Auditors NALGA Peer Review Committee 1220 SW Fifth Ave.‚ Room 120 Portland‚ OR 97204 (503) 823-3542 October 27‚ 2000 Mr. Ronald A. Coen‚ Director Fairfax County Internal Audit Office Fairfax‚ Virginia 22035 Mr. Coen: We have completed an external quality control review of the Fairfax County Internal Audit Office for audits initiated during the period July 1‚ 1999 through June 30‚ 2000. In conducting our review‚ we followed the standards and guidelines contained in the NALGA Quality Control Review
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reporting practices. Another working party has been established to examine the quality of audit field work. The Regulator tells you that he wants your working party to put forward proposals which will improve the quality of audit reporting. He is concerned that present practices allow individual auditors to report in their own way. This has led to confusion‚ since there are so many different styles of audit report. The Regulator believes that a standardised approach will reduce this confusion. He
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Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods‚ Inc. Solution: Since Smackey is a private company‚ the SEC regulations are not required. The SEC requires only public companies to offer full disclosure on their financial statements. Private companies are not bound to such strict disclosure requirements. Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client?
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collapses and their relationship to auditors and accountants discharging their responsibilities‚ there have been spate of regulatory and profession reforms that are designed to restore confidence to both the public and the profession. The concept of audit independence is being examined critically in respect of its relevance and contribution to the public interest. The impact of the expanded role include: Increased public scrutiny of the fees payable to and the independence of auditors; Increased
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own audit work. He worked in a team to audit Spector’s business in these years. In 2008‚ Michaels faced some problems: the audit started on November 3‚ 2008 and was supposed to be completed by November 19‚ 2008. The deadline was a strict one‚ but the audit was less than 50 percent finished by November 12‚ 2008. Richard‚ Wood and Hulme LLP (RWH) was a mid-sized professional services firm that offered clients audit and taxation services. RWH’s culture consists of teams by employees. All audits were
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that each question should be of between 400-600 words 1) Rodney Brick is completing a Master of Accounting part-time and has taken on a role as an auditing assistant with an audit/accounting firm and his first job is to assist with auditing the books of Daffey Jones Ltd‚ a major retailer. Whilst undertaking the audit‚ Rodney comes across certain financial information that he believes will assist him in completing one of the auditing assignments he is currently working on so he copies the information
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statement items for the 1998 Just for Feet audit. 2) Just for Feet operated large‚ high-volume retail stores. Identify internal control risks common to such businesses. How should these risks affect the audit planning decisions for such a client? 3) Just for feet operated in an extremely competitive industry‚ or sub industry. Identify inherent risk factors common to businesses facing such completive conditions. How should these risks affect the audit planning decisions for such a client?
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Amy Hemphill Ch 3 & 4‚ week 2 Acct 403 3-25 (a-c) The following questions concern audit reports other than unqualified audit reports with standard wording. Chose the best reponse. A) The annual audit of Midwestern Manufacturing revealed that sales were accidentally being recorded as revenue when the goods were ordered‚ instead of when they were shipped. Assuming the amount in question is material and the client is unwilling to correct the error‚ the CPA should issue: 1. An unqualified opinion or
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ACCA COURSE NOTES June 2014 Examinations Paper F8 Audit and Assurance (INTERNATIONAL) Please spread the word about OpenTuition‚ so that all ACCA students can benefit. ONLY with your support can the site exist and continue to provide free study materials! OpenTuition Course Notes can be downloaded FREE from http://opentuition.com Copyright belongs to OpenTuition.com - please do not support piracy by downloading from other websites. Visit opentuition.com for the latest updates‚ watch free video
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ethical) in providing professional services‚ so that audit failures and risks are reduced to an acceptably low level. Quality control must be addressed at the professional‚ the audit firm and on individual engagement levels. Importance of Quality Control Corporate scandals such as Enron and WorldCom cases have seriously undermined the credibility of the audit function and raised questions about the reliability of financial reporting. The alleged audit failures in these cases have also attracted substantial
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