it was formed, when it collapsed and all that followed after its collapse. Enron Corporation is an American company headquartered in Houston, Texas. This company was formed in the year 1985 through the merging of two gas pipeline companies. Enron Corporation deals in products and services such as natural gas, and also electric power generation and distribution. However, in the year 2001 when Ken Lay was the Chief executive officer and at his time of his stepping down, Enron was faced with financial problems which eventually led to its ...

L Brands: Corporate Governance L Brands: Corporate Governance

Overview

L Brands is a world-renowned lingerie, personal care and beauty products company ("About Us," n.d.). Offering flagship brands including, primarily, Victoria's Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, L Brands has U.S., Canada and U.K. as focal operation markets and extends her global presence in around 700 locations by franchised partnerships ("About Us"). The company's central message is personal branding and sexy lifestyle. The business lines, functions and activities, based on brand offerings of L Brands, are reported by specific corporate governance structure and mechanisms detailed below.

The ...

Abstract

The quality of financial reporting by various companies affects the economy of the country in more ways than one. Apart from the economy of the country, the quality of audit and financial reporting affects the operation of the company as well. Effective disclosure and transparent finical reporting provide a necessary condition to maintain and assure the confidence of the stakeholders. This study seeks to investigate the relationship that exists between the type of corporate governance and the quality of audit among listed companies in Australia's Petroleum and Mining industry. It presents a review of previous and existing literature concerning ...

(2804 words)

QUESTION ONE

Identify and describe as many distinct sub-systems of Cash Mountain as you can. For ANY TWO of your identified sub-systems, describe the following system components: Banking is one of the most important foundations in business or personal financial development. Technology has been evolving rapidly from physical traditional banking (Cayazzo, 2006). There before, customer were availing themselves to the bank for any transactions or inquiries. Then banks began the operation of automated teller machine (ATM) making it easier for bank customers to access cash at their convenience. ATMs have evolved to a point where a customer can withdraw ...

**Business 4465**

Be sure to put your name and student number at the top of the email attachment. Your document must be less than 10 typed pages. Please read the questions carefully. Write all you answers in a word document, label all questions carefully. The best answers are those that answer the questions well and concisely using material within the scope of the course and not irrelevant material from other sources or from the internet. Answers that are beyond the scope of the course will receive no marks. Answers that are not written in the own words of a ...

Accounting refers to the activities of recording, summarizing, maintaining and publishing financial statements for public, etc. These activities play a vital role not only for internal users of the information but also for the external users who might raise issues and concerns to the work being carried out. It is essential for the investors to get the correct picture of the business before taking the risk of investing in the venture. The ethical practice also enhances the performances and procedures of the organization. Ethics relate to segregating what is good or bad for the consideration of the moral duties ...

Question 1

It is impossible for the external auditor to audit and investigate each and every transaction of the business because of the number of transactions. Therefore, to provide a reasonable assurance, the auditor sets, a sampling size according to the standards of auditing and his professional knowledge to reduce the number of testing. This reduction in the number of testing does not affect the overall view of the audit because all the important and risky areas are covered in the sample size set by the auditor at the planning stage of the audit. The main advantage of sampling at the ...

Various scandals across Europe have forced regulators to tighten rules that govern the appointment of external auditors and the auditing process. The Enron scandal, scandals at WorldCom and Global Crossing and the collapse of Arthur Anderson provided a platform for tightening of rules governing auditing process to avoid reoccurrence of the events (Cray and Lee 305). In UK occurrence of many scandals initiated formation of corporate government framework. Among the scandals witnessed in the United Kingdom include names such as Polly Peck, Robert Maxwell, and BCCI. To protect companies from the occurrence of scandals that may result in their ...

The role of the auditor including legal and professional requirements, its importance, benefits and limitations

The Role of an Auditor An auditor is a professional who has an authority to independently examine, verify and confirm the accuracy as well as fairness of financial records of a business entity. The role of auditors can be classified as internal and external auditing activity. Internal auditors are those accounting experts who examine the accuracy and reliability of financial statements of their own employer. In contrast, external auditors are independent auditing/accounting entities who pass their professional judgment and form an opinion concerning the fairness of financial statements . Under the Companies Act, the role of an auditor is to ...

Introduction

Studying accounting has been one of my interests since I was a child. Being in accounting classes was really enjoyable from the start. However, although studying the concept in class was interesting, I found it more thrilling to put to work some of the skills that I had learned. I was privileged to get an internship at PWC, one of the big four auditing firm, which I started on January 4th the year 2016. Through this internship, I was exposed to real-life accounting and auditing experiences which I had spent the last several years preparing. As such, this report ...

I would want to be an accounting systems auditor. Accounting systems auditor examines accounting records and management systems t see that they are working as expected, and efficiently The average pay for this position, in other countries is a bit lower than the US at averagely USD 24,000 to 40,000 per year for entry level positions(Prospects). In the United States, the labor office gives the average salary for entry level positions at 65, 000USD(Prospects) while Hudson indicates the salary to be around 57, 000 USD for entry level(Hudson). The average local rate, therefore, can ...

Abstract

The study has an objective of examining the impacts of corporate governance among listed Australian companies using their audit quality as the baseline. Corporate governance is a broad topic. Thus the study focuses on the effect of ownership structure on the quality of auditing across Australia. While a widely accepted definition of audit quality has not been formulated nor has a widely accepted measure been generated, the research will employ different aspects of corporate governance to establish its relationship with the quality of the audit. Various data and information will be gathered from at least ten different companies in ...

Technology

Healthcare Information System: Electronic Medical Records (EMR) Abstract The health information system encompasses collective number technology-based infrastructures that aid the healthcare sector in improving the quality of care provided to the people. EMR or the electronic medical records is an example of a system implemented to process of gathering and utilizing patient’s health information to facilitate care in the most efficient way. EMR allow clinicians to create patient’s chart electronically and easily access lab and other test results for accurate diagnosis of the patient’s condition. The EMR is made up of five components namely the progress ...

Over the last two decades, corporate social responsibility has gained deep interest from accountants and auditors. It happens because substantial amounts of financial resources are invested in corporate social responsibility; yet there are not explicit accounting policies and standards to report on corporate social responsibility financials and activities (The Institute of Internal Auditors, 2016). Owing to this, there has been varied views and discourses on the conduct of corporate social reporting with many commentators focusing majorly on the triple bottom line reporting as a prelude to corporate social reporting. The current paper presents a detailed review of the ongoing ...