could be stolen from a hacker/employees. In conclusion, the performance measure security will bring value to internal auditing by assessing weak points within the organization’s internal controls and being able to reduce the risk of a security breach occurring and exposing confidential information to hackers. Therefore, the performance measure efficiency is important to internal auditing by providing value in the form of reducing costs and increasing benefits by having effective internal…
affects auditors and the challenges that auditors risk in issuing a going concern or not. As Bor-Yi and Sean Chen focus on this article “is to present the relevant issues surrounding the topic of the going concern assumption in financial reporting and auditing.” Bor-Yi and Sean Chen started their article by talking about that the going concern assumption has been under review for the past decade due to many businesses going bankrupt these last ten years such as General Motors and with Enron…
materials management. One of its functions is also auditing the use of financial resources are used economically feasible, for example, in the case of doing forms. Sometimes it cares to free of financial resources to its investment after full audit, which compares the performances…
Code Acct555 Grade ___/ Date: February 13, 2013 Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The SEC does have substantial influence on the audit of the company, by the auditing firm Keller CPAs. The influence can be observed in the audit standards that have to be followed in establishing the independence of auditors involved in the audit of the Company. Independence is one of the six ethical principles of the AICPA…
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…
Following the disastrous impact of a number of corporate and accounting scandals, especially those involving major corporations such as Worldcom and Enron, U.S Congress decided to pass the Sarbanes-Oxley Act of 2002 (SOX). This had come not long after investors and companies lost billions of dollars due to the result of such corruption, thus having a negative impact on financial markets and investor trust. The enactment of SOX set forth new standards and provisions which sought to improve the…
I am interested in the Summer Associate - Distressed Investments position at Davidson Kempner Capital Management LLC. Over my career, I have developed strong analytical, communication, and leadership skills that will be a solid basis for a successful career in financial 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…
the Idaho.gov website shows there are 83 job postings for accountants and auditors with bachelor’s degrees and 68 for those with associate’s degrees (Idaho Department of Labor, 2016). In the Boise are there are 7.7 percent jobs in accounting and auditing per 1000 jobs in the area (Bureau of Labor Statistics, U.S. Department of Labor). The outlook looks optimistic.…
control systems regularly to make sure they follow the standards that the PCAOB set up. For the auditors of public companies, the PCAOB implements a risk-based approach to assess audit engagements. The inspection uses high-risk samples to evaluate an auditing firm instead of random samples. There are some criticisms about this risk-based approach. For example, this method may not represent a firm’s average audit quality since it focusses on some difficult audits (Church and Shefchik, 2012).…
What is The Sarbanes-Oxley Act (SOX)? It may be one of the most pivotal financial acts to have come about in recent history. It is a law that was enacted in 2002 and signed by President George W. Bush (U.S Securities and Exchange Commission 2013). The Securities and Exchange Commission (SEC) enforce this law to regulate changes in financial practices and corporate governance. The main purpose of SOX is to protect shareholders and the public from accounting fraud and errors. Fundamentally,…