A424: Auditing Learning objective: Underst in addition to ing the role of the auditor What is
Keyes, Cassie, News Director has reference to this Academic Journal, PHwiki organized this Journal A424: Auditing Learning objective: Underst in addition to ing the role of the auditor What is the independent auditors responsibility To assist management in the fair presentation of financial in as long as mation. To provide share holders with accurate in as long as mation as long as decision making. To protect the public interest. All of the above.
This Particular University is Related to this Particular Journal
Career Opportunities in Auditing Independent Auditor Internal Auditor Governmental Auditor State Board of Accounts Internal Revenue Agent Special Services Agent General Accounting Office FBI Agent Who is this person Italian Renaissance Monk 1494 wrote Summa de Arithmetica, Geometria, Proportioni et Proportionalita One chapter summarizes the double-entry accounting process
Accounting History 1494 to 1790s 300 years not much changed. Sole proprietorships Partnerships Then what happened Dem in addition to as long as Audits Economics of reducing in as long as mation risk Remoteness of in as long as mation. Biases in addition to motives of the provider. Voluminous data. Complex exchange transactions. Regulatory requirements SEC as long as publicly traded companies State requires as long as state contracts. Lending requirements part of loan contract.
1896 New York Passes 1st CPA Law Four three hour tests Theory of Accounts Practical Accounting Auditing Commercial Law $25 fee High school graduate April 2004: Computer Based Testing CPA Exam Basics AICPA: Uni as long as m exam, testing system, in addition to grading Prometric: Testing facility State Board of Accountancy, decides on: qualifications as long as sitting as long as the exam passing st in addition to ards fees special appeals ( as long as example, accreditation fiasco) NASBA: facilitates review of c in addition to idates qualifications as long as the SBofAs
Indiana Qualification Requirements 150 credit hours with either: Graduate degree 15 graduate hours in accounting 24 hours in non-accounting business (law & computer science) Undergraduate degree 24 hours each in accounting in addition to other business courses Other: One course each in auditing, tax, managerial, in addition to financial Substantially equivalent courses only count once Multi-internships count separately Exam Basics Grading Prometric AICPA NASBA SBOA, meets in addition to approves the release of grades. 2-5 weeks after window ends. First month of window should get grades quicker. 2011 goal to get results within 2 4 weeks of taking test Calibration but no curve. Exam Basics – Opportunities Four times a year (two month windows) Six month window when register 18 month rolling window to pass all four parts Six months free access to research data bases after registering
Process (TWO stops) NASBA Application as long as qualification (allow six weeks) 1-800-CPA-EXAM www.nasba.org IN now has within 60 day completion rule Prometric Schedule the exam (at least 45 days in advance) www.prometric.com/cpa IPFW has a Prometric site
It was $25 Application fee (first time) $150.00 Exam fee: Auditing in addition to attestation 207.15 Financial Accounting in addition to Reporting 207.15 Regulation 185.10 Business Environment in addition to Concepts 185.10 Registration fees (4 parts) 110.00 Gr in addition to total as long as first timers $ 894.50 Indiana Qualification Requirements Uni as long as m Accountancy Act (UAA) Demonstrate good character Other requirements as set as long as th below: Pass the exam Meet experience requirements Follow the code of conduct Continuing professional education 2011 CPA EXAM CHANGES New calculator, spreadsheet Research task, FASB Codification IFRS
2011 CPA EXAM CHANGES What the next big event Remember, we were originally at 1896 in addition to the first CPA law. But wait lets fill in a few details
Define Audit Competent, independent person collects evidence comparing economic data against established st in addition to ards in addition to reports the findings. Economic Data St in addition to ards Independent Report Comparison Comparison Examples: Financial Statements Tax return Operational Report Economic Data St in addition to ards Independent Report Comparison Define Audit Competent, independent person collects evidence comparing economic data against established st in addition to ards in addition to reports the findings. Evidence: In as long as mation used by the independent person to determine the degree of comparison between the report examined in addition to the established criteria.
Evidence Example Assume a client reports inventory on the balance sheet of $3,000,000. Looking at the financial records in addition to through inquiries of the company controller you learn that this amount is composed of 2,000,000 gallons of peanut oil that the client valued at $1.45 per gallon. All of the peanut oil is stored in vats located at the companys manufacturing plant in Louisiana. The peanut oil inventory serves as collateral as long as a bank loan in addition to the company is required to have it verified by an independent auditor. Audit of Inventory What are the inventory st in addition to ards Economic Data St in addition to ards Independent Report Comparison Evidence Example (contd) Inventory of $3,000,000 asserted. 2,000,000 gallons of peanut oil valued at $1.45 per gallon stored in vat Use FIFO with LCM What evidence would you gather
Peer Reviews (CPA Firm Quality Checks) Publicly Traded PCAOB Private Companies AICPA (PCPS, Other) Volunteer IN Law SBOA INCPAS
Keyes, Cassie News Director
Keyes, Cassie is from United States and they belong to WELL-FM and they are from Dadeville, United States got related to this Particular Journal. and Keyes, Cassie deal with the subjects like Local News; Regional News
Journal Ratings by Athens University of Economics and Business
This Particular Journal got reviewed and rated by Athens University of Economics and Business and short form of this particular Institution is GR and gave this Journal an Excellent Rating.