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1- Answer the following two questions in good essay form following APA format. This assignment should be 500-750 words. Please use at least two references to support your paper.
1. What has been the impact on company management and auditors in implementing the provisions of the Sarbanes-Oxley Act of 2002? Discuss how effective you think this Act is in preventing fraud and accounting oversights. Cite evidence from your reading.
2. Has the Public Company Accounting Oversight Board (PCAOB) been effective in achieving the objectives of internal control over company financial reporting? Cite evidence from your reading.
2- In your own words and a maximum of one page, please answer the following questions:
1. Compare the Securities Acts of 1933 and 1934
2. Please summarize the major findings in the 1136 Tennant's Case (textbook is: Whittington, O.R. & Pany, K. (2012). Principles of Auditing and Other Assurance Services (18th edition). New York, NY: McGraw-Hill/Irwin. ISBN: 978-0-07-748627-3.)
Determine whether the responsibility to hire and fire audit managers should have prevented the firing of the chief of internal auditing by management for reporting fraudulent activity.
Show why each of the five areas specified by the audit committee may or may not be suitable for this assurance engagement.
Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:
Using a standard format memo please discuss the why it is desirable for corporations, charities, and NGOs to change their External Audit firms every 7-10 years.
Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
Use what you have learned to create a story that summarizes and/or illustrates selected key concepts and techniques related to organizational fraud.
What is pro forma reporting according to regulation SX of the SEC? How has pro forma reporting been used by corporations over the years? Summarize the arguments for and against this type of reporting.
Explain why sampling is important in the auditing process. Give an example of an instance where sampling would be appropriate and an example of where it would not, explain why
Describe and explain the nature and scope of forensic auditing and how it differs fromthe normal statutory audit of companies and the sufficiency of the Firm's emphasis on the critical need to exercise due care and professional skepticism when perfo..
Financial Statement Assertions: Inventory Inventories are properly at the lower of cost or market. Inventories in the warehouse on the balance sheet date are all reported.
Analyse whether Arthur Andersen had encountered any of the threats above and explain how it was dealt with before its doom.
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