The Sarbanes-Oxley Act of 2002 has been described as the most farreaching legislation affecting business since the passage of the 1933
Securities Act. What are the specific portions of the legislation that affect
the external audit profession, and how do
The American Institute of Certified Public Accountants (AICPA) and the
Institute of Internal Auditors (IIA) have positioned the auditing professions
to become assurance professions. What is the difference between
assurance services, attestation services,
Why is public accounting often viewed as a guarantor of results, or
even as a provider of assurance that ones investment is of high
To what extent is it reasonable to view the auditor as a guarantor?
To what extent do you believe that us
Why does the auditor examine travel and entertainment expenses?
It is very easy for someone to claim items that the company
shouldnt be paying for or reimbursing them for, this is something that you
hear about often.
What would poor controls regarding exe
Many companies use the computer to generate purchase orders.
Who is responsible for authorizing a purchase when the computer
generates the purchase order?
Usually there is someone who is responsible for monitoring and
maintaining those orders which happen
What account balances are included in a revenue and collection cycle?
Allowance for doubtful debt
Cost of goods
Bad Debt Expense
What specific control procedures should be in place a
Suppose you selected a sample of customers accounts receivable and
wanted to find supporting evidence for the entries in the accounts.
Where would you go to vouch the debit entries? What would you
expect to find?
To vouch for debit entries you would go to
Department of the Treasury
Internal Revenue Service (99)
Sales and Other Dispositions of Capital Assets
See Instructions for Schedule D (Form 1040).
more information about Form 8949, see www.irs.gov/form8949
Attach to Schedule D to list your t