Financial audit

Introduction To provide a thorough review and analysis of the performance management system of the Sherwin-Williams corporation, we collected data at both the corporate and retail level. Two current Sherwin-Williams employees, Samantha Grayshaw and Alex MacLellan assisted in data collection. A situational analysis was also conducted to understand the internal and external environment of the organization. This report highlights the strengths and areas of improvement of the current performance…

(2014) examined the study of Brown (2005), Lin (2009), Pastoriza (2007), and Mayer (2009) to analyze the effect of management ethical leadership on employees’ behavior, organizational performance, and financial results. The theory demonstrated that the company leadership creates an ethical climate they need to achieve expectations. The management behavior has a cascading effect on employee’s actions. Then, it allows the top management guiding collective…

If there is no trust in the system and financial statements, it will simply be unable to operate. Immanuel Kant helps us understand this through the universalizability principle that states, “Act so you can will the maxim of your action to be a universal law.” In other words, consider the actions…

1 Introduction It is noted that commercial sector is the most accelerated sector in New Zealand Economy. The value added from this sector in 2014 is about 44% of GDP and the share has doubled from 1990’s ’s GDP (MBIE, 2015). The rapid growth of this sector, indeed, require support from various input factor such as energy. Despite low value, the energy intensity of commercial sector has increased steadily by 1.2 % since 1990. As part of educational services, The University of Auckland (UoA) has…

Introduction Audit committees have an important role to play in order to uphold both perceived and actual independence of the external audit process and this role will continue to evolve going forward (Cohen, Krishnamoorthy & Wright, 2002a). KPMG's Audit Committee Institute (2003) states: “Today, as never before, the role, responsibility, and accountability of the audit committee continue to be the focus of lawmakers, regulators, and shareholders. The audit committee's role in overseeing a…

Based on the information you researched, evaluate the level of responsibility of the company in terms of the effectiveness of the response to the security breach. Provide support for your rationale. The accounting field has over past few decades witnessed a number of changes mostly due to increased advancement in technology level. There has been an improvement from paper-based journal and ledgers to a new level of accounting system that is completely automated (The WritePass Journal, 2012). The…

The Sarbanes Oxley Act of 2002 which was also called SOX was published by the Congress in 2002 to protect investors’ interest (SOX, 2002). After the enactment of SOX, corporate financial reporting was more strict and normative. However, there were a lot of accounting scandals before 2002. And the Enron scandal attracted the most public attention of all the scandals. Enron was created in 1985 and was one of the largest energy companies around the world. However, in 2001 and 2002 the company was…

begun a career as an audit professional at Green, Thresher &CO., CPAs. During Mrs. Whitely first year at Green, Thresher& CO., CPAs, Mrs. Whitely was working on an audit for Delancey Fabrics. In addition, the Delancey Fabric’s company is a textile manufacturing company. Furthermore, everyone on the audit team wear aggressively working overtime every week to meet the customer deadline. Also, Mrs. Whitely role on the audit team for this client was to analyze the property area financial disclosure…

C1) Continuous Audit: Continuous audit is defined by R.C. Williams as one where the auditor is constantly or at (regular or irregular) intervals engaged in checking the accounts during the period. Continuous Audit means an audit at regular intervals throughout the accounting year. Generally, the audit work begins after the accounting year is over. But in case of Continuous Audit, the work begins the accounting year itself. C2) Final Audit: It is also known as periodical audit. It is generally…

Firm, or a member of the Audit Team, or a member of that individual‘s Immediate Family, of a Direct Financial Interest or a material Indirect Financial Interest in the Audit Client as a trustee creates a self-interest threat. Similarly, a self-interest threat is created when (a) a partner in the Office in which the lead Engagement Partner practices in connection with the audit, (b) other partners and managerial employees who provide non-assurance services to the Audit Client, except those…