Audit And Investigation Essay

LCC has conducted an audit of Apollo Shoes, Inc. balance sheets, the retained earnings, cash flows, and other related statements of income for the year ended December 31, 2006/2007. Apollo Shoes Inc management is responsible for maintaining the effective internal controls that goes along with the financial statements and how well the accuracy is going to be. LLC has evaluated the effectiveness of the said controls and with everything to see the relevance in the timing, the substantive in quality, and the comprehensive in nature. The responsibility of our firm is to express an opinion that is supported by audit evidence in

Ninth, Compliance monitoring or financial auditing is critical to the integrity of agency budget process.The parent organization has to have a specific financial system audit in place. Periodic review should be put in place to prevent fraud.

These vital aspects of the operation are significant in keeping the cost as economical as possible. The managerial account is used for the allocation of funds for the overall maintenance and operation that is needed for continued profitability and positive morale. To ensure that investors, possible future clients, and partners have the accurate information to use when making decisions concerning the organization, the chief accountant will be aware of the financial account. The chief accountant should be aware of the financial account information to ensure that all internal and external users are correctly informed.There should never be any surprises when reading an article from the local newspaper or television news

Identify the control objectives that would be satisfied by the recommendations the internal auditors proposed during the 2014 audit. Explain how each objective would be met by the recommended procedures.

Organizational structure is a system that consists of explicit and implicit institutional rules and policies designed to outline how various work roles and responsibilities are delegated, controlled and coordinated. Organizational structure also determines how information flows from level to level within the company (investopedia.com, 2017). If one level or department does not undertake its function accurately the entire business suffers, because all the departments interrelated to each other. There are generally four types of organizational structure:

This case has two learning objectives. First, it provides the student an opportunity to apply auditing concepts to a “real-life” audit client. The client, Biltrite

An organisational structure is defined as the framework in which the organisation defines how tasks are divided, resources are deployed and departments are coordinated (Daft, Kendrick & Vershinina, 2010, p.349). The organisational structure usually depicts the formal organisational structure which displays the official hierarchy and lines of authority with their spans of control (Ganguly, n.d.). There are however, informal structures that exist within the organisation which depict the way in which official rules are negotiated or subverted through the informal practices of subordinates (Ganguly, n.d.).

Thank you for the opportunity to respond to the recommendations in the above captioned preliminary audit report. We agreed with some of your recommendations, and have begun to make the necessary improvements to our existing course of actions in establishing control procedures to ensure that elevator inspections and tests are performed on schedule.

As the wide-ranging business environment goes down, the rate of auditor litigation has increased. Lawsuits are a continuous threat to the auditing line of work. In this paper, we present evidence on lawsuits having a positive effect on auditors audit liabilities. It is the auditors’ responsibility to plan and complete the audit to obtain practical guarantee about if the financial statements are free of material misstatement or if they are caused by error or fraud. A mixture of court decisions and economic state of affairs has shaped the legal setting for the auditing line of work and the resulting lawsuits. Even though auditors are potentially legally responsible for both criminal and civil offenses; lawsuits have encouraged auditors to reduce their risks of legal action by instituting sound quality control and look at procedures. The majority of the time, for litigation to arise, the auditor must have given an unqualified audit opinion to a set of financial statements that are afterward revealed to have material misstatements or material omissions. According to the ACCA an auditor liability is increasingly concerning, both in terms of audit quality and the reputation of the profession but also in terms of the cost to the industry and the barriers this creates to competition within the audit market.

The structure and lines of communication in an organization starts with the board of directors, then line managers and heads of departments then the other workers. The

3. Provide detailed instruction and supervision of each worker in the performance of that worker 's discrete task.

This report asks the author of this paper to answer to several questions pertaining to the demise of One.Tel in 2001. The author if asked to explain the role of external auditors in the collapse and how the expectations of shareholders and stakeholders likely figured into that collapse and the auditor malfeasance that led to the same. The author is asked to give two recommendations regarding the changing of the existing requirements for auditing standards as a means to close the audit expectation gap.

McCrimmon Parkway Temporary Road Closure: Staff have not received any new information on when work may begin. Information will be shared with Council and residents when it becomes available.

Structure and hierarchy come from how work and the work processes are coordinated together and relating how tasks and coordination of these tasks is to be obtained. When determining the authority in the structure of an organization, there are two major options, centralized and decentralized. A centralized organizational setup is where the authority to make important decisions is retained by managers at the top of the created hierarchy whereas a decentralized organizational setup is where the authority to make important decisions about organizational resources and to initiate new projects is delegated to managers at all levels in the hierarchy. Each choice is made based upon the main goal/task of the organization and what would better fit the organization. Whether work/the

structure; some of the disadvantages are an increase in the complexity of the chain of command.