What I Learned From An Audit Essay - 1277 Words

Introduction The overall goal of Professor Schafer for ACCT-8400 Seminar in Auditing course is to prepare for each student to enter the auditing professions and/or to work with auditors. The student should have ability to demonstrate proficiency in developing audit evidence that meet the standards of the profession, apply auditing standards in the real world, create an audit plan, and proposed to the senior managers. I recognize that having an effective audit system is important for a company because it protects the company from management and financial issues that might destroy the business. Three main things I learned from this class is how to plan an audit program, perform tests of control and substantive tests of transaction, and ethical responsibilities of accountants and auditors. Audit plan Firstly, in an audit plan, an auditor should know how to monitor, analyze and access risks of the organization. Essentially, auditors gather information on how an organization or company is operating, understand the company’s business, industry, ownership, and management, as well as observe how these things are being implemented. Then, the auditor can use information obtained from communications between previous auditors, analytical procedures to consider the inherent risk. Analytical procedures are evaluations of financial information through analysis of relationships among financial and non-financial data. In this procedure, we compute financial ratios to compare current toShow MoreRelatedEssay Ethics Case937 Words   |  4 Pagessupposed to go over a total of 6 hours. Pressured by the senior on the audit, he is caught between lying about his hours or telling the truth and going over budget on the audit, potentially causing the other accountants on the team to look bad prof essionally. The first alternative that I have learned about when addressing ethical issues as a staff auditor would be to talk to the senior on the team and tell him/her exactly what is going on, but the senior is the one telling him to â€Å"eat† his hours.Read MoreThe Experience Of Interning At Ey962 Words   |  4 Pages I had the opportunity of interning at EY from June 3rd to August 3rd, 2015. I interned in the Baltimore office with 26 other interns as a part of the Assurance service line. Over the course of the internship, I had the opportunity to attend regional training for interns in Washington D.C. in addition to a service line training, lasting a total of 5 days combined. We received general information in training about the company, their mission, organizational structure, and employee expectations. 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Well known for various home electronics (TV, VCRs, etc.) and household appliances (dishwasher, washing machines, etc.) the Toshiba Corporation has been operating since 1875. An analysis of what happened to Toshiba demonstrate a lack of ethical standards in leadership, transparency, and finance. Leadership TheRead MoreZZZZ Best Company: How Does a Review Differ from an Audit?1392 Words   |  6 PagesWhitney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31, 1986. How does a review differ from an audit, particularly in terms of the level of assurance implied by the auditor’s report? While both a review and an audit are attestation services provided by CPAs. A review and an audit differ in that a review does not offer the level of assurance that an audit does, auditors do not