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SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).
The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.The act, Pub. L. 107–204 (text), 116 Stat. 745, enacted July 30, 2002, also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability, Responsibility, and ...
Whereas Part III simply discusses the 14 compliance requirements, this section discusses how each requirement applies to a particular program. This section also provides a brief history of the program, discusses program objectives and operations, and provides the auditor with much more specific suggested audit procedures. [2]
Amendment to Statement on Auditing Standards No. 1: Codification of Auditing Standards and Procedures (Due Professional Care in the Performance of Work) full-text: February 2006 105: Amendment to Statement on Auditing Standards No. 95: Generally Accepted Auditing Standards full-text: February 2006 106: Audit Evidence full-text: February 2006 107
Auditing standards and procedures full-text: 1963 34: Long-term investments full-text: 1965 September 35: Letters for underwriters full-text: 1965 November 36: Revision of "Extensions of auditing procedure" relating to inventories full-text: 1966 August 37: Special report : public warehouses : controls and auditing procedures for goods held ...
Registered accounting firms that issue audit reports for more than 100 issuers (primarily public companies) are required to be inspected annually. This is usually around 10 firms. Registered firms that issue audit reports for 100 or fewer issuers are generally inspected at least once every three years.
Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory.
The auditor is responsible for determining the nature, timing, and extent of the audit procedures necessary to meet the audit objectives (i.e., it is the auditor who determines the necessary amount of his/her audit work needed to form an opinion on whether the recipient complied with laws and regulations).