Q 1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Food, Inc Solution: SEC has a significant influence on the audit of Smackey Dog Food, Inc because it sets certain auditing standards that need to be adhered to while conducting and audit of any organization. One of the standards is ensuring a professional independence of auditors as they carry out their audit. Keller CPA would be more objective in their opinion by maintaining independence in all maters and be free from conflict of interest in performing their professional engagement. Thus, although SEC does not possess direct control over privately held companies like Smackey, it, however, sets up generally accounting principles and disclosure requirements for all auditors to follow in order to prevent fraud and misstatement and to ensure fairness to users of audited financial statements for investment purposes or decision making. Therefore, Keller CPA would be required to follow the six generally accepted auditing standards established by ASB of the AICPA with regards to field work and reporting which were established through the influence of SEC. (Arens, Alvin A., Elder, Randall J., and Beasley 2012 p. 31) Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically relate to Smackey Dog Food client? Solution: Keller CPA would first understand the clients’ industry operations and in particular how the clients’ business functions. This understanding will set the stage for assessing clients’ business risk, risk of significant and material misstatement of the client’s financial positions and the overall audit risk. The four major part of audit planning are: (i) Understanding internal control operatio... ... middle of paper ... ...ble to third parties. Liability under SEC can also arise as well as violation of SAS 99 by not exercising professional skepticism. (Arens, Alvin A., Elder, Randall J., and Beasley. 2012. P. 115-116) REFERENCIES Arens, Alvin A., Elder, Randall J., and Beasley, Mark S. (2012). Auditing and Assurance Services: An integrated Approach. 14th ed. Upper Saddle River: Pearson Hall PCAOB (Public Company Oversight Board), Auditing Standard number 9, audit planning, retrieved 1/22/14 http://pcaobus.org/Standards/Auditing/Pages/Auditing_Standard_9.aspx AICPA (American Institute of CPAs) Section 50, Principles of Professional Conduct, retrieved 1/17/14 http://www.aicpa.org/Research/Standards/CodeofConduct/Pages/et_52.aspx
In addition, by deciding not to inform the limited partners of Ed’s deceit, Andrea would be disregarding the American Institute of Certified Public Accountants Code of Professional Conduct in her being unreliable, dishonest and deceitful. Andrea has the responsibility of protecting her client, which involves encouraging the correction of financial statements in order to prevent suspicion during audits that could lead to fines and imprisonment.
If you have been searching the net for that perfect dog food brand, then there is a good chance that you have encountered the Wainwrights Dog Food brand at some stage during your search. You are probably wondering whether Wainwrights Dog Food is a good choice, and whether you should add it to your short list of products to try.
As a partner in the public accounting firm of Deloitte & Touche. LLP. James, in this case, was responsible for this violation. First, James was no on the basis of full inspection of the subsequent discovery existing at the date of the auditor 's report. Second, he did not detect and address problems regarding Ligand Pharmaceuticals ' exclusion of certain types of returns from the evaluation of future returns. Last but not least, he did not adequately perceive the reasonableness of Ligand’s estimates of future product
The SNHU pet food store has been successful for over 10 years, seeing the demand for all natural ingredients for pet food they decided to launch new line of all natural pet food. “Only Natural Pet Food” will be offered at all three location and online.
Rittenberg, Larry, Bradley Schwieger, and Karla Johnstone. Auditing. 6th ed. Mason: Thomas South-Western, 2005. 10-40.
The oversight responsibilities of the board, the CAE lacking of expertise or broad understanding of financial controls and responsibilities, and the understaffed internal audit functions lacking of independence and direct access to the board of directors contributed to the absence of internal controls. To begin with, the board should be retrained to achieve financial literacy to review financial reporting. Other than attending formal meetings, the board of directors should be more involved with the management. For the Audit Committee, the two members who were recruited as acquaintances to Brennahan need be replaced with experts who are more sufficiently knowledgeable about accounting rules beyond merely “financially literate”. Furthermore, the internal audit functions need to expand with different expertise commensurate with the expanded activities of the organization, testing financial reporting rather than internal controls from an operational perspective. The CAE should be more independent and proactive to execute audit plans, instead of following orders from the CFO, and initiate a direct and efficient communication between internal audit and audit
There is an enormous industrial cat and dog foodstuff poisoning terrify in america -- from infected doggy foodstuff; causing the actual recall connected with all-around 58 Million cups as well as pockets connected with prepared puppy foodstuff! The author looks at why hundreds of thousands connected with puppy owners select home made doggy foodstuff.There is an enormous industrial cat and dog foodstuff poisoning terrify in america -- from infected doggy foodstuff; causing the actual recall connected with all-around 58 Million cups as well as pockets connected with prepared puppy foodstuff! The author looks at why hundreds of thousands connected with puppy owners select home made doggy
Success of the plan In Kraft’s Food Corporation the planning analyst and the other business departments work together in close communication. This aids in the development of a system that allows business activities to align with the corporate goals and targets. The company is also building its performance around successful people by assuring that the plan is tied with the system that involves the use of practically tested strategies. Shared decisions of all the departments including finance and production departments help adding value to the business by improving its competitive place in the market.
In order to ensure an organization’s financial order, auditors with international standards are a vital part. However, very few auditing companies exist in Afghanistan that can provide auditing services in compliance with international accounting standards. Fortunately, ACC is one of those few auditing firms that can confidently say that its auditing services are in the highe...
Meeting the healthy needs of the family pet is among the most significant work opportunities for proprietors. You need your cat or dog for you continually feel their utmost, and when your pet foodstuff you are purchasing inside supermarket is not making an effort to accomplish this goal, you need to buy specifically created food out of your veterinary. One sort of food in which vets frequently suggest for dogs and felines with health issues is Hill’s Prescription Eating habits.
It is no coincidence that well fed dogs are usually the happiest and healthiest dogs. Just like people, dogs need to eat a well balanced diet to maintain their health and live long, active lives. Dog nutrition is very similar to human nutrition, but dogs are not people. They are unique animals with dietary needs based on centuries of evolution. While dogs are more omnivorous than pure carnivores like cats, they are not true omnivores like human beings. They evolved from wolves, so they tend to do best on meat based diets.
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"Accountants." WISCareers. University Of Wisconsin System Board of Regents, 2009. Web. 20 Nov. 2009. .
The audit risk is consists of three elements which are inherent risk, control risk and detection risk. The audit model is important to the audit process. The audit risk model provides the basic for the current emphasis on the risk-based audit approach and it assists the auditor in determining the scope of auditing procedures for a particular account balance or class of transactions. Based on the assessed risk, the auditor may determine whether the use of more tests of control or substantive procedures is appropriate to address the
Auditing has been the backbone of the complicated business world and has always changed with the times. As the business world grew strong, auditors’ roles grew more important. The auditors’ job became more difficult as the accounting principles changed. It also became easier with the use of internal controls, which introduced the need for testing, not a complete audit. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. Computers played an important role of changing the way audits were performed and also brought along some difficulties.