5254 words - 22 pages
vol. 14, no. 1/2010
Changing Methodologies in Financial Audit and Their Impact on Information Systems Audit
Doctoral School – Accounting and Management Information Systems Academy of Economic Studies, Bucharest, Romania firstname.lastname@example.org, email@example.com This paper tries to provide a better understanding of the relation between financial audit and information systems audit and to assess the influence the change in financial audit methodologies had on IS audit. We concluded that the COSO Internal Control – Integrated Framework was the starting point for fundamental changes in both financial and IS audit and that the Sarbanes-Oxley Act should be viewed as an enabler...
1222 words - 5 pages
SCHOOL OF ACCOUNTANCY
COLLEGE OF BUSINESS
UNIVERSITI UTARA MALAYSIA
COURSE CODE : BKAA3023
COURSE NAME : AUDITING AND ASSURANCE II
PRE-REQUISITE : AUDITING AND ASSURANCE I
This is a continuation of Audit and Assurance 1. It intends to strengthen and enhance the students’ understanding in auditing. Among the topics that will be discussed are code of ethics, auditors’ liability and in-depth explanations on analytical procedures, computer assisted audit techniques, audit sampling, materiality and audit risk, group audit and current issues facing the auditing profession. This course...
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To: Professor Moffit
From: Lloyd Johnson
Date: February 26, 2015
Re: Should Companies be required to rotate their auditing firms on a regular basis?
As an accountant entering the modern business world, a case instilled in our minds is the Enron Scandal. For accountants, this was an embarrassing scenario and by effect brought numerous reforms, laws, and regulations. Many of these rulings are apparent in the present corporate setting. The division of accounting most affected by this scandal was the role and function of the external auditors. Auditors by trade serve in the public and stockholders interest. Furthermore, the independence of auditors is essential in performing their duties...
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Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal auditing is a catalyst for improving an organization's effectiveness and efficiency by providing insight and recommendations based on analyses and assessments of data and business processes
there are 3 types of Audit :
1. Internal audit ( first party audit),to ensure implementing, maintaining and improvement of the system audited.
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AUDITING ONLINE TEST
1. A limitation of an audit is caused by:
a. The nature of financial reporting.
b. The nature of audit procedures
c. The need for the audit to be conducted within a reasonable period of time and at a reasonable cost
d. All of the above
2. Which of the following is NOT true about Corporate Social Responsibility assurance?
a. Reporting is voluntary and is becoming more widespread.
b. Includes both financial and non-financial information.
c. Is required to be performed by an auditor.
d. Disclosures include environmental, employee and social reporting
3. Auditor independence is:
a. Defined as acting with...
404 words - 2 pages
The Audit Report and Internal Control Evaluation
University of Phoenix
April 21, 2014
Professor Hillary Edmondson
Auditor’s Responsibility for Detecting and Reporting Fraud
It is the responsibility of the audit engaged in the audit process to detect material misstatement in management’s assertions. These material misstatements must also be properly reported. Arens et. al (2012) defined fraud as “…any intentional deceit meant to deprive another person or party of their property or rights” p 433. Fraud as it relates to financial reporting is the intentional misstatements of the company’s financial statements and the misappropriations of the...
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This will confirm our understanding of the arrangements for our audit of the financial statements of Apollo Shoes, for the year ending December 31,2011.
We will audit the Company's balance sheet as of December 31,2011 and the related statements of income, retained earnings, and especially cash flows for the year then ended, for the purpose of expressing an opinion on them. The financial statements are the responsibility of the Company management. Our responsibility is to express an opinion on the financial statements based on our audit.
We will conduct our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to...
266 words - 2 pages
Answer the following questions using the annual report of Dell, Inc. in Appendix A.
a. Who is responsible for the preparation and integrity of Dell’s financial statements and notes? Management has the primary responsibility for the preparation and integrity of Dell’s financial statements and notes.
b. In which note does Dell report its significant accounting policies used to prepare financial statements? Note 1 is where Dell report its significant accounting policies used to prepare financial statements.
c. What type of audit opinion is reported in its annual report and whose opinion is it? An integrated audit as been completed, of Dell Inc.’s January 28, 2005 consolidated...
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Assignt Question ( 1) ( 10 Marks)
Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that
was established in 2005. Your audit firm King & Queen have been the
auditor of Impulse since its formation. The audit report for the year ended
30 June 2012 was unqualified. Although Impulse had been suffering
liquidity problems with a drop in both debtors’ turnover and inventory
turnover, King & Queen did not consider that any additional audit work
was necessary in regard to the valuation of these assets. In August 2012,
Impulse obtained a large loan from a finance company, Easy Finance
Limited (EFL), to provide additional working capital. However, Impulse
581 words - 3 pages
 Five procedures an auditor can use in determining to accept a client are:
• Evaluate the integrity of management
• Identify special circumstances or unusual risks
• Assess competency to perform the audit
• Evaluate independence
• Determine ability to use due care
Auditing standards require competency, independence and due care.
 The return on equity and assets along with the debt to equity ratio is lower than the industry. The profit margin is much greater than the industry average. These increased profits, if sustained, can keep the debt to equity ratio below average.
 Evaluating the integrity of management is vital. If management...
912 words - 4 pages
In early 2014, Diamond Foods Inc. paid $5 million to settle its accounting fraud. The company’s CFO manipulated the cost of walnuts by pushing some of the cost to a later period. This practice led to higher income and misled investors in 2010 and 2011. Diamond restated its 2012 financial statements.
In reviewing the SEC filing of Diamond Foods, Inc., I found that its auditors at first issued an unqualified opinion on its 2012 financial statements. “In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Diamond Foods, Inc. and subsidiaries as of July 31, 2012 and 2011 …”
However, due to the discovery of the...
386 words - 2 pages
Knapp Cases â€“ NextCard
1. Should auditors evaluate the soundness of a clientâ€™s business model? Defend your answer.
The auditors donâ€™t have the full responsibility of looking over the client business model. But they should a good understanding of the clientâ€™s business model and industry, this way they can develop more accurate expectations for financial statements assertions.
2. Identify and briefly describe the specific fraud risk factors present during the 2000 NextCard audit. How should these factors have affected the planning and execution of that engagement?
The three examples of risk factors are pressure, opportunities, and...
956 words - 4 pages
1. Primary audit risk factors that were evident within Powder River’s operations are:
• Fraudulent Financial Reporting Risk for Revenue
• Other Areas of Fraud Risk.
From year-end 2004 through the first-quarter 2008, defendant Brian Fox misled the investing public by fraudulently inflating the revenue and assets and fraudulently omitting major liabilities, of Powder River Petroleum International, Inc. (“Powder River” or the “company”) in the company’s Commission filings, and by making other false and misleading public disclosures. From year-end 2004, Powder River conveyed working interests in oil and gas leases to investors in Asia for over $43 million. Because Powder...
1195 words - 5 pages
ACC 491 Complete Course ACC491 Complete Course
Click Link for the Answer:
ACC 491 WEEK 1 DQ 1
The American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA) have positioned the auditing professions to become “assurance professions.” What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an...
542 words - 3 pages
ACC 403 WEEK 2 ASSIGNMENT AND DISCUSSION
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ACC 403 Week 2 Assignment and Discussion,
3-25 (a-c) The following questions concern audit reports other than unqualified audit reports with standard wording. Chose the best reponse.
The annual audit of Midwestern Manufacturing revealed that sales were accidentally being recorded as revenue when the goods were ordered, instead of when they were shipped. Assuming the amount in question is material and the client is unwilling to correct the error, the CPA...
3034 words - 13 pages
Sebagai bagian dari tahap IV proses audit, auditor mengevaluasi bukti yang mereka peroleh selama tiga tahap pertama dalam audit untuk menentukan apakah mereka mesti melaksanakan prosedur prosedur tambahan untuk tujuan-tujuan penyajian dan pengungkapan. Auditor melakukan pendekatan untuk memperoleh bukti untuk tujuan audit yang berkaitan dengan transaksi dan saldo.
· Melaksanakan prosedur untuk memahami pengendalian yang berkaitan dengan tujuan penyajian dan pengungkapan sebagai bagian dari prosedur penilaian resiko.
· Melakukan uji pengendalian yang berhubungan dengan pengungkapan ketika penilaian awal atas resiko pengendalian berada di bawah maksimum.
1481 words - 6 pages
Following are discussion points following the ethical framework provided in the chapter. Students are not likely to identify all of the points or may come up with others, but these are the primary ones.
a. Identify the ethical issue(s).
There are two ethical issues:
1. Whether to issue an unqualified opinion based on the evidence already obtained, disclaim an opinion, or follow up on the information provided by the chairperson of the board, knowing that the client may not pay for the additional audit time spent.
2. What to tell the second client. Providing confidential information will violate the Code of professional conduct but if it is not provided, the second client may...
1612 words - 7 pages
Types of audits
Once a tax return is determined an eligible candidate for auditing, the IRS will send you a letter making the announcement of an audit. The type of audit you’ll be required to do typically falls into one of three types:
Correspondence audit: The most common of audits, this typically entails mailing specifically requested documentation to the IRS.
Field audit: For individuals or businesses who’ve earned more than $100,000 in income, the IRS is more likely to send an IRS agent to your home, place of business or tax professional’s office.
Office audit: Sometimes the IRS requires you to attend an IRS facility and meet with an auditor. The factors influencing this type of audit...
2737 words - 11 pages
easy Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:
c a. finance.
easy In the audit of historical financial statements, which of the following accounting bases is the most common?
c a. Regulatory accounting principles.
b. Cash basis of accounting.
c. Generally accepted accounting principles.
d. Liquidation basis of accounting.
easy Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is...
826 words - 4 pages
Cutoff relates to whether transactions and events have been recorded in the correct accounting period. Audit procedures must ensure that transactions occurring near year-end are recorded in the financial statements in the proper period.
For example, the auditor may want to test proper cutoff of revenue transactions at December 31. This can be done by examining a sample of shipping documents and sales invoices for a few days before and after year-end.
Audit Evidence is evidence obtained during a financial audit and recorded in the audit working papers.
In the audit engagement acceptance or reappointment stage, audit evidence is the information that the auditor...
710 words - 3 pages
1. No, it is not the job of the auditor to evaluate the soundness of the business. The auditor is not concerned with how successful the business is run or if it is run efficiently. The auditor is responsible for planning and performing an audit to obtain reasonable assurance that the financials are presented fairly, and are free from material misstatement, whether by error or fraud.
2. There are definitely fraud risk factors present in the 2000 NextCard audit including: rapid growth compared to competitors, lack of an internal audit team, and pressures to report a profitable quarter. NextCard was able to obtain growth so fast because, they were offering rather...
354 words - 2 pages
ACC 403 Week 2 Assignment - Strayer
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ACC 403 Week 2 Assignment - Strayer
Ch 3 & 4, week 2 Acct 403
3-25 (a-c) The following questions concern audit reports other than unqualified audit reports with standard wording. Chose the best reponse.
A) The annual audit of Midwestern Manufacturing revealed that sales were accidentally being recorded as revenue when the goods were ordered, instead of when they were shipped. Assuming the amount in question is material...
1396 words - 6 pages
Case 1-2 Giles and Regas
Ed Giles, 35 year old CPA and a partner at Saduga & Micha accounting firm
Susan Regas, 25 year old senior accountant in the same firm
Giles and Regas been dating for four months
They well know firm policy does not permit different ranks to date
Most of the staff seem to know about their relationship
Regas was assigned to audit CAA industry under Giles supervision
Giles and Regas spending personal time during workday
Ruth Revilo warns Regas not to jeopardize Regas future by dating Giles
Gile and Regas goes to farewell dinner to put relationship aside until CAA audit ends
Mark Sax, CAA...
1149 words - 5 pages
This memo has been prepared in response to Mr. Butterworth’s inquiry on behalf of the independent audit team reviewing XYZ Corporation, a wholly owned subsidiary of ABC Company. Specifically this memo addressed the methodology used to determine deferred taxes, the procedure for reporting accounting changes and error corrections, and the rationale behind establishing XYZ Corporation as a subsidiary. Also included in this memo, as requested, is a discussion of the responsibilities of a CPA, and the differences between a financial review report and a financial audit report.
Methodology used to Determine Deferred Taxes
Deferred taxes can be one of two different types of...
1887 words - 8 pages
Auditing Week 2 HW
a. Providing bookkeeping services to a public company.
The services were pre-approved by the audit
committee of the company.
b. Providing internal audit services to a public company
that is not an audit client.
c. Implementing a financial information system designed
by management for a private company.
d. Recommending a tax shelter to a client that is publicly
held. The services were pre-approved by the audit
e. Providing internal audit services to a public company
client with the pre-approval of the audit committee.
541 words - 3 pages
Case 1-3: Independence
Read the Deloitte Data Trappers Case posted on Blackboard. Complete the following questions we are using for our case assignment:
1. Make an argument for why the audit firm is independent.
B&T is independent because they were indirectly working with a subsidiary that represents less than 2% of Data Trappers business. Once B&T was offered the contract to provide auditing services to Data Trappers, all of their previous bookkeeping up to that point in the current year was destroyed and redone by an internal audit team at Data Trappers. In this case the prospective firm, B&T, severed all ties to the client, Data Trappers, prior to beginning the audit....
2258 words - 10 pages
Financial Statement Analysis is used by interested parties such as inventors, creditors, and management to evaluate the past, current and projected condition and performance of the firm. Its analysis helps user make better desiccations. Ration analysis is the most common form of financial analysis. It provides relative measures of the firm’s conditions and performance. Horizontal analysis and Vertical analysis are also popular forms. Horizontal analysis is used to evaluate the trend in the accounts over the years, while vertical analysis, also called a common size Financial Statement discloses the internal structure of the firm. It indicates the existing relationship between...
2531 words - 11 pages
Corporate governance heavily refers to the whole structure of rights, processes and controls established internally and externally over the management of a business entity with the objective of protecting the interests of its stakeholders from any type of loses incurring.
To begin with, firstly there are three types of auditors in the corporate governances, internal, external and government auditors. The role of the internal auditors in the corporate governance is to evaluates corporate activities, controls or procedures and ensures that they are adequate and in compliance with senior management's recommendations and human resources guidelines.
An internal audit also helps a firm adhere...
2680 words - 11 pages
AN INTRODUCTION TO ASSURANCE AND FINANCIAL STATEMENT AUDITING
Answers to Review Questions
1-1 The study of auditing is more conceptual in nature compared to other accounting courses. Rather than focusing on learning the rules, techniques, and computations required to prepare financial statements, auditing emphasizes learning a framework of analytical and logical skills to evaluate the relevance and reliability of the systems and processes responsible for financial information, as well as the information itself. To be successful, students must learn the framework and then learn to use logic and common sense in applying auditing concepts to various...
2483 words - 10 pages
ACC 562 Complete Course
Click below link for Answer visit www.workbank247.com
ACC 562 Week 1 Discussion
"Unbiased Reporting" Please respond to the following:
• Analyze the need for unbiased financial reporting. Based on your analysis, determine at least two (2) drivers that may cause financial reporting to be biased. Provide a rationale to support your response.
• Analyze the audit opinion formulation process and suggest at least one (1) improvement to the process to strengthen audit opinions. Provide a rationale to support your...
1551 words - 7 pages
IT General Controls Risk Assessment Report
Foods Fantastic Company
In accordance with our IT audit plan, the Foods Fantastic Company (FFC) Audit Team has performed an ITGC review of the 5 critical ITGC areas and in-scope applications so as to enable the audit team to follow a controls-based audit approach and be able to rely on the IT controls in place at FFC. FFC is a publicly traded, regional grocery store located in the mid-Atlantic region which relies on many state-of-the-art IT systems and software and which are all managed in-house.
1490 words - 6 pages
The foundation of the audit system where it is starting being govern by the law can be traced in Companies Act 196 and Accountants Acts 1967. In Companies Act 1965, it requires companies to have the accounting records to be audited and in true and fair view. Independence of the auditors also being underline in the Act, where any relationship between the independent auditor and the companies must be disclose, to prevent any conflict in interest when auditing the accounting records. The external auditors were given the power to obtain information and inspect the accounting records of the companies because of the nature of their duties. As stated in Companies Act 1965 section 174 (2)(a), the...
1215 words - 5 pages
David Friehling will quite possibly be a future case study in auditing textbooks and courses throughout the United States. Mr. Friehling was the auditor for Bernard Madoff, who was recently convicted of running the largest Ponzi scheme ever uncovered through his business, Bernard L. Madoff Investment Securities, LLC (BMIS). Mr. Madoff claimed to actively oversee more than $65 billion in private investments (it was later revealed that roughly $823 million remained of the more than $170 billion that went through his accounts over the years).(1) Mr. Friehling flagrantly and purposely violated provisions of the American Institute of Certified Public Accountants’ Code of Professional...
584 words - 3 pages
Financial Statement Restatement
Financial Accounting/ ACC537
April 14, 2014
In this paper I will discuss the restatement of Diamond Food Inc.’s financial statements. The errors in accounting principles involved and what effect it had on financial statements. How changes affected the stockholders.
In February 2012, Diamond Foods Inc., issued a statement that they have to restate the financial statements for 2010 and 2011. Diamond Foods Inc., was forced by the audit company y to restate earnings after an extensive investigation. It was discovered that “internal controls were inadequate and that certain grower payments for the 2011 and 2010 crops were...
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WEEK 4 –INDIVIDUAL ASSIGNMENT
5.3 What are the primary and secondary reasons for conducting an evaluation of an audit client’s internal control?
A. The auditor has two primary reasons for conducting an evaluation of a company’s internal control.
1) First, Sarbanes-Oxley (SOX) requires an audit of management’s assessment of internal
controls for publicly traded companies. This type of audit is an integrated part of the financial statement audit. In some substances, the auditor issues three opinions: one on the company’s financial statements, one on management’s evaluation of their internal controls over financial reporting, and one on the effectiveness of a company’s internal...
4672 words - 19 pages
Ethics Case: Arthur Andersen’s Troubles
Once the largest professional services firm in the world, and arguably the most respected, Arthur Andersen LLP (AA) has disappeared. The Big 5 accounting firms are now the Big 4. Why did this happen? How did it happen? What are the lessons to be learned?
Arthur Andersen, a twenty-eight-year-old Northwestern University accounting professor, co-founded the firm in 1913. Tales of his integrity are legendary, and the culture of the firm was very much in his image. For example, “Just months after [Andersen] set up shop in Chicago, the president of a local railroad insisted that he approve a transaction that would have inflated earnings. Andersen told the...
1029 words - 5 pages
ACC 306 WEEK 5 ETHICS CASE 20 TO 5 ASH COURSE
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ACC 306 WEEK 5 ETHICS CASE 20 TO 5 ASH COURSE
Ethics Case 20–5 Softening the blow ● LO1 LO2 LO3
Late one Thursday afternoon, Joy Martin, a veteran audit manager with a regional CPA firm, was reviewing documents for a long-time client of the firm, AMT Transport. The year-end audit was scheduled to begin Monday.
For three months, the economy had been in a down cycle and the transportation industry was particularly hard hit. As a result, Joy expected AMT’s financial results would not be...
609 words - 3 pages
Question 1: Were there any abuse of power by the management and breach of fiduciary on the part of the directors?
Yes, there is abuse of power by the management and breach of fiduciary on the part of the directors by Encik Zayed and Puan Hashimah. Fiduciary duties require director act in the interest of company and free from conflict of interest However, the Chief Executive Officer (CEO) and Chief Operating Officer (COO) taking own interest from company. For example, the personal vehicle expense for Encik Zayed and Puan Hashimah totaling RM50, 150 were charged to the company during the year 2005. Encik Zayed intention to terminate the auditor’s appointment is the example of abuse of power.
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BILTRITE BICYCLES INC. CASE STUDY 2
1. Biltrite’s strengths and weaknesses in the internal control Assertion
Sale Processing Flowchart:
A. The office was uninformed about the credit approval - Valuation
B. Missing customer information and product validation - Valuation
C. Invoices were mailed before shipping the goods - Existence
And does not matched with bill of lading
D. Bill of ladings are not pre numbered - Completeness
Good internal control for receivables aging analysis and Follow up of delinquent accounts.
Cash Receipts Processing Flowchart:
E. Unrestricted customer check endorsement ...
458 words - 2 pages
Learning Team A Accounting Firm
Re: New SAS 115 Rules
New SAS 115 Rules
The purpose of this memo is to inform you of the new auditing rules described by SAS 115.
The Accounting Standards Board issued Statement on Accounting Standards (SAS) 115. This regulation is an amendment to and replaces SAS 112. The new regulation kept the same name as the previous regulation. The name of the regulation is Communicating Internal Control Related Matters Identified in an Audit.
Per the American Institute of CPAs website, “SAS 115 requires the auditor to make communications, in writing, to management and those charged with governance regarding...
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INTERNATIONAL STANDARD ON AUDITING 620 USING THE WORK OF AN AUDITOR’S EXPERT
(Effective for audits of financial statements for periods beginning on or after December 15, 2009)
Paragraph Introduction Scope of this ISA ........................................................................................ The Auditor’s Responsibility for the Audit Opinion ................................... Effective Date ............................................................................................. Objectives .................................................................................................. Definitions...
306 words - 2 pages
Delima Enterprise was founded in 1981 by Encik Zayed. It conducted trading and supplying related products including manpower supplies to the oil and gas industries. In 2004, the enterprise was incorporated as Delima Enterprise Sdn. Bhd. The two principal shareholders and controlling directors were Enci Zayed and Puan Hashimah(husband and wife). Their positions are Encik Zayed as the Managing Director and his wife Puan Hashimah as the Chief Operating Officer. They hired their own family members which are Puan Balqis as the Operation Manager and Encik Salam as the Human Resource and Administration Manager. Both of them have the same level of education like Encik Zayed and Puan...
2231 words - 9 pages
WorldCom, the telecommunications giant, once was the largest telecommunications company in the world, with more than $30 billion annual revenue, $104 billion in assets and more than 20 million customers. John Sidgmore (2002), Ebbers’ successor after the scandal, said “WorldCom is a key component of our nation’s economy and communications infrastructure.” However, the giant collapsed in 2002.
2. The Main Issue: Earnings Management
3.1 Definition of Earnings Management
A commonly acknowledged definition of earning management by Healy and Wahlen (1999) demonstrates that managers implement personal judgement in financial reporting and transactions to manipulate...
1450 words - 6 pages
Lakeside Auditing Case Study
January 27, 2011
1: An independent annual audit can provide credibility to information, and this could be very helpful for decision making. In this specific case, the owner of the Lakeside requires an independent CPA firm to perform an annual audit because the owner wants to show the public a “good-look” of its financial statements; since he would like to receive more capital by making his company public. In addition, good-looking financial statements of the company could provide good credit from the bank. To the lakeside company, the owner would like to provide audited financial statement to the bank to obtain the loan and receive...
529 words - 3 pages
In recent decades, there has been a rising focus on management corporate behaviour, ethical responsibilities, and internal controls due to the increasing number of corporate fiascos. The Arthur Andersen scandal was one of many conducted worldwide and an example of how things can go wrong in the public sector. This report will briefly describe the Arthur Andersen scandal, analyze the major failure elements that led to the scandal, and finally provide recommendations that could have been implemented to prevent these issues.
Overview, Issues, and Recommendations:
The Arthur Anderson Scandal was mainly related to Enron’s scandal and fallout. The accounting firm was responsible...
894 words - 4 pages
As corporate controller for Apollo Shoes, you are tasked to find and explain any irregularities in the Apollo Shoes Case.
Resource: Apollo Shoes Casebook
Define the process you will use and address the following assessed classroom discussion questions:
What procedures will be used to collect accounting evidence?
What sampling tools and techniques will be used for the examination?
How will you use analytical and inferential tools to evaluate accounting evidence?
Submit your assignment to the facilitator.
Note. APA formatting is not required for this assignment. Use a title and reference page where appropriate. Consider using a checklist or flowchart to outline your process.