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How is it that the audit profession is self-regulated at the federal level?
EncofBizandFinance
For the most part though, throughout the twentieth century, the audit profession continued to be self-regulating at the federal level, by agreement and cooperation between the SEC and the AICPA.
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∙ 13y ago
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What is difference product audit and process audit?
Process Audit :-Auditor will concentrate on process at each stage & its relevant parameter's process parameters like temperature, pressure, speed etc. Along with this he audits operator competency level , enviroment condition under which he operates the machine,5S,safety etc... Product Audit:-Auditor will concentrate only on output of the process & its relavant parameters.
Is audit of a charitable institution a statutory audit?
Federal, state and local government agencies - Some non-profit organizations receive grants or other awards from government agencies, and the related agreement may require that the recipient organization have an organization-wide audit that includes some level of testing of compliance and internal controls.State law in Pennsylvania, for instance, requires organizations soliciting funds for a charitable purpose to register with the Department of State's Bureau of Charitable Organizations, file an annual registration statement, a copy of its IRS Form 990, and the appropriate financial statements. Organizations receiving $300,000 and over must file audited financial statements with the annual registration form.Internal control;management and/or those charged with governance (i.e. the Board of Directors) may believe that having an annual audit is a good internal control over financial reporting and safeguards assets of the organization. In general, an audit should not be relied upon as a primary internal control. This can be expensive, and while testing may be done for transactions that occurred throughout the year, the annual audit is performed once a year at the end of the organization's fiscal year.
Maxall company audit results?
Meaning of Substantive Audit and the approach applied in EM's Audit of Maxall.What do you think the auditors meant by the term "Substantive Audit"? Was the substantive approach appropriately applied in EM's audit of Maxall?Here the term substantive Audit refers to the test of account balances with respect to the transactions relating to it.Yes the substantive approach was appropriately applied in this audit which was confined to Accounts Receivables, in relation to sales.Comparison of Audit Procedures that are in accordance with Generally Accepted Auditing Standards.Identify and discuss specific audit process/procedures that the auditor(s) performed that were in accordance with Generally Accepted Auditing Standards.We have got three types of tests performed under substantive audits, as per the Generally Accepted Auditing Standards, namely(I) Test of Transactions,(II) Test of balances(III) Analytical review procedures.(I) Test of transaction: It is an auditing procedure related to examining specified transactions and supporting documentation. It is part of the testing process used by the auditor to check internal-controls reliability. It is undertaken to gather evidence so that an audit opinion can be rendered as to the fairness of financial statement presentation. Included in such a test is verifying transaction amounts and tracing transactions to accounts in the financial statements.Here this test was confined to Accounts receivable, sales and inventory.(II) Test of Balances When EM compares the book balance of cash to the book balance, it is a test of balances. This is the step in which the Auditor seeks to obtain sufficient evidence to make a final judgment on the extent of losses or account misstatements that have occurred or might occur.Here, in this audit, the CPA's obtained evidence relating to the Accounts receivables with respect to the sales made during the year. They found out that 6 invoices made at the year end and confirmed those with the concerned customers.(III) Analytical review is an auditing process that tests relationships among accounts and identifies material changes. It involves analyzing significant ratios and trends for unusual changes and questionable items. Included in the analytical review process are: (1) reading important documents and analyzing their accounting and financial effects; (2) reviewing the activity in an account between interim and year-end, especially noting entries out of the ordinary; and (3) comparing current period account balances to prior periods as well as to budgeted amounts, noting reasonableness of account balances by evaluating logical relationships among them (i.e., relating payables to expenses, accounts receivable to sales).Only a part of Analytical review was made by EM for this company. They made certain adjustments relating to sales and Provision for doubtful debts.Identification of Audit Errors made by EM and Precautionary measures to be taken.Identify the specific audit errors made by EM and discuss what the auditorshould have done to avoid the errors.Inherent risk is the susceptibility of EM audit area to error which could be material, individually or in combination with other errors, as there were no related internal controls. Here we can see a possible error relating to Material. The material level was fixed at $35000 for 20x1 and $50000 for 20x2 which was not substantiated. There is no proper evidence to set these levels for the Material. As per the CPA standards the Material Level should beUnder single Rule5% of pre-tax income0.5% of total assets1% of equity0.5% of total revenuesOrUnder Variable rule2 to 5% of gross profit, if less than $20,0001 to 2% of gross profit, if between $20,000 and $1 million0.5 to 1% of gross profit, if between $1 and $100 million0.5% of gross profit, if more than $100 million.These rules have not been followed here.Comparison of audit in compliance with latest professional guidance.The scope of a forensic audit is to fix blame or answer a question. A forensic audit seeks proof, not reasonable assurance. Here the auditors have conducted a normal audit. When they found out the sales made in late December 20x1 and 20x2 to Balco limited, was given 90 to 120 days credit limit, they should have enquired into the reasons behind it and should have gathered enough evidence for evaluating the credibility of the customer. But they accepted the Mary Maxwell assurance for this customer. This evidence clearly shows that this audit was not conducted entirely in compliance with the professional guidance regarding the forensic-type phase of audit.
What moves does combusken learn and what level does it learn them at?
Level 0- Scratch Level 0- Growl Level 0- Focus Energy Level 0- Ember Level 7- Focus Energy Level 13- Ember Level 16- Double Kick Level 17- Peck Level 21- Sand Attack Level 28- Bulk Up Level 32- Quick Attack Level 39- Slash Level 43- Mirror Move Level 50- Sky Uppercut Level 54- Flare Blitz
What level does Magikarp evolve into Gyarados?
Level 20
How does wipro acquire cmmi level 5 certification?
Audit your firm for acquiring CMM level.
What is the meaning of financial statement level risk?
Financial statement level risks are risks of materials misstatement of the financial statements. These are the same for both audit of financial statements and audit of internal control.
Who responsible for social audit at grass root level?
It depends where you are living. Grass roots is usually at local level.
What entry level accounting jobs are available?
There are a lot of accounting jobs reaching high and starting on the entry level. Good jobs to start with are audit accountant, audit associate, payroll associate, account clerk associate.
What is to the federal level as the governor is to the state level?
The President is the chief executive officer of the Federal level of government.
What is the Difference between medium and higher level profession?
aaa
What level of government is post offices?
federal
At what level are election laws passed?
federal level
What level of government controls social security?
Federal
Who is the current speaker at federal level?
the current speaker at federal level is quinten brice
What is the relationship between the federal level and the states?
the federal level is nationwide. whereas statelevel obviously is the state you reside in.
What level is the grand jury a guaranteed right?
Federal level
