Discuss the financial irregularities including poor custody of government assets, unlawful procurement and appointment of staffs in Ghana from 2016 to 2022. 3. Discuss the audit issues highlighted by the auditor general in Ghana from 2018 to 2022
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1.Discuss the financial irregularities including poor custody of government assets, unlawful procurement and appointment of staffs in Ghana from 2016 to 2022.
3. Discuss the audit issues highlighted by the auditor general in Ghana from 2018 to 2022
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- What fraud schemes were reported to be most common in the ACFE’s 2020 Report to the Nations? Corruption Fraudulent billing Inappropriately reporting revenues in published financial results Misappropriation of assets by employeesIf the auditor is auditing a public company in the United States and must report on internal controls over financial reporting (ICFR), the identification of one or more material weaknesses _______. A. will result in the auditor issuing an adverse opinion on the financial statements and the CFO/CEO will probably go to jail B. will result in an adverse opinion on ICFR C. will result in an unmodified opinion on ICFR D. will result in the auditor issuing a disclaimer of opinion on the financial statements and the CFO/CEO will probably go to jailWhich of the following statements is true of the Sarbanes−Oxley Act? A. All private and foreign companies must issue an internal control report evaluated by an outside auditor. B. Accounting firms are allowed to provide both auditing services and a full range of consulting services to their public company clients. C. Those who commit securities fraud must be sentenced to 10 years in prison. D. The Public Company Accounting Oversight Board oversees the work of auditors of public companies.
- Which of the following is NOT an implication of Section 302 of SOX?a. Auditors must determine whether changes in internal control have materially affected, or are likely to materially affect, internal control over financial reporting.b. Auditors must interview management regarding significant changes in the design or operation of internal control that occurred since the last audit.c. Corporate management (including the CEO) must certify monthly and annually their organization’s internal controls over financial reporting.d. Management must disclose any material changes in the company’s internal controls that have occurred during the most recent fiscal quarter.Unlike some other countries, why do you think Malaysia has not experienced so many cases of its company auditors being brought to court for the audit done on a company’s financial statements? Related to this, what are your suggestions to improve the learning and practice of audit in the country?What is EDGAR?a. A system the SEC uses to reject registration statements that do not contain adequate information.b. The enforcement arm of the SEC.c. A system designed by the SEC to allow electronic filings.d. A branch of the government that oversees the work of the SEC.
- GAAP Article to comment on bello Currently, the United States is in the midst of the worldwide coronavirus (COVID-19) pandemic, which is stretching business and government resources alike. Representational faithfulness and transparency in financial reporting is essential to stakeholder decisions in this environment. The need for proper disclosure of financial condition is critical to the survival of the relevant financial accounting and reporting frameworks, as well as the audit profession. That the economic fallout of the COVID-19 pandemic is disrupting business is undisputed. Companies in certain industries, such as travel and dining, are seeing drastic effects on financial results. For example, United Airlines reported that it expected daily revenues to be $100 million lower in March 2020 than March 2019. Similarly, the parent company of Chuck E. Cheese reported a 21.9% decline in same-stores sales in Q1 2020 versus Q1 2019, which it attributes to the closure of “on-premise…For each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, AICPA auditing standards, or PCAOB auditing standards. An audit of a U.S. private company with no public equity or debt. An audit of a German private company with public debt in Germany. An audit of a U.S. broker-dealer registered with the SEC. An audit of a United Kingdom public company that is listed in the United STates and whose financial statements will be filed with the SEC. An audit of a U.S. not for profit organization An audit of a U.S. private company to be used for a loan from a publicly traded bank. An audit of a U.S. public company. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan.The board of directors of Danson Company limited asked Jameel & Soften, a Private Auditing Firm to audit Danson’s financial statements for the year ended 31st December 2019. Jameel & Soften explained the need to make an enquiry of the predecessor auditor and requested permission to do so. Danson’s board of directors refused to honor the request on the grounds that relations with the predecessor had deteriorated so significantly that Jameel & Soften would receive biased and defamatory information from the predecessor.Requireda. What is the purpose of the communication between the successor and the predecessor auditor?b. How does communication aid in assessing audit risk?c. What position should Jameel & Soften assume in the present situation? How should they respond to Danson’s refusal to permit communication with the predecessor auditor?
- The board of directors of Danson Company limited asked Jameel & Soften, a Private Auditing Firm to audit Danson’s financial statements for the year ended 31st December 2019. Jameel & Soften explained the need to make an enquiry of the predecessor auditor and requested permission to do so. Danson’s board of directors refused to honor the request on the grounds that relations with the predecessor had deteriorated so significantly that Jameel & Soften would receive biased and defamatory information from the predecessor. Required What is the purpose of the communication between the successor and the predecessor auditor? How does communication aid in assessing audit risk? What position should Jameel & Soften assume in the present situation? How should they respond to Danson’s refusal to permit communication with the predecessor auditor?Choose the correct. What is EDGAR?a. A system the SEC uses to reject registration statements that do not contain adequate information.b. The enforcement arm of the SEC.c. A system designed by the SEC to allow electronic filings.d. A branch of the government that oversees the work of the SEC.Which of the following statements would most likely appear in an auditor's engagement letter? a. Fees for our services are based on our regular per diem rates, plus travel and other out-of-pocket expenses. b. The auditor's preliminary assessment of the risk factors relating to misstatements arising from fraudulent financial reporting. c. A reminder that management is responsible for illegal acts committed by employees. d. After performing our preliminary analytical procedures, we will discuss with you the other procedures we consider necessary to complete the engagement. e. Required evidence is needed to issue a qualified opinion.
