Auditing

Auditing 300 Semester 1, 2012 Assessment one: Individual report Ethical issues in auditing Executive Summary This report provides an analysis of dealing with professional and ethical issues when offering auditing services. It gives a brief decision-making process model by first identifying the key issues and relevant standards involved in the case and then combining theories with reality and giving a short conclusion and some recommendations at the end. 1.0 Introduction Ethical

Example auditing case 1)” Based on the information given in this case and your knowledge of auditor’s reports, identify the deficiencies in the draft of the proposed report. Do not redraft the report, but provide justification or explanation for each of the deficiencies you identify” (Pany, Auditor's Report, 2010). A. In the Introduction paragraph it states “As discussed in Note K to the financial statements, the Company has properly disclosed a subsequent event dated March 14, 20x9” (Pany, Auditor's

Generally Accepted Auditing Standards Maxx Mayeux ACC/490 February 22nd, 2012 Linda Carr Generally Accepted Auditing Standard • Describe how these standards apply to financial, operational, and compliance audits. • Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. • Discuss the additional requirements that are placed on auditors from this act and the actions

Auditing Case study Answers to case study: 1. What are the auditor 's primary objectives when he or she observes the client 's annual physical inventory? Ans. The Primary Objective of auditor is to make sure the inventory reflected on the balance sheet actually exists and that the balance sheet includes all inventory owned by the company .This includes all raw material,supplies,inventory in transit.The company may have on consignment with another business and inventory stored off the

Generally Accepted Auditing Standards Heather Sheetz Accounting 491 Julie Oldham March 28, 2008 Generally Accepted Auditing Standards Generally Accepted Auditing Standards or GAAS is “a set of systematic guidelines used by auditors when conducting audits on companies' finances, ensuring the accuracy, consistency and verifiability of auditors' actions and reports” (Lexico Publishing Group, 2008). The following paper will explain the elements of GAAS and how GAAS is applied to audits. GAAS

CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION – INTEGRITY OF FINANCIAL REPORTING |LEARNING CHECK | 1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS, (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE, (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS, (D) DEGREE OF CORRESPONDENCE, (E) ESTABLISHED CRITERIA, (F) COMMUNICATING THE RESULTS, AND (G) INTERESTED USERS. 2. A financial statement audit involves obtaining

Generally Accepted Auditing Principles Generally Accepted Auditing Principles There are many different types of audits including financial statements audit, the operational audit and the compliance audit. Either an internal auditor or an external auditor from another firm can conduct these various audits. “The American Accounting Association defines auditing as a systematic process of objectively obtaining and evaluating the accounts of financial records of a governmental, business,

Statements on Auditing Standards The government and accounting professionals have been focusing on accounting policy and procedures since the Enron, WorldCom, and Tyco financial scandals occurred. These financial scandals occurred by company executives and public accounting companies who failed to disclose and account for the known fraud (Casabona & Grego, 2003, p. 16). Due to these financial accounting scandals the Auditing Standards Board (ASB) of the AICPA established Statement on Auditing Standards

Auditing and assurance plays a vital role in assessing the financial statements of any company, it Builds confidence and provide assurance to the current shareholders on the reliability of the financial Statements. Shareholders need reliable financial information so they can analyses the performance of the company and the management as whole. However it’s a responsibility of the auditor to give an opinion on financial statements weather the financial statements giving true and fair view in all

Allen Stanford was, at one point, a successful entrepreneur whose investment company’s accounts totaled in the billions. The aforementioned keyword is ‘was.’ As CEO of Stanford Financial Group, Stanford essentially ran a massive Ponzi scheme; he issued certificates of deposit at an offshore bank that he controlled and illegally used the investors’ funds. These CD’s were appealing to investors due to their high returns of nearly twice the average rate of return of investments in U.S. banks. Investors