Xacc/280 Week 4 Case Auditing

The auditor must remember that all information collected during the audit needs to be sufficient enough to further the audit process. The information must not only possess the two qualities, relevance and reliability, but it should also test various assertions. For instance, in the audit of Walmart, the auditor should make an attempt to acquire information such as financial statements from the company’s bank, as opposed to acquiring the statements from Walmart’s management. Taking such crucial information from Walmart’s management will put the reliability of that information into question. It is possible that management may manipulate the financial statements, so that they are more appealing to the public and investors. Management may do things

1) Why might the auditor find these results not very useful if he or she is using the information to select invoices for confirmation?

As CEO, Joshua is responsible for strategic vision, sales and marketing, finance and accounting, and operations. After nearly 20 years in finance, Joshua was in the process of leaving his old job, where he stored his own personal information and managed his boss’ personal risk management. As he was leaving, he realized that there was no good solution to store, organize, and share this information. Conversations with his future co-founders confirmed that others were struggling with the same situation, so they formed a team to solve the problem.

Your paper this week should explain in your own words the responsibilities of auditors in understanding the security risks facing their organization with the use of cloud services. How has auditing's role changed as we've moved from client-server architecture to the cloud model? Include steps auditors must take to assess the level of compliance of the CSP with standards. Provide examples of how auditors assure due diligence when it comes to security and risk.

Introduction A clinical audit is an approach used to determine if healthcare is administered in the most effective and appropriate manner whilst meeting internationally recognized standards. The National Institute for Health and Care Excellence (NICE)(1) recently updated published standards of care for management of Acute Upper Gastrointestinal bleed (UGIB). The medical records of eighty-seven patients who presented with an upper gastrointestinal bleed over a three month period from December 2013 to February 2014 to the Port of Spain General Hospital (POSGH) were audited. Results showed that recommendations in the NICE guidelines were followed accordingly. Acute upper gastrointestinal bleed (UGIB) can be defined as bleeding from a source (duodenum,

2. Auditors are required to consider evidence obtained and accumulated throughout the audit and make an overall evaluation as to whether substantial doubt exists with respect to the ability of the client

Prior to making her decision, we believe that integrity and compliance with the law were the ethical issues that Ann Marie must have faced. Integrity is the basic and most important value that is required for the role as an auditor. However, when Ann Marie signed and backdated the audit engagement she was dishonest with herself, the client, and the public. In addition, the purpose of the law is for every audit engagement to be reviewed in detail by a different person to provide quality information for investors and to protect the public interest. Ann Marie did not perform the detailed review, but signed on to the audit engagement in order to fulfill the requirement for the QC Inspection; this action leads her to violate the rule.

B. Major problems auditors likely encounter in conducting the investigation and writing the report is determining if the effectiveness and efficiency

d. “The auditor's reliance on substantive tests to achieve an audit objective related to a particular assertion may be derived from tests of details, from analytical procedures, or from a combination of both. The decision about which procedure or procedures to use to achieve a particular audit objective is based on the auditor's judgment on the expected effectiveness and efficiency of the available procedures. For significant risks of material misstatement, it is unlikely that audit evidence obtained from substantive analytical procedures alone will be sufficient (PCAOB, AS 2305.09).”

B) I think the auditors should have equal responsibility for detecting material misstatements due to error and fraud. It’s their job to make sure the financial statements are as accurate as possible. Although it may be hard to check all the information from a company it’s the responsibility of the auditor to sign off that everything is in check.

Documentation – There is a lack of documentation by QAD auditor when auditing PIE and Criminal Trespass TAP/NYCHA arrests. There is no trail of what steps were taken to assess the arrests for requiring a Stop Reports. There is not enough information provided by auditor to understand their findings. I have been told that experience and knowledge by the QAD auditor is enough.

Quality control audits are conducted by an independent audit company, Grey Ridge Group Inc based out of Far Hills, New Jersey. Each of CAP’s four claim offices is audited on a bi-annual basis. The baseline for the review is to determine whether CAP is adhering to their own claims best practice guidelines, whether claims are effectively managed and to measure the financial stability of their claim financials (loss and loss adjustment expenses reserves) for each claim. The results of the audits are reviewed with CAP’s executive management team and board of directors. CAP did not disclose how many claims were reviewed during this process. Although requested, but not provided was a copy of the last audit report performed by the Grey Ridge Group

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