This is necessary in order to assess the risk of misstatement of the financial statements, whether due to a mistake or fraud. The evidence obtained through the audit needs to be sufficient and complete (Boynton & Johnson, 2006). The standards of reporting, the auditor is required to imply that the financial statements were provided in accordance with the Generally Accepted Accounting Principles (GAAP). Otherwise, the report needs to be recognized the reasons in which the principles have not been observed. The audit report needs to contain an opinion concerning the financial
This can be achieved through the following general principles: 1. Establishment of Responsibility - Setting clear expectations of your employees and making sure 2. Segregation of Duties and Segregation of Record Keeping - Making sure that no single individual remains 'unchecked' by others in his or her activities, and that the same people responsible for certain actions are not also solely responsible for recording those actions. 3. Documentation of Procedures - making sure that the expense reports are accurate and that original receipts are used for proof.
Include an abstract. A running head is optional. Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments. ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client.
Other attestation standards include specific guidance on other attestation services, again to ensure each CPA practices applicable accounting procedures. The final standard that leads as most important is the Code of Professional Conduct. The Code of Conduct dictates ethical conduct and asserts that all practicing CPAs will act ethically and follow all three former standards and rules. A Code of Conduct is necessary for detouring fraud and ensuring the utmost professional
However, an implicit assumption is that users need reasonable knowledge of business and financial accounting matters to understand the information contained in financial statements. This point is important. It means that financial statement pre- parers assume a level of competence
To have a duty of care is to have a legal duty to take reasonable care to ensure the safety of others associated with the business or project. Identification of potential risks to others require the facilitators to assume reasonable
While this adds to the usefulness, since reports from one period are comparable to reports from another, it also aids in analyzing reports for this same reason, too. This means that certain methods can be used for a single item. If a method needs to be changed, this is something that would then have to be clearly explained and illustrated through disclosures. This can only happen as long as the entity can justify the use of an alternative accounting principles, and this entity must be ready to defend the change, which should not be taken
When goals are supported by plans then it is possible to help the team to reach the target which is deliver quality standards to customers. We need to first break the goals into smaller achievable, measurable steps. We need the members to be clear about the actions they need to take in order to achieve the goals, the goals that involves customer service, objectives and standards has to be clear. Time frame, milestones and deadlines has to be identified. Specific roles will have to be given to individual team members and allocate resources that help goals to be achieved.
This process will include the preliminary review, assemble the audit documents, conducting the on-site audit, and then finish and follow up activities. The preliminary review helps to determine how effective the results of the audit will be. By formulating a detailed plan for the audit, this ensures that the timeline, scope of the actual audit procedures, and the audit location, will be met for optimal results. Forming a preliminary list for personnel interviews to be conducted during the on-site review is also a pertinent part of the preliminary review process. Assembling the audit documents is critical for observations and recording information.
The last element is decision making and managers must do this after reviewing the choices from the information and the alternatives given in the reports or logs. Decisions rely on this information and that is why it is imperative to have honest and accurate reporting (Baker & Baker, 2011).