Financial audit

response and see how some of the auditors who neglect important issues can be dwelt within the following situations (Whittington, 2014). 3-31 Ron Barber, CPA, is auditing the financial statements of DGF, Inc., a publicly held company. During the course of the audit, Barber discovered that DGF has been making illegal bribes to foreign government officials to obtain business, and he reported the matter to senior management and the board of directors of DGF. Required: a

lead auditors in a DCAA audit engagement teams lacks the authority and influence on how audits are conducted because of its organizational structure. DCAA field audit offices (FAOs) are organized as a “weak matrix organizational structure”. Figure 1: Sample DCAA FAO Organizational Structure and Audit Engagement Team DCAA’s organizational structure is hierarchical where each

Melissa Ginez, Matthew Gourlie, Juel Rypka) University of Phoenix ACC/491 Alisa Dumond December 19, 2011 ------------------------------------------------- interoffice memorandum to: John Smith, CEO Key west company from: Audit Team D subject: Audit Findings for Key West Company date: 12/18/2011 ------------------------------------------------- Dear Mr. Smith The purpose of this memo is to communicate to you the results and findings from our team’s assessment of the Accounts

ACCT 4304, Fall 2015 Audit case Read the attached audit case and answer all the questions that follow. A total of 90 points are available for the actual responses to the questions and 10 points are available for presentation, clarity and grammar. Total points for the assignment are 100. Note: Answer the questions as comprehensively as possible. Reference to Auditing Standards, your textbook, and other relevant authoritative sources is expected where appropriate. Even where some of the questions

Throughout the 1968 audit of Fund of Funds NRPA, GAAS was violated by Arthur Andersen, the firm auditing Fund of Funds, in multiple ways. These violations included ignorance of material irregularities in purchase prices, independence issues, inadequate evidence, and lack of due professional care. The violations of Andersen allowed Fund of Funds NRPA to violate GAAP by overstating assets. According to The New York Times, the violations stated above led to the following verdict: “the accounting firm

such a long audit period, auditors cannot found the significant issues with the internal control. From this view point, KPMG was lacking due professional care in the progress of auditing. In auditing ,the auditor would address that auditing has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. Auditor have no responsibility to plan and perform the audit to obtain

Description of the implementation plan Our implementation plan mainly focuses on five risks, which are compliance risk, strategic risk, credit risk, operational risk, and financial risk. The corporation has established risk management committees to assess and manage the corporation’s exposure to the above risks. Then, the committees will prioritize these risks and establish guidelines for risk management processes. After that, it will assign the management of some risks to appropriate operating departments

with bachelor degree in accounting and has been working for a professional accounting company named Rodger&Philips for two years with high evaluations from his seniors. • Although, he has good performance score, he isn’t asked to work on the current audits of two clients that he worked on previous year. • Jason has a meeting with his mentor, William Jackson, to talk about this unusual incident. • Before the meeting, Jackson is informed that one more complaint about Jason is received from the third

client or similar clients is also likely to affect reliability because the auditor will have prior knowledge of the expected confirmation response rates, inaccurate information on prior years’ confirmations, and misstatements identified during prior audits. (3)The nature of the information being confirmed may affect the competence of the evidence obtained as well as the response rate. For example, this client’s customers’ accounting systems may permit confirmation of individual transactions, but not

Under the audit and examination committee, they have to regulatory and oversight the conduct risk of the entity, in addition, they have to disclose the security risk, operational risk and technology risk. Moreover, audit and examination committee required to oversight the internal audit function, external auditor performance and disclosure framework for financial and risk reports prepared for the board, management, and third party agencies. The committee should provide greater centralization of review