Internal audit

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    Nt1330 Week 1

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    [7] Assume that a close family member came to you with information about a potential fraud at his or her employer. Prepare a summary of the advice you would offer as he or she considers taking the information forward. Before advising information about a potential fraud, it is important for the individual to have an understanding of the facts giving rise to concern. Because understanding of the facts, it helps to avoid prematurely filing a complaint that may be based of perception or emotion.…

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    Wasendorf had seen the actual bank statements, he was able to forge a confirmation letter from the bank confirming what his otherwise forged statements had presented. This would signify a weak internal control and should have been flagged and should have been confirmed by going directly to the bank. During an audit, most auditors believe that confirming cash balances is mostly tedious, this makes it easy to commit fraud as they will not actually did that deep into the cash because a company…

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    Internal Auditing of Financial Performance in Deloitte & Touche Introduction Nowadays, the auditing is an essential in each company because it helps to prevent the fraud and monitoring internal control (Jeffrey & studioD, 2016). Our integrated research proposal contains why I choose both of the industry and organization. Also, I provide the SWOT analysis and what are some of relevant CLOs either from semester 7 or semester 8. Then, I write about the statement of the problem with the objective of…

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    Audit risk evaluation and planning materiality for the audit of “2016 Annual Report” Toshiba Corporation A. Introduction The auditor must assess client risk and perform audit planning after accepting client engagement. The assessment includes understanding the client, identifying factors impact the risk of a material misstatement, performing a risk and materiality assessment and developing an audit strategy (Moroney, Campbell, & Hamilton, 2014). This essay will discuss what the inherent risk…

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    Gr8 Week 4 Paper

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    .1 It is imperative that all the stakeholders in GR8 Prospects understand the difference between Internal Auditing and External Auditing in terms of the primary objectives: • External Audit:  The external auditors are not the employees of the organisation. They report directly to the Shareholders of the organisation. They main duty is to tests the underlying transactions that form the basis of financial statements. They form an opinion as to whether or not these statements reflect a true view.…

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    effectively, managers have improved internal processes, and the internal control testing has become more cost-effective over time.” (Hanna, 2014). Steve Schwarzman, CEO of private-equity juggernaut Blackstone, recently said that “Sarbanes-Oxley is probably the best thing that 's happened to our business and one of the worst things that has happened to America” (Serwer, 2006). Michael Gallagher, chairman of the Professional Practice Executive Committee of the Center for Audit Quality, which is…

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    Evaluating Cost Reduction

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    of if said cost reductions are a material weakness or a significant deficiency in the organization’s internal control. PPC Cost Reductions As a result of the recent recession PPC’s revenues have shrunk $125 million. Such reductions in revenues have caused the organization to become minimally profitable. Moreover, the organization…

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    1). The requirement of section 301.4 of the Sarbanes-Oxley Act of 2002, the audit committee of a public company needs to establish procedures for the receipt, retention, and handling of complaints received by the company regarding accounting, internal controls, or auditing matters. They are also required to establish procedures for those complaints to be treated confidentially, and for the submission process, the employees can submit anonymous their complaints about the accounting or auditing…

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    intellectual decisions. For this obligation to be fulfilled, a quality audit must be performed in accordance with generally accepted auditing standards (GAAS). Executing a quality audit necessitates an auditor reasonably assures financial statements are presented fairly in accordance with generally accepted accounting principles (GAAP) and not materially misstated, whether due to errors or fraud. Furthermore, executing a quality audit obliges an auditor to utilize professional skepticism by…

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    the different type of audits that public school districts undertake and describe each. (a) External Audits in general reviews the resources and operations of the school district. This type of audit is to ensure that there is compliance with the policies and provides a credible evaluation of the resources and operations. It is conducted by external certified auditors. There are 3 subcategories of audits that falls under external audits. The first being a financial compliance audit. A…

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