Auditing Essay Topics

Audit In Tubular Bells

During the planning and conduct of the audit in Tubular Bells p/c, a number of audit risks are likely to be taken into account. One of the risks in the planning of the audit is that the company has got other subsidiaries hence the risk that most of its accounts may not be audited. The… View Article

Effect of Unethical Behavior Article Analysis

The Sarbanes-Oxley Act, passed in congress in 2002 is designed to protect investors from the potential of fraudulent corporate accounting activities. This act strictly mandates reform, aimed directly to prevent fraud and improve corporate financial disclosures (INVESTOPEDIA, 2012). As a result of several confidence shaking investor accounting scandals that occurred during the late 90s which… View Article

Laramie Wire Manufacturing: Using Analytical Procedures in Audit Planning

1. Perform analytical procedures to help you identify relatively risky areas that indicate the need for further attention during the audit, if any. 2. Focus specifically on each of the five management assertions (existence or occurrence, completeness, valuation or allocation, rights and obligations, and presentation and disclosure) for the inventory account. Link any risks you… View Article

Professional standards outline

Professional standards outline the auditor’s consideration of material misstatements due to errors and fraud. a) What responsibility does an auditor have to detect material misstatements due to errors and fraud? The purpose of assurance engagement is enhancing the reliability of the subject matters. So it is auditor’s responsibility to provide a reasonable level to assure… View Article

Research Proposal for Internal Auditor

Introduction The responsibility of the internal audit is to serve the Ministry of Justice in a manner that is consistent with the Financial Administration and Audit Act, Standards for the Professional Practise of Internal Auditing and with professional standards of conduct. This activity has the potential to provide hitherto unparallel services to management in the… View Article

Satyam Computer Services

In early 2009 the chairman of Satyam Computer Services admitted publicly to a fraud taking place in the company. Satyam reported in the financial statements billions of dollars in profits and cash assets that never existed. The public auditor’s responsible for auditing the financial statements of Satyam Computer Services at the time was PW India,… View Article

Revenue Recognition

The revenue recognition principle is a foundation of accrual accounting and one of the main principles of GAAP. The revenue recognition principle is a set of guidelines that helps accountants to identify when a revenue event has taken place and how to appropriately record cash exchanges before, during, and after the revenue event. According to… View Article

The Audit Report and Internal Control Evaluation

An audit has been completed for Apollo Shoes as of December 31, 2005 and 2006, and the associated income statement, shareholders’ equity, cash flows and complete income. My firm has reviewed the organization’s assessment, comprised in the associated report of management on Commercial Reporting, in which Apollo Shoes sustained definite internal control as of December… View Article

Easy Clean, Co: Evaluation of Internal Control Environment

LEARNING OBJECTIVES Evaluate a new audit client’s control environment. Provide an initial evaluation of certain components of the client’s control environment Appreciate the judgment involved in evaluating the overall internal control environment based on interview data Provide support for your internal control assessments Ted is a manager in the Business Advisory and Assurance Services division… View Article

New Century Financial Corporation

Summary: the mortgage mess happened in 2008 when there was a decreased homing price. However, their mortgage payment by homeowners were soon greater than the price of house. As a result, they forced the repurchase policy of many mortgage agreements, and let the subprime lenders to take over their houses. Subprime lender like New Century… View Article

Case Study: How a CFO plowed himself under

The three critical elements of the fraud triangle: 1) motive, 2) opportunity, and 3) Rationalization, clearly exist within the case of the $150,000 embezzlement involving McKinley, his tractor company, and CFO position with the bank. McKinley’s motive, the driving force behind this act of embezzlement was his own self pride: his inability to deal with… View Article

Just for Feet

1) Prepare common-sized balance sheets and income statements for Just for Feet for the period 1996-1998. Also compute key liquidity, solvency, activity, and profitability ratios for 1997-1998. Given these data, comment on what you believe were the high-risk financial statement items for the 1998 Just for Feet audit. 2) Just for Feet operated large, high-volume… View Article

Internal Control

It is with great pleasure that we can provide you information and advisement on internal controls that will assist LJB Company with going public. We understand that you have communicated your concerns and expect that this report will assist you with deriving conclusions. This report will: 1. Inform you of any new internal control requirements… View Article

Independent Auditors’ Management Letter

To the Honorable Board of County Commissioners of Lee County, Florida: We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of Lee County, Florida (the “County”) as of and for the year ended September 30, 2011, and have issued our report thereon… View Article

Promoting Good Governance in Public Institutions

All over the world there is a realization that the Internal Audit activity has the potential to provide hitherto unparalleled services to managemet in the conduct of their duties. This potential has been turned into a challenge and embodied in the new definition of Internal Auditing from the Institute of Internal Auditors (the IIA). The… View Article