A & A U standards setting C C O U N T I N G D I T I N G Disclosure of the Engagement Partner in the Audit Report An International Perspective on the PCAOB Proposal By Jason Bergner and Ling Lin O n December 4‚ 2013‚ the PCAOB conducted an open meeting to reconsider its proposal to require the disclosure of the engagement partner (and certain other participants) in the audit report‚ as part of its efforts to improve transparency. The PCAOB is carefully considering the likely costs and benefits
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Bibliography: • Abbot and others‚ ‘Corporate Governance ‚Audit quality and the Sarbenes Oxley Act Evidence from internal Audit outsourcing’‚2007 • B Elliot and J Elliot‚ 10th Edition‚ Financial Accounting and Reporting‚ 2006‚Prentice hall international page • B Marx‚ A V D watt Bourne and A Hamel‚ 2004‚Dynamic Auditing‚ 7th edition‚ Lexisnexis
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Week 2 Discussion Questions Chapters 6 & 8 1. Why is audit planning so important? What is the most important step in audit planning? Why is this step so important? Posted on wed 5/8/2013 Responded to one classmates on 5/08/2013 Auditing planning is important because it helps the auditor determine his/her approach to the audit. There are two considerations that affect the approach: 1). Sufficient appropriate evidence must be accumulated to meet the auditor’s professional
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methods that would be most effective for your business‚ consider the following: 1. Hire a full-service contingency auditing firm to perform the work on your behalf. 2. Learn the right questions to ask before hiring a contingency audit firm or performing the audit with in-house staffing resources. 3. Shop around for computer software to assist with ongoing contingency auditing efforts. Consider hiring a full-service contingency auditing firm to work on your behalf A contingency auditing
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Messrs Deloitte & Touche is said to have alerted the management‚ namely chief executive officer Gan Boon Aun‚ chief financial officer Lo Chok Ping and the audit committee on the inaccuracy of the substantially high revenue of RM989.2mil for FY06. However‚ it is believed the matter was not taken to the board level. Chairman of the audit committee Chin Keem Feung is also an independent director. The committee members are Shukri Sheikh Abdul Tawab and Khiudin Mohd Mohd. Gan and Lo are currently
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did not advise Enron’s audit committee that their CFO and his colleagues were involved in significant conflict if interest situations. They did not advise Enron’s Audit Committee about the inadequacy of their policies and internal controls. Also‚ many of the transactions between Enron and the SPEs were not in the interest of the Enron shareholders. As well as‚ AA didn’t consider the advice of it quality control partner. Also‚ Arthur Andersen did not find significant audit evidence and/or didn’t
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2014 “Olympus Scandal” The Olympus Corporation scandal is one of the biggest scandal’s to break. Olympus Corporation‚ the Japanese maker of cameras and medical imaging equipment is a huge corporation that lasted over two decades. 1- Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response. It turns out that Olympus tried to make an effort to make the company’s
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societies‚ the objective of this paper is to explain the intricacy of the 5-S so that it can be understood easily and adopted readily by those who may find the tool useful. Based on the Japanese experience‚ the author has developed the world’s first 5-S audit checklist. Apparently‚ spearheaded by the ISO 9000 auditing‚ the 5-S auditing approach has been easily and readily accepted by businesses and industries. As a result of the success‚ the Hong Kong Government invited the author to commission a 5-S Practice
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Page - 1 - of 4 CHAPTER 1 Audit and Review 1 WHAT IS AN AUDIT An audit has been defined as “an independent examination of‚ and expression of opinion on‚ the financial statements of an enterprise by a duly appointed auditor in pursuance of a relevant statutory or professional obligation”. Independent – an auditor is remote from the enterprise that he/she is reporting on. This independence is defined by law and professional practice. Opinion – an auditor gives an opinion. He does not certify
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Universityof Rochester I. INTRODUCTION RXecent developments in the theory of the firm emphasize the importance of monitoring the performance of parties to the firm.1 Jensen and Meckling2 hypothesize that an audit is one type of monitoring activity that increases the value of the firm. An audit by someone independent of the manager reduces the incentive problems that arise when the firm manager does not own
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