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What are the two major Purposes of Auditor's Consideration of a client's internal control?
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What procedures do professional standards require auditors to perform when reviewing a client's pre-audit but post-year-end earnings press release?
There are no requirements in the professional standards regarding pre-audit but post-year-end earnings press releases. It is however; a courtesy for clients to allow auditors review the release prior to releasing to the press
Responsibilty of an accountant?
The following is written by and according to the U.S. Department of Labor and particular to an accountant. Accountants and auditors help to ensure that the Nation's firms are run efficiently, its public records kept accurately, and its taxes paid properly and on time. They analyze and communicate financial information for various entities such as companies, individual clients, and government. Beyond carrying out the fundamental tasks of the occupation-preparing, analyzing, and verifying financial documents in order to provide information to clients-many accountants also offer budget analysis, financial and investment planning, information technology consulting, and limited legal services. Specific job duties vary widely among the four major fields of accounting and auditing: public, management, government accounting, and internal auditing. Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, or individuals. For example, some public accountants concentrate on tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns. Others offer advice in areas such as compensation or employee health care benefits, the design of accounting and data-processing systems, and the selection of controls to safeguard assets. Still others audit clients' financial statements and inform investors and authorities that the statements have been correctly prepared and reported. These accountants are also referred to as external auditors. Public accountants, many of whom are Certified Public Accountants (CPAs), generally have their own businesses or work for public accounting firms. Some public accountants specialize in forensic accounting-investigating and interpreting white-collar crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, including money laundering by organized criminals. Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials. In response to recent accounting scandals, new Federal legislation restricts the nonauditing services that public accountants can provide to clients. If an accounting firm audits a client's financial statements, that same firm cannot provide advice on human resources, technology, investment banking, or legal matters, although accountants may still advise on tax issues. Accountants may also advise other clients in these areas and may provide advice within their own firm. Management accountants-also called cost, managerial, industrial, corporate, or private accountants-record and analyze the financial information of the companies for which they work. Among their other responsibilities are budgeting, performance evaluation, cost management, and asset management. Usually, management accountants are part of executive teams involved in strategic planning or the development of new products. They analyze and interpret the financial information that corporate executives need in order to make sound business decisions. They also prepare financial reports for other groups, including stockholders, creditors, regulatory agencies, and tax authorities. Within accounting departments, management accountants may work in various areas, including financial analysis, planning and budgeting, and cost accounting. Government accountants and auditors work in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulations or taxation. Accountants employed by Federal, State, and local governments ensure that revenues are received and expenditures are made in accordance with laws and regulations. Those employed by the Federal Government may work as Internal Revenue Service agents or in financial management, financial institution examination, or budget analysis and administration. Internal auditors verify the effectiveness of their organization's internal controls and check for mismanagement, waste, or fraud. They examine and evaluate their firms' financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and government regulations. Because computer systems commonly automate transactions and make information readily available, internal auditors may also help management evaluate the effectiveness of their controls based on real-time data, rather than personal observation. They may recommend and review controls for their organization's computer systems, to ensure their reliability and integrity of the data. Internal auditors may also have specialty titles, such as information technology auditors, environmental auditors, and compliance auditors. Technology is rapidly changing the nature of the work of most accountants and auditors. With the aid of special software packages, accountants summarize transactions in the standard formats of financial records and organize data in special formats employed in financial analysis. These accounting packages greatly reduce the tedious work associated with data management and recordkeeping. Computers enable accountants and auditors to be more mobile and to use their clients' computer systems to extract information from databases and the Internet. As a result, a growing number of accountants and auditors with extensive computer skills specialize in correcting problems with software or in developing software to meet unique data management and analytical needs. Accountants also are beginning to perform more technical duties, such as implementing, controlling, and auditing computer systems and networks and developing a business's technology plans. Accountants also act as personal advisors. They not only provide clients with accounting and tax help, but also help them develop personal budgets, manage assets and investments, plan for retirement, and recognize and reduce their exposure to risks. This role is in response to clients' demands for a single trustworthy individual or firm to meet all of their financial needs. However, accountants are restricted from providing these services to clients whose financial statements they also prepare. (See financial analysts and personal financial advisors elsewhere in the Handbook.) Work environment. Most accountants and auditors work in a typical office setting. Some may be able to do part of their work at home. Accountants and auditors employed by public accounting firms, government agencies, and organizations with multiple locations may travel frequently to perform audits at branches, clients' places of business, or government facilities. Most accountants and auditors usually work a standard 40-hour week, but many work longer hours, particularly if they are self-employed and have numerous clients. Tax specialists often work long hours during the tax season. For the source and more detailed information concerning your request, click on the related links section (U.S. Department of Labor) indicated directly below this answer section.
What are the working conditions for an accountant?
Most accountants work in an office setting where things are clean and orderly. The offices are usually very well lit. Self-employed accountants may be able to do part of their work at home. Accountants and auditors employed by public accounting firms and government agencies may travel frequently to perform audits at branches of their company, clients' places of business, or government facilities.
How many clients does Ernst and Young have?
144,000
Which banks offers their clients eBilling?
Some banks that offer eBilling for their clients include Citibank and Bank of America. You can learn more about these banks and how to join at their respective websites.
Are auditors banned from direct investment in their clients?
Yes
How internal control is advantages to clients?
Internal Controls can help protect client privacy. Ex.: Good internal controls on a website will protect clients credit card numbers from hackers.
In business what are the four types of clients?
1.external clients 2.internal clients 3.owners as clients 4.goverment bodies
What qualities do you need for accounting abilities and interests?
According to the Bureau of Labor Statistics the following are considered 'important qualities' for those aspiring to be an accountant: Analytical skills. Accountants and auditors must be able to identify issues in documentation and suggest solutions. For example, public accountants use analytical skills in their work to minimize tax liability, and internal auditors do so when identifying fraudulent use of funds. Communication skills. Accountants and auditors must be able to listen carefully to facts and concerns from clients, managers, and others. They must also be able to discuss the results of their work in both meetings and written reports. Detail oriented. Accountants and auditors must pay attention to detail when compiling and examining documentation. Math skills. Accountants must be able to analyze, compare, and interpret facts and figures, although complex math skills are not necessary. Organizational skills. Strong organizational skills are important for accountants and auditors who often work with a range of financial documents for a variety of clients. More information can be found in the "related links" below.
What is SSAE-18 (Statement on Standards for Attestation Engagements No. 18) and how is it used to assess the effectiveness of controls at service organizations?
SSAE-18 (Statement on Standards for Attestation Engagements No. 18) is a set of auditing standards developed by the American Institute of Certified Public Accountants (AICPA) to help service organizations demonstrate the effectiveness of their controls over financial reporting, compliance, and security. SSAE-18 replaces the previous standard, SSAE-16. Service organizations, such as data centers, cloud service providers, and payroll processing companies, often provide services that are critical to the financial reporting of their clients. As a result, these service organizations are often subject to audits by their clients' auditors to ensure that their controls are effective and meet the requirements of their clients' regulatory and compliance obligations. SSAE-18 provides a framework for these audits, which are conducted by third-party auditors known as Service Organization Control (SOC) auditors. The standard requires service organizations to provide a description of their system and the controls they have implemented to meet their clients' requirements. The auditors then assess the design and operating effectiveness of these controls to provide an opinion on the effectiveness of the controls. SSAE-18 includes three types of SOC reports: SOC 1: Reports on the controls over financial reporting. These reports are intended to provide assurance to clients' auditors that the service organization's controls are effective in supporting their clients' financial reporting. SOC 2: Reports on the controls over security, availability, processing integrity, confidentiality, and privacy. These reports are intended to provide assurance to clients that the service organization's controls are effective in meeting their clients' security and compliance requirements. SOC 3: A general-use report that provides an overview of the service organization's controls over security, availability, processing integrity, confidentiality, and privacy. SOC 3 reports are designed to be more accessible to a wider audience, such as customers, regulators, and other stakeholders. By obtaining a SOC report, service organizations can demonstrate to their clients that their controls are effective and meet their clients' requirements. This can help service organizations to win new business, retain existing clients, and provide assurance to their clients' auditors that their controls are effective.
What is one of the most important provisions in AICPA's Code of Professional Conduct?
One of the most important provisions of the code is that external auditors must be independent of their clients when performing financial audits.
Why are Meridian therapys forbidden for some clients?
Some may have an allergy to a part of it or for religious purposes
What procedures do professional standards require auditors to perform when reviewing a client's pre-audit but post-year-end earnings press release?
There are no requirements in the professional standards regarding pre-audit but post-year-end earnings press releases. It is however; a courtesy for clients to allow auditors review the release prior to releasing to the press
What is the internal marketing environment?
The internal marketing environment is commonly referred to as the micro marketing environment. These are the small forces that will influence the ability to attend to clients within a company.
What is the most important consideration when preparing meals for your diabetic client?
The sugar / carbohydrate content of the meal and you clients blood sugar level.
Name the various publics of a corporate?
I can suggest a few - clients/customers, investors, internal staff, industry contacts.
What term in java is used to indicate that a class's internal state is hidden from its clients?
Encapsulation............Hiding the data from others
