independence important. The different independence btwn internal and external auditors? (essay) Chapter 2 Review Questions Page 80, number 10, 20, 35, Multiple Choice: 3. E 5. A 7. D 16. C Understand discussion of internal controls the different types of journals. Around how the accounting cycle works (essay) What is a data flow diagram (define) Isses of master files and back ups (mc) Batch and real-time processing- internal controls (essay) Chapter 3 Discussion Questions: Page
Words: 313 - Pages: 2
Audit Plan ACC 410 I will attempt to set up an audit plan for Keystone Computers & Networks, Inc. In order to set up this audit plan, I will use an outline format that will cover systematically throughout the entire audit. Every audit is unique in which all auditors have their own ways of making their plans. Planning of an audit is a continuous process and that the strategy and planned audit approach may change as new information comes to an auditor’s attention during the course of the
Words: 1928 - Pages: 8
good job of developing an effective IT system, and it has competently identified and reduced IT risks related to security flaws which were present at the time of the hacking incident. Specifically our IT audit suggest that there are effective internal controls which have been further upgraded to keep up with the security vulnerabilities discovered after the intrusion. The tone at the top of the organization is also adequate. Due to the size of the organization and the materiality (financial and reputation)
Words: 528 - Pages: 3
regarding an adequate system of internal control over financial reporting (Arens, Elder & Beasley, 2006). An operational audit will help us to obtain and evaluate evidence about the efficiency and effectiveness of your company’s operating activities in relation to specified objectives (Arens, Elder & Beasley, 2006) In addition, our company provides following attestation services: audit of historical financial statements, effectiveness of internal control over financial reporting, review
Words: 1285 - Pages: 6
database application review, IT infrastructure and improvements needed engagement, project management, and IT internal audit services” (Hunton, Bryant, & Bagranoff, 2004, p. 217). This type of report does not include the auditor’s opinion, but any information pertaining to the work performed is included. The SAS 70 audit includes information pertaining to a company’s internal controls and is used when services, such as payroll are outsourced to an ADP. An ADP provides payroll services to companies
Words: 968 - Pages: 4
processes and records needed for the new sales and sales returns system. Principle risks will also be identified in the report. An effective internal control will be useful on addressing those risks, which will be helpful on making preventive and corrective measures. Works of auditor regarding to the new system will also be mentioned. This report is for internal use only, no circulation between third parties is allowed. Documentation, processes and records for the new sales and sales return system:
Words: 989 - Pages: 4
General Accepted Accounting Principles (GAAP), which was created by the Financial Accounting Standards Board (FASB), and officially recognized by the Securities and Exchange Commission (SEC). SOX Sarbanes-Oxley Act (SOX) created the internal control standards that apply to publicly traded companies on U.S. exchanges. Rules or Principles The purpose of IFRS and GAAP are conceptually the same. They both set out to establish accurate objective financial transparency for the use of
Words: 999 - Pages: 4
policies together. Due to the fast paced acquisitions and management negligence the accounting systems at WorldCom were incompetent to keep up with integration effectively and ultimately paves a way for weak internal control environment. After tips were sent to Cynthia Cooper (Vice President of Internal Audit), she spotted accounting irregularities that the corporate office accounting team had taken $400 million out of the division’s reserve account to boost WorldCom’s consolidated income. Furthermore
Words: 500 - Pages: 2
costs of complying with this law. Section 404 of the Act requires firms to include an internal control report in their annual report. The internal control report needs a statement of the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting. It also has to include an assessment of the effectiveness of the company's internal control structure and
Words: 448 - Pages: 2
Acquisition and payment cycle All Transactions, orders, and payments processed January 1, 2007 through December 31, 2007 AUDIT OBJECTIVES: • To determine internal control compliance to sub objectives for payroll and personnel cycle, sales/revenue and collection cycle, and the acquisition and payment cycle. • To obtain control evidence and documentation about the existence, accuracy, classification, timing and completeness of recorded acquisition transactions. CRITERIA: Statement on
Words: 1553 - Pages: 7
