Auditing

ACC 476/726 – AUDITING Sample Exam #2 Prof. Elder Name Dee Falcation This exam contains 12 pages; please check to make sure you have the entire exam. You will have one hour and twenty-five minutes to complete the exam. Total points available on the exam are as follows: | |Points Possible |Points Earned | |Question | |

functions of an audit committee is to monitor the periodic reviews of the accounting and financial reporting processes and systems of internal control that are conducted by the company 's independent auditors, financial and senior management and internal auditing department. So in this case, the AC could review the company 's internal control processes regarding following up on long outstanding debtors and adherence to the credit terms granted to customers. If 6 months is way overdue, and the internal auditors

Internal auditing as an important part of auditing supervision system attracts significant attention in currently business environment, especially after several accounting scandals such as Enron and WorldCom. With the continuous improvement of business environment and regulatory requirements, internal auditing undergoes a progressive process, from the simple to complex, from the basic to advanced. The Institute of Internal auditors (IIA) defines the internal auditing as follows: “Internal auditing is

Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria (Arens, Elder, & Beasley, 2010). Auditing should be done by a competent, independent person. Accounting is the recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making (Arens, Elder, & Beasley, 2010). Many people confuse auditing

Auditing, Attestation, and Assurance Name Class Date Instructor Auditing, Attestation, and Assurance What is Auditing, Attestation and Assurance? Auditing relates to the analysis of the financial statements, attestation relates to the financial information beyond the financial statements, and assurance relates to improvement of the reliability of the financial information within the financial statements. This paper will give examples of each type of service, who might request these services

AC 4342 Auditing Introduction to assurance and financial statement auditing Discussion Question: Messier Q1-13, 14 1 References HKICPA Members’ Handbook Amended Preface to the Hong Kong Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements Hong Kong Framework for Assurance Engagements Reference Messier: Ch 1 2 CILOs and TLAs CILOs 1 Describe the auditing profession, the regulatory, legal and reporting framework of auditing. Recognize the basic

Continuous Auditing (CA hereafter) is a representative of the progressively automated world of auditing, and it is a trend of auditing in the information explosion era. Machine Learning can help to implement CA to improve companies’ decision-making and risk management. 1) Machine Learning and audit analytics fits the original motivation of CA The Auditing Concepts Committee (American Accounting Association [AAA] 1972) defined auditing as “a systematic process of objectively obtaining and evaluating

Auditing Principle This report asks the author of this paper to answer to several questions pertaining to the demise of One.Tel in 2001. The author if asked to explain the role of external auditors in the collapse and how the expectations of shareholders and stakeholders likely figured into that collapse and the auditor malfeasance that led to the same. The author is asked to give two recommendations regarding the changing of the existing requirements for auditing standards as a means to close the

internal auditing received an impetus as SOX guarantees to mandate several changes in business and also the observe of internal auditing. The SOX legislation has been designed to forestall and establish several of the recent frauds effecting organizations and their investors. As a result, the audit profession can all over again gain numbers, but this point the role and methodology of the interior audit perform can modification to satisfy needs of the new legal mandates. Internal auditing can have

Financial Systems and Auditing: Contributing to the planning and conduct of an audit assignment and preparing audit reports. Q 1 Report on the auditing function (i) Legal duties and status of auditors 1. A company’s auditor shall I preparing their report, carry out an investigation: - whether proper accounting records have been kept by the company and proper returns adequate for their audit have been received from brunches not visited by them - whether the company’s individual accounts