Posts tagged Audit

Audit committee, in the real corporate world, has been existed for long time and the perception of its roles and responsibilities are evolved time-by-time. This …

Internal audit workpapers can be seen as a “link” between actual internal audit procedures and the reports issued as results of an internal audit process, …

Internal audit role, performed by internal auditors, requires core competencies. This post lists seven internal audit core competencies internal auditors should have—beyond internal audit standards—for …

Internal control over financial reporting is essential information an auditor supposed to be able to draw during an audit session. Why? A client’s internal control …

Basically, analytical procedures consist of evaluations of financial information made by an auditor of plausible and expected relationships among both financial and non-financial data. The …

The Internal Revenue Service (IRS) awarded 4,257 individuals who claimed more than $151 million in undeserved tax deductions for 2009 stimulus package program designed to …

The SAS does not require the independent auditor to use the work of internal auditors. However, SAS 55 (Section 319), Consideration of Internal Control in …

To form the basis of an opinion on the fairness of the financial statements, the third generally accepted fieldwork standard requires the gathering of sufficient …

The auditor is not required to test controls to determine their operating effectiveness. However, the increased depth of the auditor’s understanding of internal control may …

More and more GAAP pronouncements require the use of fair value measurements when presenting and disclosing certain assets, liabilities, and components of equity in the …

In every audit, the auditor is obligated to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of …

Accounting firms don’t live on audits alone. Virtually all accounting firms perform some sort of consulting or advisory services (such as tax-related work) in addition …

The internal audit department’s efficiency [in general] can be difficult to measure; What kind of measurements a controller or CFO possibly performed? What to measure? …

Management is responsible for designing and implementing controls to prevent, deter and detect fraud. AU 110.03 (Responsibilities and Functions of the Internal Auditor) states Management …

Public accounting generally entails a fairly rigid, hierarchical career path, as follows:   Audit Staff Auditor (year 1-3). Staff auditors perform the meat of an …

Problem: 8. Which of the following would an auditor most likely use in determining the auditor’s preliminary judgment about materiality? a. The anticipated sample size …

AUDIT RISK Problem: 1. As the acceptable level of detection risk decreases, an auditor may a. Reduce substantive testing by relying on the assessments of …