the explicit oversight authority of the PCAOB. The SEC appropriates both the budget and the appointment/removal of the PCAOB members. The PCAOB fiduciary duties are to protect investors, the public, improve auditing practices, maintain auditing quality control, promote independence to auditing firms and especially enforce all compliance set forth by the Sarbanes-Oxley Act of 2002. When The PCAOB having the power to
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EXECUTIVE SUMMARY Roslyn Free United School District The Case begins…. In late 2002, words got out that one of the high officials of the Roslyn school district was stealing money from the school. The allegedly culprit was determined to be the assistant superintendent (who played almost the same role of a chief financial officer in the school district sytem) Pamela Gluckin. The total amount was believed to be $223,000. The board, however, decided not to press criminal charges against Gluckin
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reasonable assurance * Effectiveness and efficiency of operations * Reliability of financial reporting * Protection of Assets * Compliance with applicable laws and regulations * Important Guidance * Statement on Auditing Standard No. 94 * Sarbanes-Oxley Act of 2002 Understand the reasons humans make mistakes * Errors may be the result of many factors * Distractions – Concurrent tasks, work environment, personal situations, * Complexity
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audited are the web server management, e-mail server management, file server administration, web applications, server security, databases and many other components. Some vendors contain their own unique automatic tools in order to help the auditing go a little smoother, such as logging user and database activity. In Microsoft SQL server allows the function to track the logging activities throughout all levels of the database. In order to create audits in Microsoft SQL server the administrator
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ACC 304 Research Project Dr. Fall Quarter 2015 Interview Transcript Justin: What is your name? Bridget: Bridget Skvarna. Justin: What is your position here at Cal Poly Pomona? Bridget: I am a Senior Accountant. Justin: So what does that entail? Bridget: I am involved in financial reporting to the State of California, to the Chancellor’s Office for the CSU system, and GAAP, I record investment income and reconciliation, I do special projects, and
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Auditor’s Professional Skepticism Independent auditors function as a “public watchdog” ensuring that the information available to investors and creditors is truthful and reliable. It is critically important that independent auditors exercise professional skepticism in the performance of audits. The auditor’s role is to offer an opinion on whether an entity’s financial statements are materially free from misstatements. However, the auditor’s role in business and society is greater due to the meaning
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Compilation of Financial Statements 2011 AR Section 80 Compilation of Financial Statements Issue date, unless otherwise indicated: December 2009 See section 9080 for interpretations of this section. Source: SSARS No. 19 .01 This section establishes standards and provides guidance on compilations of financial statements. The accountant is required to comply with the provisions of this section whenever he or she is engaged to report on compiled financial statements or submits financial
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Audit Week 2: Financial Statement Audits, Financial Statement Assertions and Audit Evidence Financial Statement Audit * A systematic process of objectively obtaining and evaluating evidence regarding assertions about the economic actions and events to ascertain the degree of correspondence between assertions and established criteria * Purpose: To enhance the degree of confidence of intended users in the financial statements by the expression of an opinion by the auditor Overall Objectives
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WorldCom The Mississippi-based telecommunications company was started in the early 1980’s as a small “mom and pop” company to become the 25th largest U.S. Company by 2002. The company grew primarily through an aggressive merger and acquisition growth strategy. In 1997 WorldCom had emerged within the telecom industry and caught the eye of many on Wall Street when it issued a bid to acquire the much larger and better-known company, MCI. While WorldCom’s growth skyrocketed throughout the 1990s, the
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Sarbanes-Oxley Act of 2002 - SOX The finance industry was not always regulated. Prior to the great stock market crash in October of 1929, there was no regulation. After this crash, Congress held hearings to determine the problems and suggest solutions. This resulted in the Securities Act of 1933. The Security Exchange Commission (SEC) was created as a result of the Securities Act of 1933 and the Securities Exchange Act of 1934. The intent of this Commission was to restore confidence to investors
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