Audit Essay

services industry. At PwC, I was mainly involved in audit of financial institutions which involved extensive review of loan portfolio and financial instruments. In particular, review of distressed loans was main focus of each engagement. The experience I gained in these engagement will provide value to Davidson Kempner Capital Management LLC: Expertise in distressed loans review. As a financial services auditor, I was primarily involved in audit financial institutions. Challenges…

meet with Pete on a weekly basis to discuss areas of concern, but until this last audit we have not seen any noticeable movement. I have identified areas that have not seen any improvement until recently. I’ve had discussions with the corporate audit team and below are some of their findings. As a result, Paul Pecora has lead monthly compliance meetings the past few months, I believe the improvement on the last audit is the direct result of Paul’s meetings.…

set of strict guidelines on the protection for investors and other stakeholders of public companies. PCAOB vision is to be a "model regulatory organization" that strives for new ideals without maximizing the cost. PCAOB is also striving to "improve audit quality, reduce the risks of auditing failures of the U.S. public securities market and promote public trust". Trust must be within the professional's auditors and the process of the financial reports. The Securities and…

signs of financial difficulty became obvious in 1988 as speculation increased about Phar-Mor’s decreasing profit margins. The fraud team consisted of several former auditors, including auditors who had worked for Coopers & Lybrand on prior Phar-Mor audits. The Phar-Mor had two sets of books. The post fraud examiner determined that the inventory sheets contained fraudulent journal entries, missing explanations or supporting documentation, and contained doubtful account names. The journal entries…

it is important for the company to increase internal control on accounting estimate and fair value measurement. Based on the audit risk model, the planned detection risk will be low-level (Arens et al. 2013, p.234). Because the higher inherent risk related to the lower planned detection risk (Arens et al. 2013, p.234). Thus, this will impact on the evidence mix for the audit planning.…

doesn’t have no outsider influence. It has given power by the SEC to control and implement the regulations of the accounting field. Because of the regulations of SOX and PCAOB it is compulsory for all accounting firms to register and issue their audit reports. It is created to investigate and question accounting practices and make sure they are following laws and regulations. Anyone who goes against those laws and regulations will get find and disciplinary actions would be taken against that…

The most recent audit was collected in the Spring 2015 quarter. 79% of the waste was trash, 14% aluminum and plastic, 3% was composed of paper, 3% composted, and less than 1% of glass. The Winter 2015 audit showed 78% being trash, 12% aluminum and plastic, 6% paper, 4% compost and 1%…

HealthSouth & Fraud Risk Factors HealthSouth was faced with a number of incentives and pressures that contributed to its fraudulent actions. For instance, the doubling of pretax earnings in 2000 although sales only grew about 3%, management’s commitment to meeting the Wall Street analysts’ expectations, and the significant financial interest and business dealings that the directors had with the company. The financial interest of the directors certainly increased their motivation and drives to…

On July 30, 2002, Congress passed with a near unanimous vote what is considered by many to be “the most comprehensive financial reporting legislation since the Securities Acts of 1933 and 1934” (Louwers at al., 2015). The Sarbanes-Oxley Act of 2002, commonly referred to as “SOX”, was named after its two main creators U.S. Senator Paul Sarbanes and U.S. Representative Michael G. Oxley. The Sarbanes-Oxley Act has a goal “To protect investors by improving the accuracy and reliability of corporate…

For this assessment, I will be providing support and justification for my posters regarding the resident of the day (ROD) clinical audit results in my workplace, with plans for future clinical care outcomes to improve. The ROD is a monthly review of the care given to residents in aged care facilities, it is documented in resident progress notes and provides a summary of the nursing care plan (NCP). In geriatric nursing, the NCP addresses and outlines the key areas of individualised care…