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The privately owned company that you work for has been awarded a contract that will require submission of the company's audited financial statements. The owner of the company is not familiar with audits and audited financial statements. As the Controller, prepare a 700-1,050-word report to the owner explaining the work of independent CPAs, auditing standards, ethics in auditing, and how an audit could help your company reduce its information risk. Be sure to perform the following:
a. Examine the CPA profession and licensing requirements (Use New Jersey's please).
b. Explain how a licensed CPA (as an outside auditor) could be of value to your company.
c. Critique current auditing standards.
d. Analyze the importance of ethics in the audit process.
e. Assess the role of auditing in reducing information risk for decision makersf. Explain how independent audits could help the decision makers at your company.
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
What are the different types of audits that can be performed? Identify and briefly describe one...there are several so several students can respond to this question with a unique answer.
What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?
An auditor evaluation and study of the internal accounting control system
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
Describe the role the objective setting process plays in how and if auditing objectives are met. What are some steps you might take to ensure you consistently meet audit objectives?
Describe the broad purposes of analytical procedures. When are analytical procedures required during an audit? Explain why auditors use analytical procedures extensively in all parts of the audit.
Propose a broad audit plan
What types of unethical behavior should we expect to see from our clients? Also, how do we interpret "honest" mistakes from intentional fraud?
Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
Code of Ethics for Professional Accountants
Define fraud and the roles and responsibilities of an Auditor in detecting and reporting fraud. Talk about the impact of accounting fraud. Give an example of fraudulent activity.
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