Department Of Accounting And Finance: A Case Study

By: Banham, Russ. Journal of Accountancy. Oct 2017, Vol. 224 Issue 4, p28-32. 5p. , Database: Business Source Complete

Recent events have highlighted the critical role of boards of directors in promoting good corporate governance. In particular, boards are being charged with ultimate responsibility for the effectiveness of their organisations’ internal control systems. An effective internal audit function plays a key role in assisting the board to discharge its governance responsibilities. Yet how does the board – and its audit committee – satisfy itself that internal audit is functioning effectively and efficiently?

Even though The Schwan Food Company is a private company, since the company’s goal was to double its size in five years, establishing an internal audit function could provide assurance and consulting services to help the company achieve its objectives and expand globally. The four factors that may have caused The Schwan Food Company to change its internal control practices and corporate governance structure are,

We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2007 and 2006 and the related statements of income, shareholder’s equity and cash flow for the two years in the period ended December 31, 2007. Apollo Shoes’ management is responsible for the financial statements presented, for maintaining effective internal control over financial reporting, and for its assessment of internal control.

I declare that all materials include in this essay/report/project/dissertation is the end result of my own work and that due acknowledgement have been given in the bibliography and references to ALL sources be they printed, electronic or personal.

Abstract: The main purpose of this study is to identify the reason behind the voluntary use of internal audit by public listed companies and to determine the factors that lead listed companies to have an IA function. There are number of reasons behind the implementation of IA function and it is strongly related with risk management, indication of effective internal controls and efficient corporate governance. This study is based on the work done by Jenny Goodwin-Stewart and Pamela Kent(2006). They examined and study the data from the annual reports of public listed companies. This paper also provides detailed information on the need of Internal Audit and examines the relationship between

Auditors have to face internal managers of the companies and the CPAS in companies, so that auditors have to enhance their professional judgment. Content of professional judgment include: 1) the importance indicators in the audit, 2) main objectives and conclusions of fraud audit, 3) efforts in internal control, 4) the trustworthiness of the internal control system, 5) the choice of the appropriate audit procedures and determine in the company 's financial statements whether properly and fairly reflect the current operating situation.

A RESEARCH PROPOSAL SUBMITTED IN PARTIAL FULFILLMENT FOR THE REQUIREMENT FOR THE AWARD OF BACHELOR OF COMMERCE DEGREE, TO THE FACULTY OF ECONOMICS AND BUSINESS STUDIES.

BEING A RESEARCH PROJECT SUBMITTED TO THE DEPARTMENT OF ACCOUNTING, FACULTY OF MANAGEMENT SCIENCES, UNIVERSITY OF ABUJA, ABUJA, NIGERIA

Prof. Edet Robinson Iwok, Ph.D, FCNA Prof. A. A. Okwoli, Ph.D, FCNA Prof. Abimaje Akpa, Ph.D, FCNA Prof. B. C. Osisioma, Ph.D, FCNA Prof. Edet B. Akpakpan, Ph.D, FCNA, Prof. A. C. Ezejulue, Ph.D, FCNA Prof. A. S. Mikailu, Ph.D, FNIA Chairman, Education, Training, Research and Technical Committee, ANAN Chief V. C. Azie Accountant-General of the Federation Auditor-General of the Federation Registrar, ANAN Chairman, Fed. Inland Revenue Service Director of Research, National Universities Commission Treasurer,

A PROJECT WORK PRESENTED TO THE DEPARTMENT OF ACCOUNTING AND FINANCE, SCHOOL OF BUSINESS, UNIVERSITY OF CAPE COAST IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR AWARD OF A BACHELOR OF COMMERCE DEGREE.

The role of internal audit is to provide independent declaration that an organization’s threatadministration, governance and internal control processes are functioning effectively. Internal auditors deal with concerns that are essentially important to the existence and success of any organization. Unlike external auditors, they aspect beyond financial possibilities and statements to reflect wider problems such as the organization’s reputation, development, its power on the location and the approach it treats its organizations.In summary, internal accountantssupport organizations to thrive.

This article initiates with the introduction on what is audit planning. It basically addresses the audit plan strategy of K & S Corporation limited’s Financial Statements. Being an external auditor of the company, key factors to be considered in auditing the financials of the subject company have been discussed in the article. The most significant accounts at risk being materially misstated have been critically examined citing the possible risks associated with such accounts. Last but not the least, the article concludes with recommendations with respect to audit assessment plan of the company. Hence, this article seeks to act as a ready reckoner guide for an audit manager in audit planning of K & S Corporation Limited.

Temp. Assistant Professor, Accounting & Financial Management, The M. S. University of Baroda, Vadodara, Gujarat, India.

In the partial fulfillment of the requirement of Master of Business Administration (M.B.A.) Program (2002-2004) Hemchandracharya North Gujarat University, Patan.