Abstract In this article, the writer explains that the Certified Public Accountant (CPA) statutory title is conferred on accountants qualified by passing the Uniform Certified Public Accountant Examination. The writer points out that the Generally Accepted Auditing Standards (GAAS) are a set of ten auditing standards developed in 1947 by the American Institute of Certified Public Accountants (AICPA), referring to general standards, standards of field work and standards of reporting. The writer discusses that the general auditing standards state that the person or persons performing the audit must have adequate technical training and proficiency as an auditor. In addition, the writer notes that the auditor must keep at all times an independent mental attitude; and finally, professional care must be exercised when planning and performing the audit and when preparing the report.
From the Paper "Other requirements needed to be fulfilled for a license as a CPA are stated in Section 7404, Article 149, Title 8 of New York's Education Law: in the first place, an application must be filed with the department; then, after the candidate's education and experience have been found satisfactory, a written examination must be passed; also, the fees issue must not be forgotten, as a two hundred twenty dollars fee must be paid to the department for admission to a department conducted examination and a one hundred fifteen dollars fee for each reexamination for an initial license, and also a two hundred ten dollars fee for each triennial registration period."
Abstract This paper discusses the approach one would take to prepare, compose and present a full marketing audit. For each given section of the marketing audit the following aspects are covered: types of data and information, analysis, start and finish dates and a list of challenges that might affect the execution of the audit. The result of this paper is to facilitate a full marketing audit.
From the Paper "The executive summary should encompass the broad conclusions of the research, or in this case, the marketing audit, as well as the recommendations resulting from the final analysis. The interested executive who wishes to more fully understand how the conclusions were reached and to further justify the rationale behind the recommendations may take the time to review the research material contained within the entire report. The executive summary should be a synopsis of the conclusions and recommendations and not a point by point analysis (Tips, 2005, p.23). Creating an engaging and informative executive summary ensures that top management considers the marketing audit a quality product supported by solid research."
Abstract This paper deals with the analysis of the auditing procedures. It looks at the issue of auditing of the audit company during the first stages and then follows the process through out the completion of the audit.
Abstract In this article the writer notes that over the past two decades, a number of changes took place that greatly altered the business world. The writer points out that some of these changes were external, such as ever-increasing globalization, growing competition and fast-paced technological innovations. However, some of the changes were internal. The writer relates that at the beginning of the millennium, for example, huge cases of company fraud rocked the structures of many organizations and that, as a result, the entire auditing field was put on trial. The writer maintains that Enron and similar financial disasters made many companies think and then think again about how to enhance their own internal audit functions. In order to find out more about auditing in present times, the writer interviewed, Robert Norwick, the internal auditor of a local mid-sized family-owned business.
Outline:
Background
Internal Audit Position
Need for Internal Auditors
Future Growth
Average Current Compensation of Internal Auditors
Certification
Organizations/Resources
From the Paper "Norwick works for a farsighted company that recognizes the value of prevention. They also realized that if they ever wanted to go public or acquired a public company, they would be accountable by legislation. Instead of using external auditors, they decided to expand their internal department. It hired him a couple of years ago after an extensive search to find the right individual for the new internal audit position. They put together a cross-functional search committee, including the human resources director and CFO, to get varied input. They also looked at additional skills beyond the traditional ones normally required for internal auditors. For example, they wanted someone who was just as comfortable in front of the desk talking with people as well as behind the desk crunching numbers."
Briefly looks at the differences between auditing for a non profit organization and auditing for a business and then focusses on the auditing process for a non profit organization.
2,025 words (approx. 8.1 pages), 4 sources, 2006, $ 80.95
Abstract The accounting function is central to the conduct of business for profit-making organizations and non-profit organizations alike, though clearly with a different focus for each. In both cases, the purpose of accounting is to compare the money coming in and the money going out and to do so following clear accounting rules set down by the profession and by legislators. This paper discusses auditing and the non profit organization.
Abstract This paper answers in detail several questions relating to the financial audit committee as well as to a fictional audit of a given company. The paper examines several accounting and reporting practices on the part of the fictional company in relation to their income statements and balance sheets. The conclusion is that the company is considerably lax in its reporting standards.
Abstract This paper summarizes the ASB exposure draft on Consideration of Fraud in a Financial Statement Audit. This draft, which supercedes SAS 82, introduces new concepts and requirements to assist the auditor in detecting fraud. It discusses the definition of fraud, identifying risk of fraud, and general assessment of fraud risk. The summary outlines the appropriate response to each fraud risk identified through the analytical process, including evaluation of implications.
From the Paper "As the need for new standards and ways to look for this fraud got stronger, the AICPA auditing standards board (ASB) responded by issuing an exposure draft on Consideration of Fraud in a Financial Statement Audit. This exposure draft would supersede SAS 82, which is the current standard for detecting fraud in an audit. The exposure draft was not meant to change any of the auditor's responsibilities in a financial statement audit but rather introduces new concepts and requirements to assist the auditor in detecting fraud. Some of the major areas that the exposure draft discusses are the description and characteristics of fraud, discussion of fraud and professional skepticism, a wider range of inquiries, identifying and assessing risks that can result in fraud, evaluating programs and controls and responding to the results of the assessment. "
Abstract This paper presents the strategic audit of Union Pacific Corporation 1999-2006. Seven areas are examined including background, internal and external environment, strategy, past performance, predicted future performance. Several exhibits are provided within the paper.
Abstract This paper provides a strategic audit of Wal-Mart's international division, including a SWOT analysis, and makes recommendations for the future. The paper discusses Wal-Mart's international beginnings and the situation of the international division today.
Tags: Wal-Mart, strategic audit, SWOT, international
Abstract This paper presents a standard strategic audit of the media company Viacom Inc. It provides background information and Viacom's history of acquisitions. The paper looks at the external environmental factors and applies Porter's five-force model and presents a SWOT analysis of the company.
Abstract This paper uses the DemocraticAudit.com website in order to to audit democracy in Russia. The paper assesses whether the principles of democracy outlined by the site are being honored and administered in Russia as it emerges from its totalitarian past. These principles are identified in four blocks: Citizenship, Law and Rights; Representative and Accountable Government; Civil Society and Popular Participation; and Democracy beyond the State.
Abstract The paper outlines the objectives of auditing, the auditor's opinion within the standard and how the "Auditing Standard ASA 200" of Australia conforms with the "International Standard on Auditing". The paper lists the separate divisions of the "Auditing Standard ASA 200" and relates that the "Auditing Standard ASA 200" is for the most part, the same in the public and private sectors of Australia in terms of standards and requirements of auditing. The paper also identifies the internal controls that are expected by auditors to be present in the entities. The paper shows how the "Auditing Standard ASA 200" has undergone recent reform in 2006, and relates that this will very likely drive up the costs and expenses associated with auditing, however, it is not believed that these reforms will serve to boost the confidence of the public of financial reporting in Australia.
Outline:
Objective
Introduction
Terms and Definitions
Objectives of an Audit Auditing Opinions on Financial Reporting
Mapping of Auditing Standards in Australia
Mixed Economy
Standards Reform and Increasing of Audit Costs Explored
Summary and Conclusion
From the Paper "This case study conducts an examination of the Auditing Standard in Australia and specifically the 'Auditing Standard ASA 200' published in April 2006. The Auditing Standard ASA 200 is issued by the 'Auditing and Assurance Standards Board'. The purpose of the 'Auditing Standard' is to: (1) set out the objective of an audit of a financial report; (2) to require the auditor to comply with relevant ethical requirements relating to audit engagement; (3) to require the auditor to conduct an audit in accordance with Auditing Standards; (4) to require the auditor to comply with each of the Auditing Standards relevant to the audit in determining the audit procedures to be performed and to not represent compliance with Auditing Standards unless all of the Auditing Standards relevant to the audit have been complied with; (5) requires the auditor to, if possible, perform appropriate alternative audit procedures and to document certain matters where, in rare and exceptional circumstances, factors outside the auditor's control prevent the auditor from complying with an essential procedure contained within a relevant mandatory requirement."
An evaluation of a Joint Legislative Audit and Review Commission (JLARC) audit of Virginia's social services system and of standards of quality for the school division.
Abstract This paper discusses and examines an audit of Virginia's social services system by the Joint Legislative Audit and Review Commission (JLARC). It then evaluates th JLARC audit on the standards of quality for the school division. The paper discusses how and why the audits were performed and examines the results that were obtained. It also looks at the strengths and weaknesses of the studies.
Table of Contents:
Operation and Performance of Virginia's Social Services System
http://jlarc.state.va.us/Reports/Rpt323.pdf
Which agency is being audited?
Who performed the audit?
Analysis of the JLARC Audit Research Questions and Methodology
Conclusion
Special Report: State Spending on Standards of Quality (SOQ) Costs, FY 2007
http://jlarc.state.va.us/Meetings/December07/soq07.pdf
What is the agency being audited?
Who performed the audit?
Analysis of the JLARC Audit Research Questions and Methodology
Conclusion
From the Paper "This report is an excellent example of a standardized government report. It clearly explains the methodology and intent of the project. However, it is lacking in the ability to meet changing, or unknown, needs of various school systems. The methodology is simplistic, considering the complexity of the issue of improving student outcomes. Perhaps in the future, the report needs to consider the performance of students on standardized tests, which is currently ignored using the current research method. They may need to adjust funding amounts based on academic performance, rather than number of students alone."
This paper discusses continuous auditing, which is defined as real-time reports issued simultaneously or a short time after the events, using electronic gathering of data and events, the only means to provide a proper audit process.
Abstract This paper explains that the traditional financial reports and the traditional audit style sometimes prove not enough because they lack the essential thing in today's business environment, updated information; therefore, continuous auditing seems to be getting more and more followers. The author points out that some of the drivers of continuous auditing are a better monitoring of financial issues within a company, ensuring that real-time transactions also benefit from real-time monitoring, prevention of financial fiascoes and audit scandals such as Enron or Andersen, and use of software to determine that financial controls are properly done. This paper stresses that continuous auditing involves a large amount of work because the company practicing continuous auditing will not provide one report at the end of a quarter, but will provide financial reports on a day-to-day basis.
From the Paper "The Sarbanes- Oxley Act was passed on the 30th of July 2002 with the declared goal of "deterring and punishing corporate and accounting fraud and corruption". As we have seen in the lines here above, continuous accounting aims exactly at providing a more secure platform in order to avoid fraud and a real-time process that is aimed at ensuring high-level financial control. In order to explain the benefits from continuous auditing with regards to Sarbanes-Oxley Act, we can use one of the examples given on one of the articles from www.cfo.com, which uses Crown Media for the case study."
Abstract This paper discusses how audit management is a fundamental element in government accountability, control and performance management. It provides a comprehensive look at the process for audit awards made by the Federal government. It examines compliance with the process itself and identifies the framework used for guidance in awarding audit contracts.
Outline
Introduction
Overview
Rationale for and Objectives of the Project
Research Questions
Hypotheses: Main and Secondary
Research Methodology
Desktop or Literature Search
Rationale for Search Methodology
Literature/Desktop Research
Summary
Authoritative Sources
Literature Findings
Desktop Findings
Analysis and Results
Summary
Justification for Audits Evolving Role of Auditors
Types of Audit Contracts
Understanding the Audit Process
Best practices and Benchmarking
Conclusions
Recommendations
Bibliography
Appendices
From the Paper "The Federal government has to implement a system of checks and balances because of the broad range of responsibility that is involved in the contract process. Funkhouse reports on a local government auditing study that was conducted in large U.S. cities. A mail survey was sent to the head of each audit organization, followed be additional mailings and email and phone contact. The main outcome was that the audit directors clearly saw the value of the audit process in identifying problems in their jurisdictions. They were also proactive in initiating audits beyond those that were mandated and believed that in the long run, this would result in cost savings. The article further states that local government auditing will continue to get stronger and will eventually filter down to smaller municipalities."
