Big Four auditors

Part C. Monitoring, Auditing, Reporting Excellent management requires an organization to recognize that their ethics and compliance guidelines affect every decision and activities of the company. Therefore, it will guide the train of thought and action that will help develop the culture of the business in a subtle manner. An important factor for an ethics and compliance program is to include processes to measure its performance. The following will explain the processes AlphaTech will use to…

required at Peregrine, which could have ultimately discovered this fraud much earlier, by allowing someone else to sit in the absentee’s seat and review all of their work. Additionally, Peregrine lacked internal auditors or an audit committee at the time. The presence of the internal auditors could have decreased odds of misstatement incentives to commit fraud by management, called fraudulent financial reporting, and overseen…

1. The issue of auditor liability is detrimental to the profession and requires serious examination by regulators and lawmakers alike. Any one of the Big 4 could easily collapse should the full amount of any one of their lawsuits be awarded. Auditor liability becomes an even more poignant issue if new auditing standards are enacted that permit ranges of balances on the financial statements. This would highlight the inherent limitations of financial reporting. As a profession, we need to…

Audit committee expects the external auditors to figure out all material errors and instances of frauds which is nearly impossible. Accounting Scandals due to External Auditors: Corporate accounting scandal frequency in the last past decade is alarming and has caused the public to question the role of the auditors in corporate governance. The numerous cases of corporate scandal have created crisis of confidence in the accountancy…

there must be a breach in the company’s internal controls. After looking further into the situation Gus and Jane notice that along with the endorsement problem the signatures of several different individuals looked very similar. Finding forgery is a big red flag because it is illegal to forge someone’s signature. Not only were the checks forged by what they suspected was one individual, the checks that had been signed were all cashed in at the same convenience store as rushed payments. Not only…

According to section 301.4 of SOX 2002, the public company audit committee is required to implement procedures for the receipt, retention, and treatment of complaints received by the whistleblowers concerning auditing matters, internal accounting controls, or accounting. Also, the complaints have to be treated confidentially by the audit committee by making whistleblowing procedures for the submission around dubitable accounting or auditing matters to be anonymous. To encourage this, the audit…

risk that can potentially cause inaccurate, fraudulent or incomplete data to be disclosed to stakeholders. The report should also contain the effectiveness of the internal control structure as of the end of the most recent fiscal year. External auditors needs to provide an opinion on the reliability of the management representation on the effectiveness of internal controls. “The attestation made under this section shall be made in accordance with standards for attestation engagements issued or…

After stepping into Major Warren’s position, there are several considerations that could be made and certain activities that could be done differently from his initial implemented plans. When preparing for such an extraordinary meeting, it is important when the planners consider other factors apart from the intelligence reports that are available. As a planner of such an event of this magnitude, the first thing to do is to assess the past events that have taken place in the country of such…

different careers and titles; there is tax accountants, forensic accountants, financial advisors, and auditors. This essay will discuss what the PCAOB does, some consequences if firms do not do their audit correctly, a recent lawsuit, and what they did in result after the lawsuit. Like other accounting firms, the PCAOB has several duties. One of their main duties is to provide oversight to auditors of public companies; establishes auditing attestation, and qualify control standards for public…

his fiancée. Rafi instructed Pollard not to flash his money around or to spend it on anything traceable. Rafi assured Pollard that his help was essential to Israel’s security. To allay Pollard’s fears, Rafi reassured Pollard the US would not make a big deal out of Pollard helping Israel. Rafi promised Israel would protect him if the US came after him for help them. (The US vs. Jonathan Pollard,…