Examples of audit in the following topics:
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- Compatibility audit: This deals with the strategic components of the transaction and, in particular, the need to add shareholder value.
- Reconciliation audit: This links/consolidates other audit areas together via a formal valuation in order to test whether shareholder value will be added.
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- The act is also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability and Responsibility Act" (in the House).
- It also creates a central oversight board tasked with registering auditors, defining the specific processes for compliance audits, inspecting conduct and quality control, and enforcing compliance.
- It also addresses new auditor approval requirements, audit partner rotation and auditor reporting requirements.
- It restricts auditing companies from providing non-audit services (e.g., consulting) for the same clients.
- It requires internal controls for assuring the accuracy of financial reports and disclosures, and mandates both audits and reports on those controls.
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- It is also known as the Public Company Accounting Reform and Investor Protection Act (in the Senate) and Corporate and Auditing Accountability and Responsibility Act (in the House) and more commonly called Sarbanes–Oxley, Sarbox or SOX.
- Title I provides independent oversight of public accounting firms providing audit services (auditors).
- It also addresses new auditor approval requirements, audit partner rotation, and auditor reporting requirements.
- It restricts auditing companies from providing non-audit services (e.g., consulting) for the same clients.
- It requires internal controls for assuring the accuracy of financial reports and disclosures, and mandates both audits and reports on those controls.
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- High-profile cases in which management manipulated figures in financial statements to indicate inflated economic performance highlighted the need to review the effectiveness of accounting standards, auditing regulations, and corporate governance principles.
- As a result, there has been renewed focus on the objectivity and independence of auditing firms.
- An audit of the financial statements of a public company is usually required for investment, financing, and tax purposes, and these are usually performed by independent accountants or auditing firms and included in the annual report.
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- Finally, the U.S. government cannot completely audit the Fed.
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- Waiting to be audited is not a good tactic, as this will likely result in fees or penalties for inaccurate reporting.
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- Third, the government cannot completely audit the Fed.
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- The Fed could audit the bank more, could impose fines on the bank, or stop lending to a bank.
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- In auditing financial statements, it is a common practice to check for this error to detect possible attempts to "cook the books. "
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