Chapter 1 - Demand for Audit

Independence issues n governmental auditors n work

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Unformatted text preview: Independence issues n Governmental auditors n Work for U.S. Government Accountability Office (GAO) n Could be CPAs n Perform compliance and operational audits + Internal vs. External Audit Tradeoff Tradeoff: Internal much more internal knowledge of the company and less independence (do maintain some because they report to the CFO and the higher up). The main reason is they are an employee. External Possess less knowledge (outsiders). Possess more independence since they are separate of the company + Types of Certifications n Certified Public Accountant (CPA) n Certified Internal Auditor (CIA) n Certified Information Systems Auditor (CISA) n Certified Fraud Examiner (CFE) n Other non-audit related: Certified management accountant (CMA); Chartered Financial Analyst (CFA) n ALL REQUIRE A UNIFORM EXAM + CPA Requirements for Virginia n http://www.boa.virginia.gov/ n 120 hours and bachelors degree (or higher), accounting concentration or equivalent to sit for the exam and 150 hours to obtain license. n 120 semester hours that must include: n At least 24 semester hours of accounting including courses covering the subjects of financial accounting, auditing, taxation, and management accounting; and n At least 24 semester hours in business courses (no more than six semester hours of which could be considered accounting courses). n Education requirements must be met at the time of application....
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Independence issues n Governmental auditors n Work for U.S...

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