Internal Auditing: ACCT353 Spring 2023 Class Activity 1 (CLO 2) Required: Review the SCA Governance Guide and answer the following questions: 1. What recommendations does the SCA Governance Guide provide on internal audits? 2. What recommendations does the SCA Governance Guide provide on internal controls? 3. What recommendations does the SCA Governance Guide provide on audit committees? Covering page: Name, student ID, assessment name, and date.

Internal Auditing: ACCT353 Spring 2023 Class Activity 1 (CLO 2) Required: Review the SCA Governance Guide and answer the following questions: 1. What recommendations does the SCA Governance Guide provide on internal audits? 2. What recommendations does the SCA Governance Guide provide on internal controls? 3. What recommendations does the SCA Governance Guide provide on audit committees? Covering page: Name, student ID, assessment name, and date.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter2: The Auditor’s Responsibilities Regarding Fraud And Mechanisms To Address Fraud: Regulation And Corporate Governance

Section: Chapter Questions

Problem 23CYBK

See similar textbooks

Similar questions

Select which refer to Current audit file and Permanent audit file, using the working papers given below: Engagement letters Financial statements Account’s checklists Board minutes of continuing relevance New client questionnaire Management letter Audit planning memorandum Accounting systems notes
Refer to Exhibit 2.5 and answer the following questions. a. (Sections 101, 104, and 105) How does the establishment and operation of the PCAOB help to ensure quality external audits? How will audit firm inspections and investigations by the PCAOB help ensure high audit quality? b. (Sections 201-203) How do Sections 201-203 address audit ()r independence concerns? c. (Section 206) What is a cooling-off period, and how does it address auditor independence concerns? d. (Section 301) How do the audit committee requirements help ensure effective corporate governance? e. (Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility? f. (Section 401) How does this section relate to the Enron fraud? g. (Section 404) How do the management assessment and audit or attestation of internal controls contained in this section help to address the risk of fraud in publicly traded organizations? h. (Section 407) Why is it important that at least one member of the audit committee be a financial expert? What are the financial reporting implications if the audit committee does not have any individuals serving on it who possess financial expertise? i. (Section 802) How does this section relate to the Enron fraud?
an an audit of tion Which one of the following document is considered as a permanent audit file? Significant analysis of trends and ratio Important matters in the minutes of Board Meetings Evidence of the planning process of the audit Evidence that the work performed by assistants on
What is the Committee of Sponsoring Organizations (COSO)? Summarize its history and explain why it is relevant to auditing. Explain what internal control means and explain how internal control relates to auditing. Please provide references if any.
Auditing and Assurance Services T321 Which one of the following services provides a moderate level of assurance about the client's financial statements? Select one: O a. review O b. forecasts and projections O c. compliance O d. audit
Why do we use the Accounting Standards Codification (ASC)? (RAB 9) To summarize key pronouncements of the AICPA To provide access to current GAAP To organize rules from the SEC To prioritize the key information tested on the CPA exam
ISA 700 deals in O a. Planning the audit O b. Obtaining sufficient appropriate evidence O . Professional Ethical requirements O d. Forming an Opinion and Reporting on Financial Statements
Essay About Auditing (need 10 sentences, concise and direct to the point) Why are internal controls important in an organization? Provide specific benefits.
Reading BOD minutes of meeting by the internal auditors is an example of an audit procedures called: Select one : a. Tracing B. Reperformance c. Inspection d Vouching
Comprehensive Problems (covers all content) Problem 11: List the Summary of the Audit Process in correct phases (from beginning to end of audit): Perform analytical procedures and tests of details of balances Complete the audit and issue and audit report Plan and design an audit approach Perform tests of controls and substantive tests of transactions Phase 1 ______ Phase 2 ________ Phase 3 ________ Phase 4 ________ Give an example of each step.
Choose the documents which should be included in the audit documentation a. Summaries of significant matter O b. Issue memoranda O c. Audit program O d. All the options
Discuss the importance and purposes of audits in an organisation. Identify the possibleReportingissues related to the financial statement audit and give recommendations to overcome the possible issues. 2500 WORDS