10-Q Audit Paper

Auditor, an instructional novella written by James K. Loebbecke, tells the story of Jack Butler, a man from the San Francisco Bay area, who goes to college, majors in accounting, and goes to work for a large accounting firm referred to as “The Firm.” The story is loosely based upon the real world experiences of the author, and is written to give students a look into the world of public accounting that goes beyond a textbook. The Auditor not only gives students a chance to follow Jack Butler’s journey up the company ladder at The Firm, but also reiterates the relative importance of conventional lessons learned in school.

Jameson Family Farms (JFF), a family owned business, grows, processes and packages a range of fruits and vegetables, but primarily specializes in growing and selling peanuts. The company has a niche for selling their particular salted and unsalted peanuts to grocery stores and baseball stadiums in the southeastern region of the US. The product offerings have been stable over the last five years, but the company began internet sales in 2010, which increased sales by about $19 million in 2010 over 2009. The commodity business for peanuts, however, is very competitive and seven to eight major companies vie for US sales. JFF’s has annual audits for lending

Quality Objectives - The quality objectives define measurable goals relative to the company's quality management system. Requirements on the quality objectives are in ISO 9001:2008 section 5.4.1.

The aim of this report is to develop an audit plan using the 2007/2008 annual reports of the WesFarmers. This report will provide an understanding of the underlying concepts of an overall audit strategy. This strategy will bring forward the direction and scope of the WesfFarmers audit plan. This report will address five major points these are as follows:

Trend analysis, common-size financial statements, and ratios are presented for the Brody Corporation in Figure 5.4. Assume that you are auditing Brody 's financial statements for the year ended 12/31/X8. You have performed tests of controls over the recording of gross sales and believe that the system is operating effectively and that 7 percent represents an accurate estimate of the increase in gross sales for 20X8 over the amount for 20X7. You should also assume that the financial statements for 20X6 and 20X7 are not misstated.

The main instruments conducted in this study were both the AUDIT and DAST-20 assessments. Data was collected by the use of these two assessments administered in English or Spanish. Both tests were administered to each individually and independently. After the tests were administered they were able to be reviewed.

They have significant differences. First, the auditor provides reasonable assurance about whether the financial statements are free from material misstatement due to error or fraud in an audit report, but provides limited assurance about whether the financial statements are free from material modifications in a review report. A few procedures are performed in a review engagement. (3) Second, a review report is conducted according to the standards of AICPA, while an audit report is conducted according to the standards of PCAOB. Moreover, review service is less cost than audit

Carcello, Hollingsworth and Mastrolia tested whether PCAOB annual inspections result in higher quality financial reporting (Carcello, Mastrolia, & Hollingsworth, 2011). They compare abnormal accruals reported by audit clients before and after initial inspections by PCAOB (Carcello, Mastrolia, & Hollingsworth, 2011). If the inspections result in improved auditing, they expect to see less earnings management after the initial inspection (Carcello, Mastrolia, & Hollingsworth, 2011). For comparison purposes, they make the same observations before and after AICPA peer review inspections made prior to SOX (Carcello, Mastrolia, & Hollingsworth, 2011). They find a significant decrease in income-increasing abnormal accruals in the first and second years

A review and an audit report are both a form of an attestation engagement. A Review, however, is less in scope so it provides a moderate level of assurance on the financial statements. It is considered a “sniff” of an audit, which comparatively provides reasonable assurance that no material misstatements occurred. Since a review deals with a limited scope, it does not provide the basis for expressing an opinion on the presentation of the

It is important because the use of the budget spreadsheet as a tool relies on the fact that data is accurate.

In my previous employment as Quality Assurance Clerk/Auditor I was the lead compliance coordinator for a summer school district with over 750 students. At the time I was assigned the position, the company had been misinformed about the numbers of special needs students we would be servicing. They had estimated about 15% when in fact over 60% of the populace in our program were special-needs students. The first step was informing the Supervisor of the oversight, providing actual numbers of special needs students and then speaking about company related accommodations that would have to be implemented. I formulated a plan where we created three categories for our students based on the population of the special needs students & the severity of the need in each classroom.

In addition to audit controls, access controls are important because they help reduce the risk of internal data breaches by preventing unauthorized work staff to have access to ePHI. “Only individuals with a “need to know” should have access to ePHI” (Brodnik, Finehart-Thompson, & Reynolds, 2012, p. 304). Additionally, Brodnik et al., (2012), states that access controls are used to aid in the authentication, audit and authorization process by implementing unique specifications such as: a unique user identification number, emergency access procedures, having an automatic log offs, and by having unique specifications within the system that allows for encryption and decryption

Distributing understudy audits of secondary school theater essentially is the foundation of another administration from Florida Theater On Stage and the South Florida Critics and Awards Program, also called The Cappies, or so they specifically thought.

A review is like an audit yet is less in extension and just gives restricted affirmation with respect to the financial statements. This varies with an audit that gives sensible affirmation that no material mistakes or illicit acts are detected. The goal of an audit is to give a sensible freedom of expressed opinion the money related proclamations taken all in all.

* On the job training is the primary method for employees to learn policies and procedures.