SDM Audit’s responsibility is to express an opinion on the financial statements based on the information found in our audit. The audit will be conducted in accordance with generally accepted accounting standards in the United States of America. Under these standards we are required to obtain reasonable assurance that the statements provided are free from material misstatements whether by fraud or error. We are also required to obtain reasonable assurance that the financial statements are not misleading. Please be advised that this audit will not necessarily find all errors or fraud especially if the error or fraud is immaterial.
The audit is not designed to provide assurance on internal control, or to identify significant deficiencies. However, the audit does include obtaining an understanding of internal control sufficient to plan the audit and to determine the nature, timing, and extent of audit procedures to be performed. We are responsible for ensuring that the audit committee is aware of any significant deficiencies that come to our attention. The financial statements are the responsibility of the company’s management. Management is also
If their expectations were not met then Greg Allen Construction Corp. could be held accountable. However, in order for Daniel and Sondra to obtain credit there were required inspections throughout the project. If throughout the process much of Allen’s work was unacceptable then the Estelle’s did what they were supposed to be. If the work was completed and no complaints were made during the inspections until after the work was completed then Allen’s corporation wouldn’t be held liable. That would be due to that the fact that the inspections were to have been assumed to be passed during the work.
("AICPA'S Code of Professional Conduct ", 2006-2014). The AICPA views that accountants should always exercise sound moral judgment in all accounting activities. Accountants have the responsibility of providing clients with professional services while presenting a truthful and accurate assessment of the information. Ethics in accounting are concerned with how to make good and moral choices in regard to the preparation, presentation and disclosure of financial information. Accountants have ethical responsibilities to many different parties, both internal and external to the company.
Rachael Consulting treats its clients as well as its employees with the utmost respect. III. Standards and Procedures 1) All employees of Rachael Consulting must abide by all local, state and federal regulations. This includes but is not limited to any certifications required to perform work duties. 2) The Code of ethics here at Rachael Consulting is strongly enforced.
When acting in a person’s best interests you must do so with their consent unless it is deemed that the person you are supporting lacks capacity to make that particular decision at the time it needs to be made. 1.2 Describe how the duty of care affects own role. As a support worker my duty of care means that I must aim to provide high quality care to the best of my ability at all times using the knowledge , training and skills I have obtained . . So, for example, an accountant must get their sums right and apply for the right tax exemptions for their clients.
Security is one of the most important things that any organization should be concerned about. Protecting not only the organization itself and its employees, but also the information and data stored by the organization, is something that is expected of organizations. Without the proper security in place, the organizations information and data would be susceptible to theft and fraud. The threat of theft or fraud can come from anywhere; a malicious third party outside the organization, a disgruntled former or current employee, or even an unsuspecting employee who doesn’t realize that what they are doing is a threat to security. There are many ways that an organization can take steps to counter these threats, as well as respond to them should preventative measures fail.
Even though the accounting profession has guiding principles (GAAP), they are not absolute, but subject to human judgment and interpretation and, at times, the lack of compliance leads to fraud (e.g., Enron, WorldCom, and others). The human free will comes into play, as witnessed in the Enron case; principles were NOT applied or complied
The principle of objectivity is the obligation to be honest, impartial, and free from relationships that may impose conflicts of interest. Accounting professionals serve various interests in different capacities and regardless of service the integrity of one’s work should be protected in avoidance of jeopardizing one’s judgment. The member must also periodically assess client relationships and the responsibility of the public. Avoiding conflicts of interest while maintaining integrity, objectivity, and rendering professional services is a sure way of performing in the best interest of the
They got too close to Minkow and became too dependent on his business. As a result, they allowed themselves to become easy targets for Minkow’s manipulation. The lesson from this case is that auditors must remain objective and independent from audit clients. In addition, auditors must apply professional skepticism throughout an audit engagement. It should be noted that there might be cases where fraud is extremely difficult to detect.