External Audit Essays (Examples)

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The Anatomy of Fraud in Local Government: A Deeper Dive into the Anatomy of Corruption

Introduction:
Fraud in local government, a persistent and insidious problem, erodes trust and undermines the integrity of public institutions. This essay delves into the anatomy of fraud in this critical setting, exploring its multifaceted nature and proposing novel approaches to combat it.

1. The Anatomy of Fraud:

Types of Fraud:
Procurement fraud: Inflated bids, kickbacks, collusion
Financial statement fraud: Misreporting or concealing financial information
Payroll fraud: Unauthorized payments to fictitious or ineligible individuals
Motivations for Fraud:
Greed and personal enrichment
Pressure to meet financial targets
Lack of accountability....

1. The role of transparency and accountability in local government financial reporting
2. The impact of fiscal decentralization on local government accounting practices
3. Balancing fiscal responsibility and service delivery in local government budgets
4. The challenges of measuring efficiency and effectiveness in local government expenditures
5. The ethical considerations of financial decision-making in local government
6. The role of technology in improving local government financial management
7. The implications of political influence on local government accounting practices
8. The challenges of integrating sustainability goals into local government budgets
9. The importance of citizen engagement in local government financial decision-making
10.....

Essay Topic:

The Evolving Landscape of Local Government Accounting and Accountability: Challenges and Choices in an Era of Fiscal Transparency and Public Scrutiny

Introduction:

Local governments play a vital role in providing essential services and infrastructure to their communities. Effective and transparent financial management is paramount for ensuring the efficient use of taxpayer funds and maintaining public trust. However, local government accounting and accountability practices face significant challenges in the wake of evolving technological advancements, increasing public scrutiny, and heightened regulatory expectations. This essay will delve into the complexities of these challenges and explore the choices that local governments can make to enhance....

" This project is considered to be the first major update to the Smith Guidance. It was felt that the update was required to shore up some of the deficiencies in the Smith Guidance that have emerged since it was published. There were characteristics of the market that it was felt needed to be addressed, in particular the oligopolistic nature, which exposed the market to considerable uncertainty in the event of a failure of one of the Big Four (FRC, 2008). This report remains a work in progress at this time.
Corporate Examples

One company that has been impacted by the changes brought about by the Combined Code is oil services firm Lamprell. The company joined the London Stock Exchange in early 2008 and was immediately required to make changes to its governance structure in order to comply with the Combined Code. The company needed to make several changes to its traditional….

boards of this type of organizations accountable?
The boards of this type are accountable to the company and its stakeholders/shareholders. They are responsible for the company's overall success. Such a board has to ensure the integrity of its own actions as well as those of the company and should make every effort to present a factual and frank presentation of its current outlook to the company's stakeholders.

Shareholders, thus, are the number one entity to whom such boards are accountable. If shareholders are not happy with the way in which a board is directing a company, they will likely not be shareholders for long or will place pressure on the board for changes in leadership.

The board is also accountable to employees, to members, to supporters and to investors. The rules and regulations that govern a board's actions are the means by which a board is held accountable, but the stakeholders are….

External Corporate Communications Audit
Demonstrate how you would conduct an external corporate communications audit

An external corporate communications audit is a critical undertaking that must be carried out in every organization. Auditing processes are common when it comes to the realization of the basic avenues of growth and development in organizations. In order to realize the best fruits of service from the department of communication, the channels of communication should have to be renewable or accessible for audit. The first section will be used for major auditing activities. The second avenue of the auditing process will involve the personnel that have been put in place as a measure of oversight between the channels of communication, communication processes, and the major pillars of communication within a corporation. Furthermore, it is important to realize the importance of having a sound truth and recognition avenue where the auditing processes are to be executed within a….

Auditing, Monitoring, Intrusion Prevention, Detection, and Penetration Testing
The network vulnerability is a major security weakness that allows an attacker reducing computer information assurance. Vulnerability intersects three elements: a system flaw, the attacker is having access to the flaw, and ability to exploit the flaw. Thus, a security risk is classified as a vulnerability that is tied to a great significant loss. The vulnerability can erode data confidential, system integrity and availability of data.

The objective of this study is to carry out analysis of two research articles that discusses the network vulnerabilities in the IT environment. (Jackson, et al.2008, Sommer, et al. 2003). Both articles believe that attackers exploit the network vulnerabilities to inflict damages in the information systems. Moreover, the two articles agree that the traditional securities such as network IDS (intrusion detection system) (Sommer, et al. 2003) and DNS pinning (Jackson, et al.2008) are no more effective in guiding….

On the other hand, Enormo Corp is a big client for CPA, and exposing its case to authorities, would mean losing it.
As an alternative, CPA can refuse to work with Enormo Corp in this case and Enormo would be forced to resort to a different auditing company.

3. ecommended course of action. CPA has the right to handle this situation with the client, while trying to continue to have a professional relationship in the future. So, the suggested course of action would be to address the issue to a higher authority, start documenting it and explain to the client the implication of such documentation. The auditing firm also has the right to protect its integrity, so in this case it is essential to document the findings. However, since there is no rule that forces the auditor to report such discrepancy, the auditor will chose to restrict its actions to including….

SAS Number 99 and the Corporate Audit
This report attempts to explain how the new SAS No.99 will change the way accounting firms will be required to conduct corporate audits. News about the collapse of Enron continues to dominate the American media circuits and in the wake of the now infamous Enron accounting scandal, accounting firms will be required to pay more attention then ever. Since the recent American Institute of Certified Public Accounts issue of SAS 99, the approach of auditors in the United States will for ever more be greatly enhanced. ith SAS 99 for example, external auditors will be required to discuss and gather facts with internal auditors. As of SAS 99, corporate America will now be required to monitor and share the findings of internal auditors who may be privy to critical fraud-related data residing with their clients. SAS 99 will therefore provide new opportunities for external….

Ethics
With respect to the ethics audit, the company shouldn't change anything other than to institute it. Where we left off, the ethics audit was external, and this is critical, because many of the current ethical issues arise because of the relationships within the company and the way that the different interests within the company are represented in the current ethics program. So the ethics audit has to be external.

The other issue with the ethics audit is that too many people within the company did not seem to want the external audit to take place. This is a major problem, so the delays in the timing of the external audit should be eliminated. The external audit needs to take place as soon as possible, which is the major change that should occur. Let the external auditors determine how and what to investigate -- their ability to ask questions that Jerry or….

Audit Planning Control
The American Institute of CPAs (AICPA) has published guidelines for preparing an audit plan. The first step is the preliminary engagement activities, which is focused on establishing an understanding of the terms of engagement for the audit. The steps in the planning process are to identify the scope of the audit; to determine the reporting objectives; to consider the results of the preliminary engagement and to determine the resources that are going to be required to conduct the audit -- and the timing of when those resources will be needed (AICPA, 2015).

To audit Home Depot, it is important first to determine what the scope will be, as this will help to determine the resource requirements. A preliminary meeting with the company will help to determine this -- for example is it necessary to visit stores? Conduct inventory? Talk to Canadian HQ? Or is a visit to the main….

Auditing
We are living in times of continuous change that thrives on information. Information is the cornerstone of the financial construct of organizations. Information and access thereto drives the success of organizations in present times. The way the external world receives the statements of organizations is causal to its perception by individuals and institutions in evaluating it. As such, it is imperative that the architects and designers of this vital information need to pursue diligently highest levels of moral, ethical, and professional standards in preparing it. In providing for the financial and economical framework for such information, services of auditors are simply indispensable. The audited reports of an organization is the basis on which the organization makes its statement of intent public and helps aid the process of decision making and perception about it in the capital and investment markets (Franca & Maria, n.d.).

IMPORTANCE OF MATERIALITY IN AUDITING

"Audire" in Latin….

Auditing; Topic: Materiality in Auditing
With respect to the field of auditing, materiality is a critically important concept addressing the significance of discrepancies, amounts, and transactions. Specific materiality guidelines are required in accounting practices to avoid judgmental (legal) decisions. Materiality is applied for most, if not all, economic decisions, and the topic of materiality is not a new issue. Disclosures in re financial statements have been emphasized by courts in the United Kingdom since the 1800's, whereas materiality initially rose to importance in the United States following 1933's Security act. The significance of the materiality concept and its implications are pertinent to business decisions, as well as for analysis and preparation of financial statements and in order to apply GAAP, generally accepted accounting principles.

For the accounting field, as well as for all fields of management, the concept of materiality is central to decision making. If something is considered to be….

Managing the Effectiveness of the Audit Process
Mission and Objectives of the International Audit Department

Stakeholders

The IAD stakeholder power-interest grid

The Audit Process

Objectives, Scope and Approach of the Research

Purpose and Mandate

Resourcing

Competency Development

Sustaining People Excellence

Tools and Technology

Knowledge Management

Operations

Quality

Governance

People

Infrastructure and Operations

Japan Tobacco International (JTI) is an international tobacco business that is operated by Japan Tobacco Inc. Japan Tobacco Inc. is the third largest player in the international tobacco industry with a market capitalization of 32 billion USD and a market share of 11%. JTI was established in the year 1999 when Japan Tobacco Inc. purchased the operations of United States multinational R.J. Reynolds, for 8 billion USD.

The Internal Audit Department (IAD) of the organization is accountable to the board of directors. The department is headed by the Global Internal Audit Vice President. He took his position in the year 2009.

The basic object of this research is to analyze the operational ability and effectiveness of the….

hythm on the Vine is a concert series that is run on a charity basis by the Shriner's Hospitals for Children. hythm is a concert series and the size of the events is growing rapidly, so there is a need for the Shriners to implement proper procedures for financial management and cash handling at these events. Members of the public pay for their tickets with credit cards or online, but there are some ticket purchases at the events, and in some instances there are cash purchases of food and beverages available. There are several different ticketing tiers, with the highest level of sponsorship at $5,000 and lower levels down to $35 tickets at the picnic area. The picnic area generates cash sales of food and beverages in particular, as many picnic guests rely on ad hoc food purchases. In addition to ticket sales, there are silent auctions as well.
There are….

Strategic Audit a Corporation1 I. Current Situation A. Current Performance How corporation perform past year terms return investment, market share profitability? B.
Nestle's performance Audit Report

Performance of Nestle in the year 2011

arket performance

In the developed world the corporation faced economic frailty and uncertainty more so in the developed world. The economic down turns in the developed world economies had a significant impact on the performance of the product in the market which set in new challenges. Key to remaining afloat with all this challenges at Nestle is to focus on delivery of both short-term performance result and considering investing along the long-term profitability and sustainable lines Nestle The World's Leading Nutrition, Health and Wellness Company 32()

On top of the normal growth Nestle corporation experienced organic growths of up to 7.5%. Real internal growth was recorded at 3.9% while growth in pricing stood at 3.6% Nestle The World's Leading Nutrition, Health….

Accounting and Audit Enforcement 1. The Sarbanes-Oxley Act applies to publicly-traded companies. Thus, it does not apply to non-profit entities. Nor does it apply to for-profit entities that are not publicly-traded. This is because SOX was passed specifically to address instances of accounting fraud in publicly traded companies that were undermining consumer trust in the capital markets (101.com, 2018). A publicly traded companies has a variety of different obligations under SOX that will help to reduce the opportunities and incentives for accounting fraud. Both opportunity and incentive are components of the fraud triangle – one needs to have a perceived need to commit the fraud and the circumstances with which to do so (ACFE, 2018).
Non-profit organizations have no obligations under SOX. However, there is a school of thought that holds that non-profit entities can benefit from some of the recommendations and mandates that SOX contains. Fritz (2016) writes that "non-profits are….

Marketing Audit
A market research plan is the systematic study that deals with the gathering and analysis of the concerned data to assess the role of a certain company in the market and persuade the customers to by their products. Marketing research assist the companies to design better strategies for future with respect to customer behavior (Pickett, 2010).

Marketing audit: It is a systematic and comprehensive evaluation of a company's activities and the results achieved due to its capabilities .In order to carry out marketing research one must understand the role of marketing audit in research.

PUPOSE OF THE AUDIT (Wal-Mart)

Marketing audit is necessary because the Wal-Mart has to compare its performance with the constantly changing market environment. There are certain micro and macro environmental factors that affect the business and marketing operations of the retail business of Wal-Mart largely. A detailed description of them is as under:

Microenvironment: Micro environmental factors are the….

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8 Pages
Essay

Accounting

External Auditing UK Modern Corporations

Words: 2960
Length: 8 Pages
Type: Essay

" This project is considered to be the first major update to the Smith Guidance. It was felt that the update was required to shore up some of the…

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2 Pages
Case Study

Management

External Audit and Investors

Words: 587
Length: 2 Pages
Type: Case Study

boards of this type of organizations accountable? The boards of this type are accountable to the company and its stakeholders/shareholders. They are responsible for the company's overall success. Such…

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5 Pages
Essay

Business - Management

External Corporate Communications Audit Demonstrate How You

Words: 2039
Length: 5 Pages
Type: Essay

External Corporate Communications Audit Demonstrate how you would conduct an external corporate communications audit An external corporate communications audit is a critical undertaking that must be carried out in every organization.…

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10 Pages
Research Paper

Information Technology

Auditing Intrusion Prevention Detection and Penetration Testing

Words: 3042
Length: 10 Pages
Type: Research Paper

Auditing, Monitoring, Intrusion Prevention, Detection, and Penetration Testing The network vulnerability is a major security weakness that allows an attacker reducing computer information assurance. Vulnerability intersects three elements: a system…

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1 Pages
Term Paper

Accounting

Professional Standards of Auditing According

Words: 457
Length: 1 Pages
Type: Term Paper

On the other hand, Enormo Corp is a big client for CPA, and exposing its case to authorities, would mean losing it. As an alternative, CPA can refuse to…

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4 Pages
Term Paper

Accounting

SAS Number 99 and the Corporate Audit

Words: 1105
Length: 4 Pages
Type: Term Paper

SAS Number 99 and the Corporate Audit This report attempts to explain how the new SAS No.99 will change the way accounting firms will be required to conduct corporate audits.…

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2 Pages
Essay

Accounting

Ethics With Respect to the Ethics Audit

Words: 685
Length: 2 Pages
Type: Essay

Ethics With respect to the ethics audit, the company shouldn't change anything other than to institute it. Where we left off, the ethics audit was external, and this is critical,…

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4 Pages
Essay

Accounting

Audit Planning Control at Home Depot

Words: 1383
Length: 4 Pages
Type: Essay

Audit Planning Control The American Institute of CPAs (AICPA) has published guidelines for preparing an audit plan. The first step is the preliminary engagement activities, which is focused on establishing…

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6 Pages
Essay

Accounting

Role of Materiality in Auditing in Advanced Auditing

Words: 1992
Length: 6 Pages
Type: Essay

Auditing We are living in times of continuous change that thrives on information. Information is the cornerstone of the financial construct of organizations. Information and access thereto drives the…

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6 Pages
Essay

Accounting

Role of Materiality in Auditing in Advanced Auditing

Words: 2460
Length: 6 Pages
Type: Essay

Auditing; Topic: Materiality in Auditing With respect to the field of auditing, materiality is a critically important concept addressing the significance of discrepancies, amounts, and transactions. Specific materiality guidelines…

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11 Pages
Essay

Business - Management

Managing the Effectiveness of the Audit Process

Words: 3446
Length: 11 Pages
Type: Essay

Managing the Effectiveness of the Audit Process Mission and Objectives of the International Audit Department Stakeholders The IAD stakeholder power-interest grid The Audit Process Objectives, Scope and Approach of the Research Purpose and Mandate Resourcing Competency Development Sustaining…

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6 Pages
Business Proposal

Accounting

Rhythm on the Vine Auditing Case

Words: 2014
Length: 6 Pages
Type: Business Proposal

hythm on the Vine is a concert series that is run on a charity basis by the Shriner's Hospitals for Children. hythm is a concert series and the size…

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7 Pages
Essay

Business

Strategic Audit a CORPORATION1 I Current Situation

Words: 2492
Length: 7 Pages
Type: Essay

Strategic Audit a Corporation1 I. Current Situation A. Current Performance How corporation perform past year terms return investment, market share profitability? B. Nestle's performance Audit Report Performance of Nestle in…

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5 Pages
Essay

Accounting / Finance

Accounting and Audit Enforcement

Words: 1665
Length: 5 Pages
Type: Essay

Accounting and Audit Enforcement 1. The Sarbanes-Oxley Act applies to publicly-traded companies. Thus, it does not apply to non-profit entities. Nor does it apply to for-profit entities that are not…

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7 Pages
Essay

Business

Marketing Audit a Market Research Plan Is

Words: 2256
Length: 7 Pages
Type: Essay

Marketing Audit A market research plan is the systematic study that deals with the gathering and analysis of the concerned data to assess the role of a certain company in…

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