...Slater Band Boosters Sept. 9, 2012 Consideration of New Procedures Report Alfred J Haines Consultant Table of Contents Executive Summary 3 Introduction 4 Problem Statement 4 Method used 4 Gmail 4 Google Calendar 4 Google Docs/Drive 4 Google Groups 4 Conclusion 4 Recommendation 4 Resources: 5 To: Bangor Area High School Slater Band Boosters 2012-2013 Board members President Laraine ; Vice-President Linda ; Secretary Wendy and Treasurer Cynthia Executive Summary Google Services has developed four keys ways to organize data and communications and the use of these tools can improve how fund-raising committees function. The use of Google Services will improve our communications between members while reducing the work-load on our Secretary. The most time consuming aspect of organizing volunteers for our Band Boosters has been communications. With the varied methods that are available a Secretary could spend the whole of her day just making calls and leaving voice-mails. This has been simplified by Google Services with their free Email, Calendar, Docs/Drive and Google Groups. Though the use of these free services our communications channels can be professionally managed in a fraction of the time that we currently spend. The use of Google Calendar with email reminders can avoid these problems. Documents such as reports and proposals can be composed directly on Google Docs. Documents and reports can be archived and remain available...
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...In the conceptual systems design phase, the developer creates a general framework for implementing user requirements and solving problems identified in the analysis phase. As shown in Figure 20-1 on page 747 HC (page 637 SC), there are three main steps in conceptual design: 1. evaluating design alternatives, 2. preparing design specifications, and 3. preparing the conceptual systems design report. [pic] Evaluate Design Alternatives There are many ways to design an AIS, so accountants and others involved in systems design must continually make design decisions. [pic] The design team should identify a variety of design alternatives and evaluate each with respect to the following standards: 1) how well it meets organizational and system objectives, 2) how well it meets user needs, 3) whether it is economically feasible, and 4) what its advantages and disadvantages are. The steering committee evaluates the alternatives. Table 20-1 on page 748 HC (page 638 SC) presents examples of conceptual and physical design considerations and their corresponding design alternatives. Answers to these questions significantly designs the system in selecting from the alternatives. Prepare Design Specifications Once a design alternative has been selected, the project team develops the conceptual design specifications for the following elements: 1. Output. Because the system is designed to meet users’ information needs, output specifications...
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...Beginning the Audit Report Veronica Hemphill University of Phoenix ACC/546 July 9, 2012 Hemphill Financial Madison, Alabama 35758 July 9, 2012 Mr. Larry Lancaster President, Apollo Shoes 2501 Alabama Lane Phoenix, AZ 35404 Dear Mr. Lancaster: This will confirm our understanding of the arrangements for our audit of the financial statements of Apollo Shoes Inc. for the year ending December 31, 2012. We will audit the company’s financial statements for the year ending December 31, 2012, for the purpose of expressing an opinion on the fairness with which they present, in all material respects, the financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. We will begin the audit process upon reviewing the financial statements, organizational charts, and 2009-2011 federal and state income tax returns. Once the information is carefully reviewed, we will conduct a risk workshop primarily to identify key risks and raise risk awareness, draft an audit plan, and schedule an opening meeting. The opening meeting should include senior management and any administrative staff that may be involved in the audit. During this meeting, the scope of the audit will be discussed. You should feel free to ask the auditors to review...
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...Financial Statements 2 SSA 300: Planning an Audit of Financial Statements 3 SSA 500: Audit Evidence 4 SSA 520: Analytical Procedures 5 SSA 580: Management Representations 6 SSA 315: Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement (PART 1) 6 SSA 315: Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement (PART 2) 8 SSA 320: Audit Materiality 8 SSA 330: The Auditor’s Procedures in Response to Assessed Risks (PART 1) 9 SSA 330: The Auditor’s Procedures in Response to Assessed Risks (PART 2) 10 SSA 620: Using the Work of an Expert 11 SSA 240: The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements (PART 1) 12 SSA 240: The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements (PART 2) 13 SSA 240: The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements (PART 3) 14 SSA 240: The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements (PART 4) 15 SSA 250: Consideration of Laws and Regulations in an Audit of Financial Statements (PART 1) 16 SSA 250: Consideration of Laws and Regulations in an Audit of Financial Statements (PART 2) 17 SSA 505: External Confirmations 18 SSA 540: Audit of Accounting Estimates 19 SSA 501: Audit Evidence – Additional Considerations for Specific Items 21 SSA 545: Summary Auditing Fair Value Measurements and Disclosures (PART 1) 21 SSA 545: Auditing Fair...
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...periods. 2.0 SUMMARY OF IMPLEMENTATION ITEMS AND DATES The implementation dates of the following sections are arrayed below in chronological order to allow rapid identification of action items and related completion dates. Frequent reference to this listing will help avoid the possibility of omission or slippage of key actions necessary for successful plant start-up and continued operation. Plan of Operation Section Reference 10(a) Date Action May 1990 July 1990 Start Construction of treatment facility Establish new Sewer Use Ordinance to accommodate industrial discharges Establish Industrial Pretreatment Ordinance FY 92 pre-start-up budget consideration 10(a) 10(b) 9 June 1991 Januar y 1992 Superintendent (Chief Operator) hired Complete draft of O & M Manual Review of User Charge and Industrial Cost Recovery Systems Senior Operator hired Chief Chemist hired Begin influent sampling program Begin development of detailed Emergency Procedures Plan Begin development of detailed guidance on employee safety and related training program 2(a) 8(a) 9 June 1992 August 1992...
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...The fundamental Principles ( COBIC ) Integrity Members should behave with integrity in all professional, business and personal financial relationships. Integrity implies honesty, fair dealing and truthfulness. Objectivity Members should strive for objectivity in all professional and business judgments. Objectivity is the state of mind which has regard to all considerations relevant to the task in hand or fair judgment. Professional competence Members should not accept or perform work which they are not competent to undertake unless they obtain such advice and assistance as will enable them competently to carry out the work. Confidentiality Be prudent in the use and protection of information acquired in the course of duties. Not to use information for any personal gain or in a way that would be contrary to the law or detrimental to the ethics. Professional behavior Members should behave with courtesy and consideration towards all with whom they come into contact during the course of performing their work. Ethical threats Self-interest threat It occurs when auditor could benefit from a financial interest in an audit client. Self review threat It occurs when the audit from a member or audit team put itself in a position of reviewing the subject that previously the member is responsible Familiarity threat It occurs when auditor has a close relationship with the client Advocacy threat It occurs when the audit from a member of the audit team promotes/support...
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............................................................................ Definitions ................................................................................................ Requirements Events Occurring between the Date of the Financial Statements and the Date of the Auditor’s Report ........................................................ Facts Which Become Known to the Auditor after the Date of the Auditor’s Report but before the Date the Financial Statements are Issued ........................................................................................... Facts Which Become Known to the Auditor after the Financial Statements Have Been Issued ............................................................ Application and Other Explanatory Material Scope of this ISA ...................................................................................... Definitions ................................................................................................ Events Occurring between the Date of the Financial Statements and the Date of the Auditor’s Report ................................................. Facts Which Become Known to the Auditor after the Date of the Auditor’s Report but before the Date the Financial Statements are Issued...
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... October 29, 2012 Eric Unum Vice-President-Finance Apollo Shoes Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Sir, This letter is to confirm our understanding of the terms and objectives of our engagement and the nature and limitations of the services we will provide on the Apollo Shoes Company internal audit services. The objective of our audit is the expression of an opinion whether your financial statements are fairly and materially presented. Our audit will aligned with auditing standards GAAP and will include tests of your accounting records and other procedures we consider necessary to enable us to express such an opinion. If our opinion anything but unqualified, we will discuss this with you before issuance of the opinion. If, we are unable to complete the audit or are not able to form an opinion, we may not express an opinion or we may issue a report pursuant to this engagement. Our procedures will include tests of documents and evidence in support of the transactions in the accounts, tests of the physical inventories, and direct confirmation of certain receivables and payables via correspondence with selected random customers, vendors, creditors, and other financial institutions. At the end of our audit, we will need some written documentation from you about the financial statements and related matters. Our audit will involve our decision regarding the amount of transactions to be reviewed and the areas to be tested. We will also plan and perform the audit...
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...Role and function of the PCAOB and AS 5 and AS 11 Ramecha Davis This paper is submitted in partial fulfillment of the requirements for Auditing BUS5423 Section 70 Texas Woman’s University Dr. John Nugent April 20, 2015 Abstract The purpose of this research paper is to provide an in depth review of the Public Company Accounting Oversight Board (PCAOB) and how it contributes to the interest of the Sarbanes Oxley Act of 2002. The research highlights the importance of the PCAOB’s role in the accounting profession as well as prospective changes that may evolve in the future related to PCAOB. Upon reading this research the reader will be familiar with PCAOB’s roles and functions, as well as auditing standards (AS) released such as AS5 and AS11. The PCAOB’s significance in the protection of investors is revealed as well. Keywords: SEC, PCAOB, SOX, AS 5, AS 11, Internal Control, Materiality Table of Contents Introduction……………………………………………………………………………………………….5 PCAOB…………….……………………………………..……………………………….……….……5-6 a) The PCAOB Mission, Vision, & Core Values………………………………….………........6-7 b) Current Standards…………………………………………………………….…..............…7-8 c) Future Standard Plans…………………………………………………………………….…8-9 Sarbanes Oxley Act of 2002 Section 404……………………………………………………………...….9 a) Auditing Standard 5…………………………………………………………………….….9-10 b) Auditing Standard 11……………………………………………………………………..10-12 c) Communication Requirements..............................
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...reporting engagements - Types of core questions (level A and B): o Acceptance decision & audit planning o Which financial reporting framework to apply o Review a prepared audit file (strengths/weaknesses) o Procedures to check if partnership promises upheld o Discuss conflict/independence issues involved o Due diligence procedures for takeover target o Draft a preliminary management letter o Audit report issuance matters o Key risks(significant risks) and business issues o Set extent of assurance work o Design procedures based on scope/risk/materiality (& explain purpose of procedures) o Execute the work plan o Discuss engagement options o Document results of procedures o Evaluate evidence & Draw conclusions o Prepare info for stakeholder meetings o Evaluate I/C - Types of side questions (level C): o Pending changes in standards o Evaluate IT portion of I/C o Audits of: offering documents, forecasts/projections in a prospectus, f/s affected by environmental matters (incl. environmental audits) o VFM audits; solvency matters; reports on summarized/comparative F/S; reports on consistent application of GAAP (continuous auditing) o Audit procedures on segment disclosures in F/S o Emerging services; operational audits; forensic engagements - Not tested o Reports on: pension fund f/s; regulated FI’s; insurance companies; trust/savings companies Canadian Standards on Quality Control (CSQC 1) Canadian Auditing Standards (CAS 200 –CAS 810) Other Canadian Standards ...
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...understand, and apply. The Clarity Project includes the goal of working toward convergence of U.S. auditing standards with International Standards on Auditing (ISA). This convergence project is attempting to make auditing standards coordinated or comparable throughout the world. Additionally, the Public Company Accounting Oversight Board (PCAOB) adopted a suite of eight auditing standards related to the auditor’s assessment of, and response to, risk in an audit. The eight new risk assessment standards address the audit procedures from the initial planning stages through the final evaluation of audit procedures and results. As a result, the PCAOB auditing standards and ISAs have more similarities than ever before. 2. Describe the five key differences between ISA’s and US Auditing Standards. Even so, there are still some differences between ISA’s and U.S. Auditing Standards. The five key differences between ISA’s and US Auditing Standards are: documentation of audit procedures; going-concern considerations; assessing and reporting on internal control over financial reporting; risk-assessment and responses to assessed risks; and the use of another auditor for part of an audit. The first key difference is that the documentation of U.S. auditing standards and ISAs differ: AICPA auditing standards and PCAOB auditing standards are more prescriptive than ISAs, which are perceived as relying more on the professional judgment of the...
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...Notes I.28 Session – I important that they would affect the auditor’s report if not resolved. They include the following: • Matters that are significant and involve issues regarding the appropriate selection, application and consistency of accounting principles pertaining to the financial statements, including related disclosures. Such matters often relate to accounting for complex or unusual transactions or to estimates and uncertainties and any applicable management assumptions. Results of auditing procedures that indicate the financial statements or disclosures could be materially misstated or that the auditing procedures need to be significantly modified. Circumstances that cause the auditor significant difficulty in applying auditing procedures he or she considers necessary. Other findings that could result in modification of the auditor’s report. Compliance of Auditing Standards and Audit Documentation – a must for all practice units satisfy any applicable legal or regulatory requirements for records retention. Internationally the norm is assemble the final audit file and submit it for archiving within 60 days from the date of our audit report. The PCAOB standard has shortened this period to 45 days. 51 The auditor would also need to adopt procedures that enable him or her to gain access to the documentation throughout that period. One way for auditors to accomplish this is by creating a policy to maintain electronic documentation. One needs to bear in mind...
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...Advanced External Auditing [AU2] Examination Blueprint 2013/2014 Purpose The Advanced External Auditing [AU2] examination has been constructed using an examination blueprint. The blueprint, also referred to as the test specifications, outlines the content areas covered on the examination and the weighting allotted to each content area. This document also lists the topics, the level of competence for each topic, and the related learning objectives and competencies. The learning objectives have been designed to ensure that the competencies are met. In addition, information is provided on the proportion of each question type presented in the examination (that is, multiple choice, quantitative problems, and so on). Use Candidates should use the examination blueprint to prepare for the course examination. The blueprint may not include all the topics listed in the course materials; however, candidates are still responsible for acquiring a broad-based knowledge of all topics not listed in the blueprint since these topics will be tested in assignment and review questions. The topics not listed in the blueprint will also provide candidates with a greater depth of understanding of auditing concepts. Examination Objectives The objective of the 4-hour comprehensive examination is to test CGA candidates on the prerequisite knowledge required for advancement into PA1 and PA2, so as to ensure that the candidates have the broad-based knowledge in assurance needed to function properly in the association’s...
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...Management's attitude toward aggressive financial reporting and its emphasis on meeting projected profit goals most likely would significantly influence an entity's control environment when [pic][pic] A. The audit committee is active in overseeing the entity’s financial reporting policies. Answer A is incorrect. An active audit committee tends to temper management's aggressive stance. [pic] B. External policies established by parties outside the entity affect its accounting practices. Answer B is incorrect. External policies tend to moderate such management tendencies. [pic] C. Management is dominated by one individual who is also a shareholder. Answer C is correct because these noted factors tend to have an especially significant influence on the control environment when management is dominated by one or a few individuals. Such a circumstance allows management to effectively implement aggressive financial reporting and emphasize meeting profit goals. [pic] D. Internal auditors have direct access to the board of directors and entity management. Answer D is incorrect. Internal auditors tend to mitigate management's aggressive attitude. close Control environment. The control environment factors set the tone of an organization, influencing the control consciousness of its people. The seven control environment factors, which you may remember using the mnemonic IC HAMBO, are |I |- |Integrity and ethical values ...
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...Advanced External Auditing [AU2] Examination Blueprint 2013/2014 Purpose The Advanced External Auditing [AU2] examination has been constructed using an examination blueprint. The blueprint, also referred to as the test specifications, outlines the content areas covered on the examination and the weighting allotted to each content area. This document also lists the topics, the level of competence for each topic, and the related learning objectives and competencies. The learning objectives have been designed to ensure that the competencies are met. In addition, information is provided on the proportion of each question type presented in the examination (that is, multiple choice, quantitative problems, and so on). Use Candidates should use the examination blueprint to prepare for the course examination. The blueprint may not include all the topics listed in the course materials; however, candidates are still responsible for acquiring a broad-based knowledge of all topics not listed in the blueprint since these topics will be tested in assignment and review questions. The topics not listed in the blueprint will also provide candidates with a greater depth of understanding of auditing concepts. Examination Objectives The objective of the 4-hour comprehensive examination is to test CGA candidates on the prerequisite knowledge required for advancement into PA1 and PA2, so as to ensure that the candidates have the broad-based knowledge in assurance needed to function properly in the association’s...
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