Auditing

all by himself and there are possibilities that he could be biased. After knowing the nature of audit evidence obtained from JCI, Grant Thornton should have not been completely rely on delivery receipts as an audit evidence to perform the company auditing. Moreover, the auditor’s direct knowledge is also tested when delivery receipts are considered as reliable audit evidence for Grant Thornton to perform JGI’s audit report. If the auditors had obtained the audit evidence directly via…

new operation model which will cause inefficient on their internal control. Therefore, under audit risk model, the planned detection risk will be regard as medium level (Arens et al. 2013, p.234). As a result, the evidence mix will influence the auditing…

essentially incurs a conflict of interest: It obtains further revenue through the company whose financials are in question if it provides clean audits, but not otherwise. It seems that the suit would not specifically mention the provision that the auditing firm made with respect to the financials, if BFA were legally allowed to do so…

WITH THE WORD, JUSTICE ALOIZIO MERCADANTE. I defended with a lot of conviction, and continue defending, the sharing system of Petrobras which was the only service provider in pre-Salt, as creator of local policy and of public purchases to enable investments in the industrial chain of gas and oil to stimulate the Brazilian industrialization. As a MCTI Justice, my single question concerning Petrobras was the construction of an oceanographic research vessel, which was a partnership between MCTI,…

According to the 6th Consumer Bill of Right people have a reasonable right to limit the personal data that companies will collect and retain. Companies should only collect and keep the amount of data needed to complete the transaction the data was given for. There is no reason for a medical insurance company to gather and keep information about someone’s financial situation for long periods of time or at all. There is a large risk of keeping more data than needed for longer than necessary. The…

tests are executed, in place a few computations are done, then the external auditor offers a determination. The problem here is that the Mattson Financial Services may not know whether or not their accounting records are up to standard owing to the auditing style…

The new standards of accountability for auditors and corporate board was established by the Sarbanes-Oxley Act of 2002. SOX is the result of several large corporate scandals. Investors in these corporate scandals lost billions of dollars. Therefore, strict methodologies needed to be established to ensure future investors that the accounting industry can operate and produce quality and reliable results. The SEC requires all publically traded companies to submit annual report internal…

Question 1 Some of the fraud risk factors at Peregrine include; the nature of transactions (cash), Separation of duties, Complexity of transactions, dominance, and expectations. The fraud triangle includes three portions in order for fraud to take place; these portions are opportunity, rationalization, and pressure. The risk of fraud decreases significantly when multiple employees are involved in different phases of a transaction. During the embezzlement Wasendorf, was the only one in the…

accused of fundamentally looking into the records and the accounting books of their customer partnerships and rendering assessments about the dependability of those records. That was not the same any more, notwithstanding, because of Enron and their auditing company, Arthur Andersen. Till the revelation of Arthur Andersen's Enron issue, the notoriety of the examining business was essentially unchallenged. Despite the fact that a series of claims and switched assessments ought to have flagged…

statements, which has not changed much since the 1940s. To correspond to the size and complexity of markets that have greatly increased in the past seventy years, and to attract a greater percentage of households to invest in the stock market, a new auditing standard and related amendments to enhance the auditor 's reporting model were proposed for public comment by the U.S. Public Company Accounting Oversight Board (PCAOB) on 13 August 2013. Changes to the audit reporting model require auditors…