Essay about Who Signs Your Check Group Project 2

1362 WordsFeb 8, 20156 Pages
UNIVERSITY OF MARYLAND UNIVERSITY COLLEGE Who Signs Your Check Group Project Group 5 Marc Friedman Jefferson Kinnay Vincent Mayer Tesleem Subair – No posts yet?? Kent Williams ACCT 635 9040 Accounting Ethics Professor Larry Wolod February 19, 2015 Contents Facts 2 Procedural History 2 Issue 2 Rule 2-3 Application / Analysis 3-4 Conclusion 4 Bibliography 5 Work Accomplished…………………………………………………………………………………………………………………………………6 Facts Willie Lowman is the internal auditor for Dead Salesman Printing who is currently in the process of auditing the company’s account receivables. He finds that the company is constantly crediting and debiting accounts receivable. The accounts receivable clerk who is a CPA has been…show more content…
As the internal auditor he is responsible for assuring that the firm is maintaining its records and reporting its financial results in accordance with the FASB rules and regulations and GAAP. If the CFO still refuses to make the necessary policy modifications required to the accounts receivable procedures in order to comply with the rules then as a matter of maintaining his integrity, and with the stakeholders in mind Willie should then make an appointment with the board of directors audit committee to relay the failure in failing to meet the rules and regulations set out by the FASB in accordance with GAAP. According to the Public Company Accounting Oversight Board (PCAOB), The primary objective and responsibilities of auditor is to express an opinion on the fairness with which all financial statement including all of its (material aspects, financial position, the result of the company operation and its overall level of cash flows) AU Suction 110. Thus, what this means is that auditor must be fully independent and must be fully able and willing to apply professional judgment as it relates to the audit engagement under consideration. If per chance the CFO fires Willie he would have no choice but to bring the matter up to the outside auditors as a

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