Audit Essays

  • Professional Skepticism In An Audit

    1174 Words  | 5 Pages

    Throughout the period of the audit, assignation PCAOB describes professional skepticism as a general duty of care that needs to be applied by the examiner. Professional skepticism is when someone has a questioning mind that involves a critical assessment and analyzes of audit evidence. It is primordial for an auditor to exercise professional skepticism when conducting the audit of financial statements. In other words, an auditor must refer to quality and credible reference. The auditor needs to question

  • Dentistar Inc Internal Audit Case Solution

    1287 Words  | 6 Pages

    Date: 11/17/2014 To: The Director of Internal Audit, Dentistar Inc From: Fahad Albaijan, Staff Auditor Subject: Internal Controls Assessment Report – Western Region Background: Dentistar Inc is a company that was created in 1985 for the purpose of providing dental and orthodontic services to individuals who enjoyed prepaid dental services across the nation. It is imperative to carry out an internal audit of the Western Region’s internal system controls since there have been several reported

  • Apollo Shoes Audit Paper

    649 Words  | 3 Pages

    Shoes. To find out the irregularities, an audit program will be designed to achieve the task. Apollo Shoes has recognized that the major loss can be, due to irregularities in cash inflow and outflow and payroll. Therefore, audit program will be divided in three parts:  Cash  Accounts Payable  Payroll The substantive procedures will be performed for the above outlined parts, so that the irregularities within each section is detected and an appropriate audit program will be designed for each department

  • Worldcom: Code Of Ethics

    753 Words  | 4 Pages

    In the case of WorldCom, manager and controller are the person who are involved in fraud. The WorldCom manager do the fraud can misused used their power to influence the company to archive their personal interest. We can see that this is the corporate culture factor that make the fraud happened in the company. In the WorldCom case, their employee are prohibited to question their manager and there are need to follow whatever their manager instructed. Besides that, the operation every department

  • Pepsico Internal Control System

    952 Words  | 4 Pages

    ability. The outsider review results are transferred to the Supplier Ethical Data Exchange (SEDEX) stage, accessible by Pepsico and other secured clients. As a component of the methodology, remedial action plans for issue resolution are itemized for audit and tracking. Actions vary to correct deviations or inadequate standards. All employees are expected to display responsible and ethical behavior, to follow consistently both the meaning and intent of this Code and to act with integrity on a daily

  • Enron Auditing

    1591 Words  | 7 Pages

    responsibility of the fall of a company on the auditors. The biggest audit fail of Enron Corporation not only led the company towards declaring bankruptcy but also dissolved one of the five big professional services companies, the Arthur Anderson. However, it may not be fair to blame the auditing profession entirely for the fall of a company. In the case of Enron, the chief financial officer himself concealed

  • Adams Plumbing Case Summary

    269 Words  | 2 Pages

    The Investigator met with Investigator Michael Dattilio from Hellertown Police Dept. 685 Main St. Hellertown, Pa. 18055 (610) 838-7040 in reference to Judge Tidd’s investigation. Dattilio explained that Tidd, acting as attorney for Adams Plumbing, wrote up an agreement on April 26, 2013. The agreement between Douglas Adams, owner of Adams Plumbing, and former employee, Stephanie Gail Molloy, who acknowledged by written statement, that she improperly took funds from Adams Plumbing when she was

  • Mr Pavlo Fraud Case Summary

    425 Words  | 2 Pages

    1. From the excerpt and article, describe the rationalizations used by Mr. Pavlo? Pavlo said in an interview that he wanted to advance his career and was very eager to make his way to the top level position of the management of the organization (Portal, 2008). He also told that he was rewarded always by doing bad things. Although, he was at pressure in meeting the company’s goals; but he managed his superiors and made sure that he was doing good in fulfilling the company’s goals. He also rationalized

  • Case Study: Verizon's Board Of Directors

    913 Words  | 4 Pages

    Verizon has at least three members for their Audit Committee, which includes independent Directors who need to be financially literate. Also, the Committee Chair must have accounting or financial management expertise and at least one member of the committee must be a financial expert. The Board of Directors will choose the Committee members by their qualifications and are appointed annually by the Board of Directors. The purpose of the Ethics Audit Committee is to assist the Board of Directors

  • Earning Management In Spain Case Study

    940 Words  | 4 Pages

    companies. 2.5 Audit Opinion (AO) and Earnings Management (EM) Relationship. To produce a high quality audit opinion report. Auditors need to be an independent person. Independence in mind which is the auditors needs to perform an unbiased attitude, and also independence in appearance which is the auditors is prohibited to have any relationship with the client. Thus, how auditor’s response to the EM has been the issues here. Auditors play an important role to produce a high quality audit in order to

  • Walmart De Mexico Case Study

    738 Words  | 3 Pages

    One of the most channels for illegal payments is through the agent. A company is liable for the activities of its agents, adviser, consultants and joint venture partners (“Agents”). So it is important that a policy on appointment, audit, selection and monitoring of Agents as part of an effective compliance program. Even if the Mexican payments through intermediaries do not meet the elements of an FCPA anti-bribery violation, the enforcement agencies are likely to assert that such

  • Sarbanes Oxley Act Pros And Cons

    578 Words  | 3 Pages

    Basically, the purpose of the act was to improve corporate behavior across the country and to restore investor’s confidence in the market by placing accuracy and reliability of corporate disclosure and by imposing certain restrictions and actions in the audit process. There are different opinions throughout the country regarding the efficiency of the act. 1990’s was a time of economic prosperity. Many companies were looking very financially sound and very appealing for investors.

  • Peoplesoft Case Summary

    441 Words  | 2 Pages

    Young (EY). The case reaches back to the years before EY 's consulting practice was sold to Cap Gemini. It involves alleged independence violations due to product sales and consulting fees related to PeopleSoft software, while PeopleSoft was an EY audit client. The SEC alleges that EY and PeopleSoft co-developed and co-marketed a software product called "EY/GEMS for PeopleSoft." These allegations focus on EY 's use of components of PeopleSoft 's proprietary source code in software previously developed

  • The Phar-Mor Fraud Case

    804 Words  | 4 Pages

    of the WBL and was financially responsible for each team’s losses. In order to cover up a case this huge it took meticulous planning and a great deal of communication between upper management. The understanding at which came from how to conduct audit procedures and how to allocate them was great. The Fraud Team, which consisted of: Mickey Monus, President, Patrick Finn, CFO, Jeff Walley, Vice President of Finance, Stanley Cherelstein, Controller, and John Anderson, Accounting manager, all were

  • Deloitte & Touche Baring Case Study

    968 Words  | 4 Pages

    The audit firm of Barings, Deloitte & Touche failing to spot the activities of Nick Leeson when performed audit jobs. Deloitte & Touche, which audited the accounts of Barings Futures Singapore, fail to detect "window dressing" in the accounts and signs of unauthorised trading. Deloitte & Touche have not investigated further and revealed Leeson 's unauthorised trading even though BFS 's balance sheet showed the company had deposited more margins with the Singapore futures exchange than it had received

  • Benefits Of Financial Auditing

    1256 Words  | 6 Pages

    financial statements. He will analyze research and go through all the relevant financial records to ensure that they are accurate and whether taxes are being paid properly. 2. There are various benefits of the auditing process. The benefits of an audit include analyzing and understanding company’s financial records. This in turn helps provide a better and clearer picture of the company’s financial information to its various users. These could be internal as well as external users. Some of these users

  • China Airlines Case Study Essay

    725 Words  | 3 Pages

    almost certainly to have operated in the accident. 1. The Corrosion Prevention and Control Program scheduling deficiencies in the CAL maintenance inspection practices were not identified by the Civil Aeronautics Administration audits. CAL might have to review the self-audit inspection procedures to ensure that all the mandatory requirements for continuing airworthiness, such as CPCP, are completed in accordance with the approved maintenance documents. 2. The permanent repair of the tail strike

  • Critical Issues In Accounting

    1550 Words  | 7 Pages

    Six Critical Issues in Accounting Research. The primary basic issue is the corporate administration, and related hierarchical condition and structure that must be set up and kept up to work appropriately. Keeping in mind that the end goal to guarantee the bookkeeping framework working great and announcing in an opportune and controls withstanding way, bookkeeping or in other word, accounting must work as one with the encompassing condition, and establishment well in the hierarchical condition

  • Tenkey Book Company Physical Inventory Fraud Case

    291 Words  | 2 Pages

    records, manipulating the inventory records, recording the stolen item as sales, or by stealing the purchase item before it is recorded in inventory records. Thus, if I am Sandra’s forensic accountant, I would advise her to conduct a random physical audits of inventory on all stores of the Tenkey Book Company to unravel the theft/fraud schemes. Sandra should make sure that

  • The Dodd-Frank Act

    2268 Words  | 10 Pages

    1. Dodd-Frank Act: The Dodd-Frank Act which is known in full-form as Dodd-Frank Wall Street Reform and Consumer Protection Act is a type of United States federal law which will define regulation of the financial industry within the perimeter of the federal agencies. The legislation that was defined way back in July 2010, which can avoid the significant financial crisis by defining new financial regulatory methodology which can insist clarity and authorization while defining rules for protecting