Single Audit

CASE DESCRIPTION The primary subject matter of this case concerns quality management. Marikina Hotel (MH) currently has no long-term vision for maintaining and improving its quality of service to their customers. MH does not evaluate where they are now and formulate strategies on how to proceed in the future. Secondary issues examined include the following: (1) Process Reengineering on providing quality service given the limited funds, cancellation of reservation of government agencies,…

embezzlement of funds from Phar-Mor into WBL, Monus was finally in the spotlight and being investigate. In 1992, Phar-Mor went bankrupt after being accused of embezzlement. Due to this investigation, it also came to light that Phar-Mor’s independent audit company, Coopers & Lybrand LLP, was also involved with the fraudulent…

considering making an investment to look into the actual accounting firm that performs audits and whether they are a recognized firm with a strong reputation (Stewart) hinting that because Madoff’s books were audited by an unknown firm, allowing him to take control of the scene forcing the odds in his favor. From this, it can be inferred that if Madoff or one of his investors had gone with a reputable accounting firm to audit the material, discrepancies would surface, and therefore Madoff would…

Gross Profit Reflection Paper When an organization face a froud, it is not an error for the guilty person; this is more a mistake from the own organization system. it might sounds conflicted, however, the management of the sytem is not well monitores or prepared for any mysterious activity. Of course there are several activities that an organization is not able to notice them because we are more concern and worried for those top amd big mistakes instead of the little ones. I have to mention that…

1. Which purposes of performance management did the appraisals described in this case fulfill? Which purposes did they not fulfill? Since determining the purpose of the appraisal is the first step in performance management, the level of information about this must be the same and clear for both the work supervisors and the workers. In the cases presented, it was visible in Bostan’s and Li’s cases that the purpose of the performance management is to decrease human capital because of downsizing…

The integration of the GAAS, the AICPA, the PCAOB and the IAS Background Information The Generally Accepted Auditing Standards refers to standards that are used to audit Private Corporations (Sunder, 2010 P. 100). The standards are divided into three categories. The categories include; fieldwork standards, reporting standards as well as general standards. The general standards address the individual’s qualifications to become an auditor as well as the minimum standards for the work product.…

Forensic audit includes lots of activities and it is not part of regulatory guidance. Forensic auditing are the wide range of activities for investigation purpose, which are performed by accountant in practice. The work of the forensic auditor is to investigate the financial affairs of the organization and most importantly includes investigation of any fraudulent activity. Internal auditor can use a third party forensic auditor for this purpose and than report the findings to the Board and audit…

evidence that the final numbers were suspect. If they had known that William Nashwinter, the general manager responsible for the inventory account balance, was under pressure to improve performance, perhaps they would have taken more care during the audit. Instead of simply accepting Nashwinter’s excuses without following up on them, the auditor should have challenged Nashwinter to explain the discrepancies. Second, Analytical procedures would have shown the rapid growth in the inventory account…

Sarbanes-Oxley Act, Section 301: Public Company Audit Committees, is created to address systemic and structural weaknesses that affecting the US capital markets due to failures of audit effectiveness and corporate financial responsibility that could potentially “threatened the reputation of those markets for integrity (Tsacoumis, S, Bess, S, and Sappington, A, 2003).” Section 301 provided appropriate regulatory authority of the audit committee the power to overseeing the accounting and…

5. Section 407 requires the companies to disclose whether at least 1 member of its audit committee is a financial expert. Section 408 provides for enhanced review of periodic disclosures by Board. Section 409 requires issuers to disclose material changes in the financial condition or operations on a rapid and current basis. This title…