The authors' familiarity and knowledge about the organization being audited
probably made this approach feasible.
The auditors were professional and experienced in the multiple states for which they audited
. The joint audit program was net a simple endeavor.
If, after an initial appointment, the state auditor recommends a managed audit, a representative of the business and a state auditor execute a managed-audit agreement, specifying the period to be audited
and the audit length.
But if you go back 30 years or so, you'll find it was mainly the independent auditor that audited
internal controls - and determined whether those controls helped to produce fair financial statements.
(Note: the DOL considers any dollar amount material.) In addition, the auditor should analyze the change in the financial line items from the prior year's audited
financial statements to this year's ending general ledger balances and indicate the assessed audit risk and the evaluation of the control environment.
as part of the NRP retain all their appeal rights; thus, they can appeal unagreed issues.
CPAs can use this evidence to reduce the nature, timing and extent of substantive procedures they perform in reporting on audited
The AICPA strongly supported the SEC's proposal to prohibit any officer or director of issuers of financial statements that are being audited
, or anyone else acting under their direction, from misleading an auditor.
You've got to be thinking how a particular transaction's going to play out when you're audited
. How do you prepare?
Auditors on a detection mission stick to identifying control lapses and recommending improvement to the audited
Our financial statements are audited
by an international accounting firm--for the comfort of the owners."
A new fraud audit standard recently approved by the Auditing Standard Board officially launches the AICPA's anti-fraud program designed to rebuild investor confidence in our capital markets and re-establish audited
financial statements as a clear picture window into corporate America.
The plan should list the companies being audited
, the potential areas to be examined, and which agents are assigned to each area.
Such items might include the company's organization chart, information showing the percent of ownership of all subsidiaries, annual reports, audited
financial statements, applicable accounting policy manuals, logistics for the audit team's review of corporate minutes, copies of corporate tax returns to include any amendments or carry backs, copies of partnership tax returns and/or K-1's, G/L, and A/P data files used in preparing the tax return, and other unique items to the company or industry.
The public accounting profession must be protected from excessive litigation, and the investing public should be able to rely on published audited