Audit Essays

Introduction Auditors are responsible to provide an independent opinion on the true and fair view of the financial statements after he has acquainted himself with all the relevant and reliable evidences with the client. Auditor is expected to a professional adroit with sufficient proficiencies and competence to assess whether the …

Sarbanes–Oxley, Sarbox or SOX, is a United States federal law which was introduced in 2002. It is also known as the “Public Company Accounting Reform and Investor Protection Act” and “and ‘Corporate and Auditing Accountability and Responsibility Act”. The main objective of the act is to protect investors by improving …

What roles do accountants play in managing government and not-for-profit organizations? According to Granof, “conventional, business-type management accounting focuses mainly on maximizing net inflow of cash. The aims of governments and not-for-profit organizations, of course, go well beyond maximizing cash flow” (Granof, 2013). Accountants in government and not-for-profit organizations can …

After reviewing last year’s (2013) 10-K filing with the SEC, the board of directors’ minutes, and other documents pertaining to Apollo Shoes, Inc. here is our initial recommendation for staffing requirements: Audit engagement partner * Audit manager * It audit specialist Tax partner Quality assurance partner Legal specialist Audit Staff …

Livent, a successful live entertainment company, known for performances of Phantom of the Opera, Ragtime, and Sunset Boulevard, was sold in 1998 to buyers that found the value the paid for the company was an illusion. Livent’s chief financial officer, Maria Messina, who joined Livent in 1996 after serving as …

‘An annual report is a comprehensive report on a company’s activities throughout the preceding year. Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.’ Annual reports in the police The Office of the Police and Crime Commissioner are required to …

1.0 Understanding the Importance of Corporate Communication: The companies and the organizations communicate through different kinds of channels. All these are defined under corporate communication. Every single types of communication are important for the organization. But before discussing the importance we have to know what corporate communication is. Corporate communication …

1. Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate transactions. Briefly describe the substance over form concept and exactly what it requires. What responsibility, if any, do auditors have when a client violates this principle? Substance-over-form is an …

Management of Billy’s made several assumptions towards its newly acquired company, Little Drummer Boy. Management finally adopted the assumptions that the fair value of significant assets acquired was $865 million and that of other assets was $145 million. At the same time of the acquisition, management also decided that useful …

This is letter is to inform you of the plans for the beginning of the audit process that we plan to take to complete the audit of Apollo Shoes. There are many parts to the process and we will discuss each within this letter. The beginning of the audit process …