Understudy Audit Analysis

It is important because the use of the budget spreadsheet as a tool relies on the fact that data is accurate.

A memorandum from the director of the shipping department stating that another employee verified the personal delivery of the merchandise to the customer.

a. A third-party user cares whether the auditor is independent so that the user could evaluate the credibility of the financial statements and determine whether or not to rely on the financial statements to make investment or business decisions. In addition, through assessing the auditor’s independence, the stakeholders could also better evaluate the performance of the management and the value of the audit work.

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.

As you know, our firm has been selected to perform the Apollo Shoes audit. The planning process has been the most delicate stage as we want to ensure we have a solid audit approach. The team I select will be dedicated in meeting the objectives and strategies for completing the audit. I will briefly explain to you how I plan to begin the audit process.

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

Every public school across the nation has seen program cuts, changes in curriculum and standardized expectations for teachers and students alike. Arts education programs within the public school system have taken the most egregious hits. While the economy is usually named as the catalyst for the loss, or reduction, of arts education in public schools, it can also be said that the focus of education and core curriculum standards have served to downplay, if not disparage, the role of arts education in the learning environment.

Previously Kudler Fine Foods had asked accounting firm 123 Accounting for their recommendation on a system which would improve automation in their business processes. Accounting firm 123 Accounting provided Kudler with a recommended course of action to take towards automating their accounting information system, as well as provided a flowchart to assist in describing the process by which the software will help management consolidate their financial data. Currently Kudler is asking accounting firm 123 Accounting for a proposal for audit schedules for the systems previously mentioned.

Generally accepted accounting principles are specific rules for accounting for transactions occurring in a business enterprise. Examples may be any of the opinions of the FASB.

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.

However, the auditor must perform direct tests of application controls in order to assess control risk below a high level.

* Management also responsible to create the policies needed to ensure the services are provided effectively and assets safeguarded.

This report aims to investigate the role Internal Auditors (IA) plays in certain aspects of corporate governance. The report also aims to investigate what is considered as good corporate governance.

According to Wikipedia, Internal auditing is a profession and activity involved in helping organizations achieve their stated objectives. It does this by using a systematic methodology for analyzing business processes, procedures and activities with the goal of highlighting organizational problems and recommending solutions. Professionals called internal auditors are employed by organizations to perform the internal auditing activity. Internal auditors are employed by companies to do both financial and operational auditing. Their role in auditing has increased dramatically in the past two decades, primarily because of the increased size and complexity of many corporations. Because internal auditors spend all of their time

The audit will be conducted on an approximate 4 wards, these wards comprise the individuals most likely to be ‘high risk’ and in need of a ‘red tray’, such wards include: