Audits Companies‚ nonprofit organizations and the government use auditing‚ audits are used to look for inconsistencies in their financial statements‚ and internal controls (Bianca). There are different types of audits that could be requested by companies: Daily cash report audits‚ department level audit‚ data quality audit and purchasing system audits. Daily cash report audits Daily cash report audits are the most basic of the audits‚ this type of audit consists of one person checking another
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of these statements is correct. Difficulty: Medium 4. Major classifications of accounting activity would not include: a. financial accounting‚ internal auditing‚ public accounting. b. internal auditing‚ governmental accounting‚ managerial accounting. C. financial accounting‚ national accounting‚ cost accounting. d. auditing‚ income tax accounting‚ governmental accounting. Difficulty: Easy 5. Which of the following is not an example of a decision or informed judgment that a potential
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intentional cover up will have high costs to the economy and dire consequences. Even though there are laws and standards that regulate auditing‚ it does not completely stop or prevent firms from doing immoral acts. Before Sarbanes-Oxley Act of 2002‚ auditing for both public and privately held companies followed the AICPA ’s standards of the 10 generally accepted auditing standards. In the years 2000-2002‚ there had been an increased of major corporate accounting scandals. Large corporations such as Enron
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general‚ warrant response from the auditing team during their assessment of financial statements. Although the number of shirts sold to the auditing team do not constitute a material misstatement in regards to the financial statements‚ the risk related to fraud should be assessed and mitigated during the planning and carrying out of the audit and further audit procedures. These transactions do not affect the existence and valuation assertions relevant to auditing. The right and obligations assertions
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the auditor’s study of business operations for the purpose of making recommendations about economic and efficient use of resource‚ effective achievement of business objectives and compliance with company policies. • The term operational auditing is the most widely used today. • Definition of terms o OPERATIONAL – implies a focus on operations‚ as opposed to financial position. o MANAGEMENT – implies that the information obtained in the audit process is useful to management
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8.0 Background According to Wikipedia‚ Internal auditing is a profession and activity involved in helping organizations achieve their stated objectives. It does this by using a systematic methodology for analyzing business processes‚ procedures and activities with the goal of highlighting organizational problems and recommending solutions. Professionals called internal auditors are employed by organizations to perform the internal auditing activity. Internal auditors are employed by companies
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explain how to conduct a successful internal audit. To have a successful internal audit the company must construct a sound plan‚ have an upbeat atmosphere and encourage an open dialog of communication between the auditor and the client. Today many auditing organization are demonstrating how the audit process will work through Web-based presentations. The first topic I will discuss is the four stages of an audit. First and Announcement letter- this is when the Internal Auditor Director informs the
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The Global Leader In Audit and Information Security Training Audit Director and Managers Training Week 7-1117 - 21 June 2013 October 2013 London London Part 1. Managing the Internal Audit Department Part 2. Auditing Governance‚ Strategy‚ Ethics and Risk Management Courses can be attended individually or attend both and save 10% www.mistieurope.com/TW11 Audit Director and Managers Training Week Audit Director and Managers Training Week Dates: 7-11 October 2013 www.mistieurope
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Standards Based Decision Making Team C June 24‚ 2012 ETH 376 Professor Standards Based Decision Making Green and Associates is the CPA firm retained by the ABC Corporation to handle their external auditing duties. The auditing team at Green and Associates took time to review aspects of ABC’s finances and had some questions regarding their client’s monthly statements that made them a little uneasy. Items such as their inventory valuation methods not to mention‚ Green’s new
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