Audit Essays

the 2014 Flash Technologies audit, we will look at the COSO Framework. - Control Environment: Commitment to Competence (Employees seem to receive sufficient training and understand their responsibility in the manufacturing process. Inspection team conducts thorough investigations of product quality and exercises organization and efficiency. Employees are under the pressure to ship customer items under harsh time constraints because of Mr. Schwimez’s decision); Audit Committee Participation (Flash

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

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

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

company. It will be the purpose of this report to provide a product that explains in detail how the audit of Bullseye company will be conducted. Furthermore, this report will also establish how the effectiveness of the managers of Bullseye will be tested based on how well they sustained internal control over the given period (Pany, 2019). Objective of the integrated audit The purpose of the audit plan is to provide information on Bullseye and how well they managed and produced their financial statements

In the audit, if there is any allegation of possible frauds or illegal acts, the auditor has to make further investigations to support his or her preliminary conclusion. However, the scope of the independent investigation is not sufficient or the evidence concerning possible frauds or illegal acts is absent, the engagement team might take the following actions. According to AU 317.08, the auditor might inquire the management and audit committee of Jersey Johnnie’s Surfboard Inc. about its compliance

available to Brent in regards to the audit of payables? What are the pros and cons of each alternative? “Eating time”: The first alternative that that Brent and the audit team can use is “eating time”. What is meant by this is that the team will spend as much time as needed on the audit in order to finish it on time. However, they will only report the maximum amount of time that was budgeted in order to finish the audit. One of the pros of this alternative is that the audit will be done in time. Another

Keller CPA has been asked to audit this dog manufacturing company. Since this company started as family owned business and quickly grew, the sister’s did not have much experience in understanding the accounting principles or in understanding the importance of having internal controls. In order for the business to continue to grow, there needs to be some changes to the way they operate. Smackey Dog Foods has made an important first step by hiring a CPA firm to conduct an audit of their financial statements

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

how very important is to conserve energy. Most of the United States Energy comes from non-renewable sources such as fossil fuels. So to better energy conservation, ill be looking to energy audit the Nike Store in the Wisconsin Dells to see ho we can improve our energy just from local building. From this Audit I be able to conduct the problems from the store and create solutions from the store to make it a very energy efficient building by looking at the electricity use, heating/cooling use, and the

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

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

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

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

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

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

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

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

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.

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