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What is the difference between investigation and statutory audit?
statutory audit is one conducted to meet the particular requirements of a governmental agency. Where such audits take place, the scope and audit programs are set by the governmental body. Banks, insurance companies, and brokerage firms have statutory audits. Since the auditor's report must conform to standards required by the governing agency, the statements and other financial data generated from these audits may not conform to Gaap. Audit management is responsible for ensuring that board-approved audit directives are implemented ---------------------------------------------------------------------------------------------------------------- Audit management oversees the internal/external audit staff, establishes audit programs, and hires and trains.
How the acceptance of large and high risk audit clients for relatively high audit fees may threaten an audit firm's de facto and perceived independence?
The professional judgment of auditors may be compromised when their firm is overly dependent on one or a few large clients. Auditors, even those at the lower levels of a CPA firm, are likely cognizant of the economic impact that losing such a client would have on their firm and possibly on their own professional careers. This awareness alone may cause auditors to be more "flexible" during such engagements. This problem may be compounded when a large client poses a relatively high audit risk since there is a greater likelihood that problematic issues requiring the exercise of professional judgment will arise on such an engagement. Criticism of the auditing profession has sensitized investors, creditors, and other third-party financial statement users to the paradoxical nature of audit independence. Third parties often find it difficult to accept that auditors can maintain an objective, professional point of view when the client retains and compensates the audit firm. This skepticism is likely heightened in circumstances such as those that existed in the Phoenix audit market in 1985. In a highly competitive audit market, the acceptance of a huge client, such as Lincoln, may cause third parties to assume that the given audit firm will resolve key accounting and auditing issues in the client's favor to ensure retention of the client.
What schools do you have to go to be a conductor?
To become a conductor, one typically attends a music school or conservatory that offers programs in conducting or orchestral studies. Prominent institutions include Juilliard, the Royal Academy of Music, and the Curtis Institute of Music. Many conductors also hold advanced degrees in music and gain experience through internships, workshops, and by conducting various ensembles. Networking and mentorship from established conductors can also play a crucial role in one's career development.
What is Risk based internal audit?
Risk based audit is an approach used in auditing to determine what areas in a business have a high risk of causing misstatements in the financial report. This method is also used to know what auditing procedures should be used in order to have an efficient and effective financial outcome.
How much do big 4 audit partners make?
Based on recent U.S. anecdotal evidence as well as public information in U.K. (similar practice to US), average Big Four audit partners took a distribution of about $500-$700 thousand per year - applicable to 2006-2008 time frame. As with all industries, the pay will vary with the economy. One can reasonably guess that FY 2009 (starting 7/1/08) pay will be much less.
What was one social problem the Romans had?
The biggest social problem was the abject poverty of the masses.
What is the relationship between audit and mathematics?
The application of statistical and mathematical tool in conducting audit is very important from the point of view of auditor's effectiveness in discharging his duties. Due to paucity of time, it is not possible for the auditor to conduct in depth checking of different transactions in an Organization. Test checking is the only way out and the technique of test checking is basically based on one of the statistical tool, i.e., sampling. Different other mathematical and statistical techniques are adopted in conducting audit in the areas of vouching, verification and routine checking to make the audit procedures effective.
Social audit in India?
Social audit is one of the audit functions with focus on monitoring various programs. In India, it is used in the context of the effectiveness of the schemes / programs run by the Government of India. Also, recently it has been used to check the effectiveness of the popular scheme NREGA (National Rural Employment Guaranty Act / Scheme). More on this is available at:http://www.rajeshtimane.com/4/ngos/social-audit.htmlor visit: http://www.rajeshtimane.com/
What is audit note book?
an audit notebook is one in which the auditor makes notes of all important items that he comes across in cource of his audit work.
What is the definition of a social problem?
A social problem is a problem that affects groups of people in society and that puts them in a situation that is worse than what it should be according to that society's norms and standards. This entails that a social problem by its nature is subjective: norms can change over time and what today is not seen as a social problem may be seen as one tomorrow. Perceived social problems may also vary depending on national, historical and/or cultural differences between societies.
What was one social problem Jane Addams wanted to reform?
child labor
Where can one purchase audit software for their company?
Extensive research has provided very little information as to where one can purchase audit software. Further research has found that there is a company called "Intelex" that provides audit software. One can apply for a free trial from their website. This company has provided audit software for companies such as Bell, GE and Volvo.
What is one reason that audit quality can suffer?
Research has found that audit quality suffers when the auditor has an incentive to limit the amount of audit testing to ensure that the engagement remains profitable.
What is the first step to take when conducting a scientific investigation?
The first step in conducting a scientific investigation is to define the problem or research question that you want to address. This involves clearly stating the objective of the study and identifying what you want to learn or discover through your research.
In the telecom industry what is an audit?
An audit in the telecom industry could be one of several things. First, it could be an accounting audit to record financial statistics. Second, it could be an audit on the compliance of ISO standards for hardware, software or processes. Lastly, it could be a health and safety audit on workplace conditions.
What is inconclusive audit?
An inconclusive audit is one in which the evidence presented is not definite under the specific requirements needed. Information that may be conclusive in other situations can sometimes be inconclusive during an audit.
What is the major problem of society?
One major problem in society is inequality, where there is unequal access to resources, opportunities, and rights among different groups. This can lead to social unrest, discrimination, and lack of social justice.
