Model Audit

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 engagement. The experience I gained in these engagement will provide value to Davidson Kempner Capital Management LLC: Expertise in distressed loans review. As a financial services auditor, I was primarily involved in audit financial institutions. Challenges…

PCAOB purpose is to ensure that the auditor is following a set of strict guidelines on the protection for investors and other stakeholders of public companies. PCAOB vision is to be a "model regulatory organization" that strives for new ideals without maximizing the cost. PCAOB is also striving to "improve audit quality, reduce the risks of auditing failures of the U.S. public securities market and promote public trust". Trust must be within the professional's auditors and the process of the…

The audit committee review the external audit strategy yearly, and they also have an external auditor who will give his opinion about how the company have operated and if there has any place the company should pay attention in the future. By the way, the external auditor does not have any contractual obligation to the company’s current choice (Diageo Annual Report 2016 Interactive). Depending on these suggestion, the audit committee will submit a report to board…

Are your policies and procedures something that sit on a shelf until the auditors and/or regulators ask to see them? Have they become akin to "Shelfware"? As I write this, my colleagues and I are very busy assisting companies with assessing risks, recommending security posture and well yeah, auditing IT controls too. So what about policies and procedures? Where do they fit? Are they anything more than the product of “give the auditors what they want”? When was the last time or better yet,…

allocating the blame to the auditors by questioning their extent of their testing of controls and transactions. As a result, in an article written by Barry N. Winograd and Robert H. Herz in 1995, they gave auditors insight on how they could better audit derivatives. First, they should fully understand the entity’s use of derivatives and in order to do so, “the auditor must be sufficiently involved with operational areas outside the financial reporting group, most notably the treasury function”…

Accounting Student’s Name Institutional Affiliation  Accounting To: Apple 2016 Audit Work Papers From: Date: 14th October 2016 Subject: SSA Risk Analysis of Apple Inc. Apple Inc. is one of the renowned technology companies that designs, manufactures, and sells its mobile technology devices. Since it is a multinational firm, the company experiences massive cash flow that requires a keen management and bookkeeping ensuring that no misstatements are one in any of its financial statement accounts…

1. PRE-IFRS development factors, cultural dimensions and accounting values of Japan and China The following four main PRE-IFRS development factors have the biggest impact on international business accounting practices: source of finance, legal system, taxation system and political and economic ties (Meek & Saudagaran, 1990). Once you know a nation’s PRE-IFRS developmental factors, particularly Source of Finance, then you are able to predict the cultural dimensions that will be in place as they…

inclination and her scary capacity to intercede among the business people and the operations staff. Hazard administration contained an autonomous gathering that managed the general hazard profile at BancZero, and additionally specific units inside Audit, Legal, Financial, and Technology and Operations. Every one of these gatherings was engaged with watching dangers from a scope of points of view and guaranteeing that organizations were working inside trustworthy corporate arrangements and cutoff…

PCH PLC was recognized as a well-established IT company when it was listed in the CSE in 2010 but suddenly after two years from listing, the whole company was collapsed due to failures/frauds occurred within the company. The focus of this section is to discuss about the corporate governance failures/weaknesses of PCH PLC which affected to arise such failures/frauds within PCH PLC. Throughout this discussion it is expected evaluate the board structure & board balance, Chairman’s role as the CEO,…

The audit process, which can be considered the systems and methods an auditor uses in order to gather sufficient audit evidence, this can vary from firm to firm as well as auditor to auditor (Manita & Elommal, 2010). The main factors that will influence the audit process will be how compliant the audit teams are regarding the auditing standards, laws and control procedures, the level of interaction between the audit team and relevant parties, and finally the amount of appropriate audit…