The offshoring of business processes has become increasingly popular. Fueled by advancements in technology, the benefits of offshoring are primarily attributable to the savings from lower personnel costs at foreign locations. According to the Global Financial Services Offshoring Report 2007 by Deloitte & Touche USA LLP, over 75% of major financial institutions report offshoring a portion of their operations. Some economists estimate that up to one-third of total US employment in services may ultimately be offshored. Audit firms choosing to offshore portions of the independent audit function should be mindful of public perceptions related to the exportation of professional services. The offshoring of audit procedures presents auditing firms with unique opportunities and challenges. C...
... Board instead; (3) eliminate the CBOE Audit. Committee; and (4) conform the composition requir..., the Vice Chairman's primary function was to facilitate communication between the Exchan..., and oversight of CBOE Holdings' independent auditor; (2) CBOE Holdings' financial statements a...
The transition of US companies from US GAAP to IFRS, along with the related discussion of rules-based versus principles-based standards, is a hot topic in accounting circles. Both sets of standards derive from conceptual frameworks of accounting principles. Similarly, professional judgment is an increasingly important aspect of the independent audit function. This article presents a framework for making accounting and auditing judgments as recommended in the recently issued report by the SEC's Advisory Committee on Improvements to Financial Reporting. The report's recommendations focus on accountants and auditors of public companies: however, the suggested judgment process, factors to consider, and trail of documentation equally apply to all practitioners for both non-public and publicl...
Asset misappropriation is a general term used to describe a situation when someone takes an asset of a company, such as cash or supplies, for personal use at the expense of a company. Only one person maybe trained to accurately analyze the accounts to find instances of fraud. In these cases, the owner of the firm must be familiar with some signals of fraud. These often include forged or altered documents, unexplained differences in cash accounts, undocumented transactions and advances, duplicate or phony and unreasonable expense reports, fake companies involved in transactions, and consulting companies not previously utilized by the company. Though asset misappropriation cannot be completely eliminated, there are certain steps which any company can take to mitigate the damaging effects ...
...If there is an internal audit staff, they could work along with the executives o... to minimize this by utilizing random independent internal audits to try to uncover any asset misapp... independent external or internal audit function. * An active and responsible audit committee. * A ...
To allow sufficient time for discussion, the chair often instructs management to assume that all audit committee members (and others, as appropriate) have read all presentations and other pre-meeting materials, and to limit their "presentation" to an overview of the most significant issues of interest and relevance to the committee. * Setting aside time at the beginning of each committee meeting for members to have one last look at the agenda (including the amount of time allocated to each item on the agenda) after members have had an opportunity to review the premccting materials. * Concluding - and sometimes beginning-each audit committee meeting with an executive session so that members of the committee have an opportunity to discuss important matters privately. Reports to the Board...
... and independence of the company's independent auditors and the performance of the internal auditt function.". For many boards, the audit committee's report t...
...(i) Approval of management personnel independent of the keno department, evidenced by their signatu... by a department independent of the keno function. (2) Personnel independent of the keno department ...(k) Keno audit standards. (1) The keno audit function shall be in...
The Sarbanes-Oxley Act (SOX) requires the Public Company Accounting Oversight Board (PCAOB) to conduct inspections of each registered public accounting firm. The value of the public audit was described in United States v Arthur Young & Co, when the US Supreme Court identified the independent audit as a "public watchdog" function. The PCAOB adopted Rule 4003, Frequency of Inspections, in 2003, mandating triennial examinations. SOX section 104 further requires the PCAOB to conduct an annual inspection of each registered public accounting firm that regularly provides audit reports for more than 100 public issuers. The independent audit is the cornerstone of public confidence for the US capital markets, but transparent and timely information is essential to ensure public confidence. Whi...
Erie County Executive Chris Collins' proposed budget for 2011 reduces the Comptroller's Division of Audit and Control, the county's audit department, from seven employees to two. That is not enough to do the job. Erie County's internal auditors provide a vital function to taxpayers: oversight and transparency for Erie County's $1.4 billion of revenues and expenses. A lack of independent oversight of finances can lead to disaster.
The Committee on the Future of California's Professional Accountants has issued a report recommending actions to improve the process, published financial statements and the conduct of audits. The report recommended best practices to improve confidence in the process. The company should identify a chief accounting officer with adequate experience and education to perform the function, and the person also should possess some objective evidence of competence through licensure or certification of accounting competence and continuing education in accounting. To maintain their independence, audit committee members should be selected by a body that is independent of management. Public and private companies should employ a competent independent auditor wh...
... a risk-centric approach, internal audit functions must revisit their methodologies, processes, and p... internal auditing needs to be an independent, objective assurance and consulting function that ...
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