Assignment 3 - Ethics Case

PLEASE MAKE SURE THE ANSWER IS CORRECT 100% A financial audit is an examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent. The audit can be conducted internally by employees of the organization or externally by an outside Certified Public Accountant (CPA) firm.   a. Working as an auditor is a career opportunity for accounting students. List down Two big auditing firms in Kuwait?   b.Who/which company was the independent auditor of the financial statements of Emirates in 2018 ?   c. Describe the contribution of emirates airways to community and environment as part of their CSR commitment. (refer to attachments). Mention at least three activities.

Question 2   “It is the auditors’ responsibility to gather sufficient appropriate evidence to reach their opinion”. Discuss the above statement by explaining the differences between the evidence’s sufficiency and appropriateness. Your answer should include a discussion of TWO types of audit evidence.                                                                                         You are an audit manager of Earl & Co and are planning the audit of Darjeeling Co for the year ending 30 September 2020. The company develops and manufactures specialist paint products and has been a client of your firm for several years.   During the year Darjeeling Co has spent $0·9m, which is included within intangible assets, on the development of new product lines, some of which are in the early stages of their development cycle. Additionally, as the company is looking to expand production, during the year it purchased and installed a new manufacturing line. All costs, incurred in the…

Question 37 The Sarbanes-Oxley Act strengthens auditors’ independence by requiring that: Group of answer choices All audit team members must rotate off of the engagement after five years. The lead partner and concurring partner must rotate off of the engagement after five years. A publicly held company must change audit firms after five years. A publicly held company cannot hire someone as chief financial officer if that person worked on the audit within the last five years.

Font Paragraph √ Assume that you are an audit senior in charge of planning the audit of an entity that your firm has audited for the previous four years. During the audit planning meeting with the manager and partner in charge of the engagement, the partner noted that the entity recently adopted an IT-based accounting system to replace its manual system. The manager and partner have limited experience with IT-based accounting systems and are relying on you to help them understand the audit implications of the entity's change. Consequently, they have asked you to respond to a few concerns regarding automated accounting systems. Required: a. In previous years, the audit firm has relied heavily on substantive procedures as a source of audit evidence for this entity. Given that the entity now has changed its accounting system, what are some of the factors that you should consider when deciding whether to move to a reliance strategy? b. Under what conditions should the audit firm consider…

ll Digicel ? ( 8:20 AM © 49% P Flag question Time left 0:34:28 Auditing is the systematic process of obtaining and evaluating evidence regarding assertions about economic actions and events in order to determine how well they correspond to the established criteria. Developing knowledge of business operations is regarded as a part of which of the following audit processes? а. evaluation of evidence b. collection of evidence С. planning d. communication of results Question 3 A moodle.uog.edu.gy

CASE STUDY: HARRISONS LTD You are a new staff member of Monet & Associates, a mid-sized accounting firm and have been assigned to an engagement team that is conducting the financial report audit for Harrisons Ltd (Harrisons). The engagement team, under the guidance of the engagement partner, Vince Mater, is currently performing a preliminary risk assessment of the audit client. The following documents have been provided to you: Memo from audit partner, Vince Mater, dated 6thJanuary 2020 which includes a summary of the initial audit procedures undertaken by the engagement partner for the 31 December 2019 audit. A relevant industry outlook report provided by the Australian Construction Industry Forum published on 7 November 2019.   REQUIRED: You have been asked to assess the inherent risk of the client and perform preliminary analytical procedures as part of the audit planning process in obtaining an understanding about the client’s business and indicate where there is an increased…

3 Curlew Ltd You work in a mid-tier firm with 54 partners which has been invited by the directors of Curlew Ltd (Curlew) to accept appointment as external auditor of the company. The assurance firm which currently performs the external audit will not be re-appointed when its term of office expires. Curlew is an owner managed business which is run by Mr and Mrs Curlew who are currently the only directors. You currently audit a number of companies in the same industry sector. The directors have indicated that they would like your firm to provide the following additional services: (1) Advice in respect of the purchase of an off-the-shelf IT package as the directors are overwhelmed by the choice available. (2) Assistance with the recruitment of a finance director; and provision of advice on the remuneration package of the prospective finance director. Requirements (a) Set out the matters, other than independence and objectivity, to be considered and the procedures to be performed in order…

Discussion Questions on Fraud Prevention from Chapter 4 Fraud Examination 4th Edition 1. How do organizations create a culture of honesty, openness, and assistance? 2. What are different ways in which companies can eliminate opportunities for fraud? 3. What is the purpose of adopting a code of ethics throughout a company?

Assignment 1: Individual research/essay You are a newly hired fraud examiner. You have been asked to write a preliminary report on the Paving Company Case scenario based on the information presented in Units 1 to 4 and findings from your additional research.  Your report should not exceed 2,000 words. The word limit is not inclusive of the bibliography and cover page.  In your response, the following points must be addressed fully: a)      Determine the type of fraud committed and describe the symptoms of fraud that might be evident to an investigator.  b)      As discussed in units 1 to 4, all frauds involve key elements. Identify and describe using examples the elements of the Sharp's fraud.  c)       In the scenario, Sharp’s employer has been putting more emphasis on controlling costs for the various businesses. With the slowing of overall spending in the construction sector, Travolta had ordered managers to closely monitor expenses. He had sold several companies and has given vice…

Chapter Problem 5-39 Ratio/Trend Analysis Compared to Industry Arthur, CPA, is auditing The Home Improvement Store as of December 31, 2016. As with all audit engagements, Arthur's initial procedures are to analyze the entity's financial data by reviewing trends in significant ratios and comparing the company's performance with the industry so that he better understands the business and can determine where to concentrate his audit efforts. As part of Arthur's audit of The Home Improvement Store, he performed analytical procedures by calculating the following ratios and obtaining related industry data. The Home Improvement Store Industry 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Quick ratio 0.67 0.73 1.38 0.45 0.29 0.79 0.81 0.07 091 1.08 Days of laventory on hand 62.73 75.15 12.40 84.02 80.52 82.26 79.89 86.06 84.13 75.04 Inventory current assets 53.48% 45.51% 48.42% 62.28% 80.91% 58.04% 56.44% 60.19% 60.92% 50.33% Return on assets 16.10% 9.75% 5.70% 2.16% 6.05% 6.98% 8.87%…

Fast plz Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. Identify which of the following is related to their audit process.      Conduct interviews     Discussing corrective action plan          Create audit procedure and plan      Identifying the risk

HI6026 AUDIT, ASSURANCE AND COMPLIANCE Question 5       You are an audit manager at Carillion & Associates and have been assigned to the audit of Colette Hayman Ltd (CHL) for the year ending 30 June 2020. CHL is an Australian manufacturer, wholesaler and retailer of women’s handbags and shoes. CHL manufactures all its products at its Melbourne factory and sells via retail outlets throughout Australia. CHL is listed on the Australian Securities Exchange, and Carillion & Associates has been its auditor for several years. In recent years, CHL has been finding it difficult to meet its projected profit forecasts due to increased competition from new local competitors, imported products and online shopping; the increasingly high Australian dollar; and the impact of the global and USA financial crisis on consumer spending. During the planning stage of the audit, you become aware of the following matters: CHL has significant loans from its bank. The bank has indicated that it is…

HI6026 AUDIT, ASSURANCE AND COMPLIANCE Question 5   You are an audit manager at Carillion & Associates and have been assigned to the audit of Colette Hayman Ltd (CHL) for the year ending 30 June 2020. CHL is an Australian manufacturer, wholesaler and retailer of women’s handbags and shoes. CHL manufactures all its products at its Melbourne factory and sells via retail outlets throughout Australia. CHL is listed on the Australian Securities Exchange, and Carillion & Associates has been its auditor for several years. In recent years, CHL has been finding it difficult to meet its projected profit forecasts due to increased competition from new local competitors, imported products and online shopping; the increasingly high Australian dollar; and the impact of the global and USA financial crisis on consumer spending. During the planning stage of the audit, you become aware of the following matters: CHL has significant loans from its bank. The bank has indicated that it is concerned…

ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways.Required:Identify and explain the five stages in audit process. Discuss three importance of audit planning. b) You are the audit senior in charge of the audit of Malaika Company and have been informed by your audit manager that during the year a fraud occurred at the client. A payroll clerk set up fictitious employees and the wages were paid into the clerk’s own bank account. This clerk has subsequently left the company, but the audit manager is concerned that additional frauds have taken place in the wages department.Required:i) Describe six procedures which should be undertaken during the audit of wages as a result of the manager’s assessment of the increased risk of fraud.

Instruction: Briefly answer the following questions: 4-5 SENTENCES ONLY EVERY question 1 .An important element of the control environment is the organization’s commitment to ethics and integrity. How might an internal auditor assess the organization’s commitment to ethics and integrity?   2. How might management and internal auditors assess each one of the following? The independence and competence of the board of directors The competence of accounting personnel Whether company employees are adhering to the company’s code of conduct   3.What is monitoring? Identify the two major types of monitoring and explain how they could be used by management. I.Ongoing Evaluation II.Separate Evaluations   PLEASE NO PLAGIARISM. I WILL GIVE UPVOTES AND COMMENTS. THANKS!

REVIEW QUESTIONS 1 Companies with good governance are less risky to audit.' Expand this statement to justify the relevance of good governance to audit. 2 All companies have accounting systems to ensure all valid transactions are properly recorded within a timely period. In order to accomplish company's objectives, describe the common control activities that the company may implement in their accounting systems. 3 Rafi works at TBG Cinema. Sells the tickets and also ushers customers into the cinema halls. The standard procedure requires Rafi to tear the tickets, give one-half to the customer, and keep the other half for record. In order to control cash receipts, the manager will compare each night's cash receipts with the number of ticket stubs on hand. Identify the internal control weakness in this situation. How can this situation be improved?

Chapter 13:  Overall Audit Strategy and Audit Program The following are two situations, all involving non-public companies, in which the auditor is required to develop an audit strategy: 1.  The client has inventory at approximately 50 locations in a three state region.  This inventory is difficult to count and can be observed only by traveling by car. The internal controls over acquisitions, cash disbursements, and perpetual records are considered effective.  This is the fifth year that you have done the audit, and audit results in the past have always been excellent. 2.  This is the first year of an audit of a medium sized company that is considering selling its business because of severe under financing.  A review of the acquisition  and payment cycle indicates that controls over cash disbursements are excellent but controls over acquisitions cannot be considered effective. The client lacks receiving reports and a policy as to the proper timing to record acquisitions.  When you…

U2 You have recently graduated from the University of Sharjah and joined Nestle Company UAE as an internal auditor. They have engaged you for an internal audit engagement. You need to audit their procurement (purchase) department. Please write down the key considerations which you will take into account before the start of audit engagement and during the audit engagement?

Question 1 In order for public to have confidence in work perform by professional accountants it is essential to have a system regulation. Regulation can take the form of both ethical and statutory guidance. Required; a) State the five threats contained within IESBA's Code of Ethics for professional Accountants and for each threat list one example of circumstance that might create the threat. b) Explain the Auditor's ethical responsibilities with regards to client confidentiality and when they have obligatory responsibility to disclose client information on a voluntary responsibility to disclose client information. Compliance with the fundamental principles in IESBA's Code of ethics for Professional Accountants can be threatened in a number of ways. Required; c) Explain each of the five fundamental principles of IESBA's Code of Ethics for Professional Accountants. d) List the five ethical threat to independence and objectivity and for each threat identify one example of a circumstance…

Tendering You are an audit manager in Gogoe & Co, an audit firm which operates as part of an international network of firms. This morning you received a note from a partner regarding a potential new audit client: I have been approached by the audit committee of the Frimps Group, which operates in the mobile telecommunications sector. Our firm has been invited to tender for the audit of the individual and group financial statements for the year ending 31 March 2018, and I would like your help in preparing the tender document. This would be a major new client for our firm’s telecoms audit department. The Frimps Group comprises a parent company and six subsidiaries, one of which is located overseas. The audit committee is looking for a cost effective audit, and hopes that the strength of the Frimps Group’s governance and internal control mean that the audit can be conducted quickly, with a proposed deadline of 31 May 2018. The Plant Group has expanded rapidly in the last few years and…

1 views (A)       As an auditor you are assigned to carry out the audit of the financial statements of Shine Cleaning Products Ltd for the year ended 31 March, 2019. You discover that two of the audit working files from the preceding year’s audit are missing. The preceding year’s audit was carried out by Ben Smith, who has already left the firm. You are concerned as you do not have much knowledge about cleaning products and this is only the second audit assignment for which you are responsible. You consult your manager and ask to be given more time to complete the audit. Required: (i) Discuss the significance of audit quality control.                                                                                ASA220 (ISA 220) states that the audit firm should implement quality control policies and procedures at both audit firm level and individual audit level.…

Case study The audit of Megatron plc is under consideration by the executive directors. The group has been audited by one of the international audit firms, Tickitt & Run, for the last fourteen years. Tickitt & Run also carry out certain internal audit functions, have advised Megatron on several major acquisitions and also provide computer consultancy services and finance consultancy. The senior partner of Tickitt & Run is a regular guest at several Megatron corporate events and Tickitt & Run were joint sponsors with Megatron of a tennis tournament in Antigua where they entertained the board of Megatron at an end of tournament party, at which several major tennis stars were present. After the corruption scandal that caused the downfall of previous CEO Sir ‘Billy’ Bustler and Chairman Lord Footler, the new CEO, a Scottish chartered accountant called McTavish, is reviewing all professional relationships with a view to enhancing the corporate governance in the group. He is…

Case study The audit of Megatron plc is under consideration by the executive directors. The group has been audited by one of the international audit firms, Tickitt & Run, for the last fourteen years. Tickitt & Run also carry out certain internal audit functions, have advised Megatron on several major acquisitions and also provide computer consultancy services and finance consultancy. The senior partner of Tickitt & Run is a regular guest at several Megatron corporate events and Tickitt & Run were joint sponsors with Megatron of a tennis tournament in Antigua where they entertained the board of Megatron at an end of tournament party, at which several major tennis stars were present. After the corruption scandal that caused the downfall of previous CEO Sir ‘Billy’ Bustler and Chairman Lord Footler, the new CEO, a Scottish chartered accountant called McTavish, is reviewing all professional relationships with a view to enhancing the corporate governance in the group. He is…

Question 3: (35 Marks) As the in-charge senior auditor on the audit engagement for JA Tire Manufacturing for the year ended December 31, 2019, you are responsible for auditing the revenue cycle. The manager has instructed you to read JA Tire Manufacturing system provided on the first tab of the Excel file "Appendix 1_JATireSales_Data" before attempting this audit to familiarize yourself with the sales process and the relevant worksheets and terminology. This file contains sales transaction information for the year ended December 31, 2019. JA Tire has four sales divisions within Canada and sells primarily to large tire companies with regional warehouses that subsequently distribute to local retailers. Based on some of the risk assessment procedures already performed, you identified risks related to the fact that salespersons receive a commission on sales to distributors and the commission is calculated on a monthly basis. Your manager has asked you to perform analytical procedures as a…

Question 2- PART AAuditors can only control the level of detection risk as the inherent risk andthe control risk are out of auditors’ control. PART A Requirement:Discuss the differences between the three types of risks with an explanation of why auditors can only control the detection risk.   PART B  You are currently planning the audit of your client, DEF plc. Its year end is 31December 2019 and the forecast profit before tax is £15.5 million. DEF has a small internal audit (IA) department. During the year, IA started a programmeof physically verifying the company’s assets and comparing the results to the non-current assets register, as this type of reconciliation had not occurred for some time. To date only 15% of assets have had their existence confirmed as IA has experienced significant staff shortages and several members of the current IA team are new to DEF plc. Inventory is held in six locations and on 25 and 26 December a full inventory count will be held with adjustments for…

Case study The audit of Megatron plc is under consideration by the executive directors. The group has been audited by one of the international audit firms, Tickitt & Run, for the last fourteen years. Tickitt & Run also carry out certain internal audit functions, have advised Megatron on several major acquisitions and also provide computer consultancy services and finance consultancy. The senior partner of Tickitt & Run is a regular guest at several Megatron corporate events and Tickitt & Run were joint sponsors with Megatron of a tennis tournament in Antigua where they entertained the board of Megatron at an end of tournament party, at which several major tennis stars were present. After the corruption scandal that caused the downfall of previous CEO Sir ‘Billy’ Bustler and Chairman Lord Footler, the new CEO, a Scottish chartered accountant called McTavish, is reviewing all professional relationships with a view to enhancing the corporate governance in the group. He is…

Case study     The audit of Megatron plc is under consideration by the executive directors. The group has been audited by one of the international audit firms, Tickitt & Run, for the last fourteen years. Tickitt & Run also carry out certain internal audit functions, have advised Megatron on several major acquisitions and also provide computer consultancy services and finance consultancy. The senior partner of Tickitt & Run is a regular guest at several Megatron corporate events and Tickitt & Run were joint sponsors with Megatron of a tennis tournament in Antigua where they entertained the board of Megatron at an end of tournament party, at which several major tennis stars were present.     After the corruption scandal that caused the downfall of previous CEO Sir ‘Billy’ Bustler and Chairman Lord Footler, the new CEO, a Scottish chartered accountant called McTavish, is reviewing all professional relationships with a view to enhancing the corporate governance in the…