CHECK THESE SAMPLES OF The Internal Auditor, Management, and the Forensic Accountant
Fraud in the accounting world is best investigated and found out by accountants who are professionally trained and certified with what is referred to as a certified public accountant (CPA) accreditation.... This called for a forensic audit on the division's financial statements and movement of dollar amounts within and without the division.... Auditors also function to ensure that corporate and governance management act within their mandated responsibilities and duties to ensure that a firm's daily operations are verified (Crumbley, Smith and DeLaune 8)....
5 Pages
(1250 words)
Essay
However, independent auditing is seen to suffer from a large number of threats such as intimidation threat, trust or familiarity threat, advocacy threat, management threat, self-review threat and self-interest threat.... Moreover, after the Sarbanes-Oxley Act (SOX) introduced in 2002, the appointment of the independent auditor becomes mandatory for improving the auditing and accounting procedure.... Some of the approaches that are considered by organizations are as follows: Mandatory rotation in the auditor: In a case where an external auditor is serving a particular client for many years, they often end up building relationships with their clients, which make them less skeptical about their work than that they would have been otherwise....
4 Pages
(1000 words)
Term Paper
According to Ricchiute (2003), in actual application, to obtain such an understanding, the auditor will need to perform the following: (1) perform a preliminary review of the internal control system through the "review of prior-year audit working papers", inquiries of management and personnel and observations; (2) document the internal controls found in the system and identify transaction cycles, either through a flowchart or a "narrative memorandum"; (3) perform a walk-through of a sample transaction; and, (4) identify controls that will reduce to an acceptable or low level the risk of material misstatements (Ricchiute, 2003, p....
7 Pages
(1750 words)
Assignment
forensic accountant or auditors should evaluate whether financial statements are prepared with consistency and adequate disclosure is made in particular to correction pertaining to previously reported material misstatements and also change in accounting treatment (PCAOB, 2008).... forensic Accounting is relatively newer branch of Accounting and is defined in a generic manner as a discipline ‘where auditing, accounting and investigative skills are used to assist in disputes involving financial issues and data and where there is a suspicion or allegation… The current paper will provide details regarding the background to forensic accounting and its implication in the legal environment and its impact on businesses and information systems and overall audit functionality....
2 Pages
(500 words)
Essay
the internal auditors, therefore, are in charge of using the systematic methodology designed by the management to analyze the organizational processes, actions, and events with the main goal of identifying organizational problems and suggesting possible solutions.... The paper “The role of Internal, External and forensic Auditors” will discuss a financial crime that arises when there is a premeditated misrepresentation that leads to the suffering of other people, mainly in monetary terms....
5 Pages
(1250 words)
Essay
roponents of audit firm rotation according to Putty and Cuganesan (1996), contend that the auditor's comfort level with management developed over time and pressures faced by the incumbent auditor to retain the audit client can adversely affect the auditor's actions.... nbsp;… The auditor will not appropriately deal with financial reporting issues that materially affect the company's financial statements.... On the contrary, the opposing counterparts foresee production of financial statements that contravene existing accounting standards due to the limited knowledge of the company's operations by the new auditor....
6 Pages
(1500 words)
Essay
Because of this, forensic accountant are brought, who are specifically trained and highly experienced at recognizing the red flags of fraud and environmental factors that contribute to fraud, as well as in depth understanding of prevention of fraud and detection controls (Anand, 2011).... However, inclusion of a forensic accountant on management SOX advisory team and the PCAOB team would significantly improve the quality of the control environment assessments and thereby increase reliability of financial reporting....
2 Pages
(500 words)
Essay
Auditor Scepticism is another concept introduced in the auditing practices, which refers to the personal skill of the auditors to challenge the management's statements in order to critically evaluate the accuracy of the financial statements of an organisation.... The paper "auditor Independence and Scepticism" describes that independence and auditor scepticism is of considerable significance in the practical phenomenon.... In the realistic phenomenon, auditors have been constantly judged on their personal qualities, which directly indicate to the appropriateness of the concept of auditor independence and scepticism....
8 Pages
(2000 words)
Research Paper