Audit

advocacy, and protecting the evolving public interest.” Auditors, as members of public practice, must honor the public trust and interest, and should always keep the public interest as one of their major concerns. If an auditor engages in a public audit, they must commit and demonstrate that they are acting to serve the public interest and that as an auditor they have…

Trinity Industries is a successful and properly operating company who never had to restate their earning from previous years. However, Don Collum VP of Trinity Industries, had described the company in 2003 as a candidate for material weakness as defined by Sarbanes-Oxley Act (SOX). The company was deficient in internal control process in the area of documentation and evidence that controls had been performed which could lead to material weakness. Sarbanes-Oxley (SOX) was created in 2002 because…

The IRS Criminal Investigation is made up of about 3500 employees worldwide, of this number approximately 2,500 are the special agents whose responsibility in the investigative jurisdiction involves tax money laundering and Bank Secrecy Act laws. While there are federal agencies that have investigative jurisdiction for money laundering and also some bank secrecy violations. The IRS is the single federal body that can examine possible criminal desecrations of the Internal Revenue Code. Obedience…

According to Cooper, the partner in charge of the engagement didn’t seem concerned about the fact that the corporate accounting team was reversing allowance entries. In fact, he assured Cooper that based on Arthur Anderson’s audit tests; WorldCom’s allowance was greater than the required reserves in other areas of the company. Therefore, WorldCom as a whole had the required allowance reserves. Cooper also brought the issue to Scott Sullivan the CFO. During her conversation with…

Issue- Did the Ontario Police Department’s search of an issued pager violate the Fourth Amendment? Rule- When a search is conducted for a work-related purpose or for the investigation of work-related misconduct, a government employer’s warrantless search is reasonable if it is justified from the beginning and the measures adopted are reasonably related to the objectives of the search and not excessively intrusive. Analysis- Quon was a police sergeant at the Ontario Police Department. The…

SAS No. 115 SAS No. 115 in particular guides auditors on the way that they should deal with the internal control deficiencies in the case of performing their work. In particular, the auditors remain guided on what they should do in the case that they discover deficiencies in the internal control of an entity especially at the time when they are auditing the financial statements. The section is applicable in the case where the auditor issues a statement to the point of disclaiming or…

nsibilities of the Client Management, Corporate Director and the Company Auditor The client management is composed of the people from the auditing firm who are responsible for ensuring that the work carried out meets the quality standards of both the firm and the client. They are responsible for appointing the quality assurance personnel who review the work performed by the external auditors to ensure that it meets all standards (MW&A 2016). In regards to internal controls, they are responsible…

When a person chooses a career it should be one that will be gratifying for that individual. It should be a choice where you will get fulfillment out of your occupation. Most importantly, it should be a choice that is made by the individual only. The profession I’ve decided that would be best for me would be an Internal Auditor. Many question why I would enter in this line of work. I use to ask myself this very same question. After eight years of being in the financial field, I couldn’t…

The Alexandria Business Association (ABA) is classified as a non-profit foundation that develops initiatives and utilises innovative approaches to supply small and micro-enterprises (SMEs) with a line of credit to support growth and development. ABA aims to develop and promote existing small and micro enterprises to raise funds and income of SMEs, to help the transformation of SMEs from the informal sector to the formal sector, and ultimately contributing to solving and reducing the radical and…

Seagrass Company Audit Seagrass Company employs Carol Jones, an independent Certified Public Accountant (CPA) to conduct the organization’s annual accounting audit. In conducting accounting audits, auditors employ sampling strategies of key general ledger accounts and transactions to determine the effectiveness of internal controls, accuracy of data, and detect potential misstatements and fraudulent activities. Examination of Ms. Jones’ completed audit reveals incorrect assumptions, statements…