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Journal articles on the topic 'Financial auditing'
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1
Le Guyader, Louis P. "Auditing financial instruments." Journal of Corporate Accounting & Finance 23, no. 6 (August 20, 2012): 49–59. http://dx.doi.org/10.1002/jcaf.21798.
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Khalid Al-Bakoaa, Abdul Rahman, and Safwan O. Hasoon. "Design Expert System for Auditing Financial Accounts." Technium Business and Management 2, no. 1 (March 2, 2022): 45–53. http://dx.doi.org/10.47577/business.v2i1.6141.
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This paper presents an account audition system based on (Expert System), an artificial intelligence technique. This paper presents an account audition system based on (Expert System), an artificial intelligence technique. Since the limited studies dealt with using artificial intelligence in a general and expert system in auditing accounts in Iraq (within the researcher's knowledge limits), the researcher tried to tackle these two subjects in his current study to apply them in reality. The expert system that is designed within rules and facts of knowledge base analyzes, audits, and extracts data from financial tables within accounting distributions consist included such as names of accounts and their numbers whose values are represented within cost centers represented by certain symbolic numbers that differ from one institution to another and obtaining the required results by using an applicable knowledge base. The Proposed system approach offers a practical method of auditing and distributing the required data by using the expert systems manually by many auditors.
Using the expert system led to lessening time and effort taken to make audits and the accuracy of obtaining results.
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Rezaee, Zabihollah, Ahmad Sharbatoghlie, Rick Elam, and Peter L. McMickle. "Continuous Auditing: Building Automated Auditing Capability." AUDITING: A Journal of Practice & Theory 21, no. 1 (March 1, 2002): 147–63. http://dx.doi.org/10.2308/aud.2002.21.1.147.
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The digital economy has significantly altered the way business is conducted and financial information is communicated. A rapidly growing number of organizations are conducting business and publishing business and financial reports online and in real-time. Real-time financial reporting is likely to necessitate continuous auditing to provide continuous assurance about the quality and credibility of the information presented. The audit process has, by necessity, evolved from a conventional manual audit to computer-based auditing and is now confronted with creating continuous electronic audits. Rapidly emerging information technology and demands for more timely communication of information to business stakeholders requires auditors to invent new ways to continuously monitor, gather, and analyze audit evidence. Continuous auditing is defined here as “a comprehensive electronic audit process that enables auditors to provide some degree of assurance on continuous information simultaneously with, or shortly after, the disclosure of the information.” This paper is based on a review of related literature, innovative continuous auditing applications, and the experiences of the authors. An approach for building continuous audit capacity is presented and audit data warehouses and data marts are described. Ever improving technology suggests that the real-time exchange of sensitive financial data will place constant pressure on auditors to update audit techniques. Most of the new techniques that will be required will involve creation of new software and audit models. Future research should focus on how continuous auditing could be constantly improved in various auditing domains including assurance, attestation, and audit services.
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POWER, MICHAEL. "THE POLITICS OF FINANCIAL AUDITING." Political Quarterly 64, no. 3 (July 1993): 272–84. http://dx.doi.org/10.1111/j.1467-923x.1993.tb00344.x.
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Al Hanini, Eman Ahmad. "Does the Environmental Internal Audit Impact the Achieving of Sustainable Development in Industrial Companies Listed on the Amman Stock Exchange?" International Journal of Financial Research 12, no. 3 (January 21, 2021): 220. http://dx.doi.org/10.5430/ijfr.v12n3p220.
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This study aimed to determine the impact of environmental internal auditing with its dimensions represented by (compliance auditing, auditing environmental management systems, and auditing environmental financial statements) in achieving sustainable development in industrial companies listed on the Amman Stock Exchange. To achieve the aim of the study, a questionnaire was designed as a data collection tool for the study and distributed among 154 respondents namely: internal auditors, financial managers, and employees working in the financial departments in these companies. After conducting the necessary statistical analysis using SPSS, a statistical impact was reached at the significance level of α ≤ 0.05 for environmental internal auditing with its dimensions represented by (auditing compliance, auditing environmental management systems, and auditing environmental financial statements) in achieving sustainable development in industrial companies listed on the Amman Stock Exchange. The study suggests that industrial companies must provide appropriate environmental internal audit tools, including providing internal auditors with knowledge of environmental factors that have a fundamental impact on financial statements and understanding of environmental legislation and laws. The findings clarified the importance of training internal auditors on the stages of environmental internal auditing and skills in assessing environmental risks and obligations.
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Owolabi, Sunday A., and Michael O. Oladiran Ajala. "Auditing Concepts and Stakeholders’ Expectations." Indian-Pacific Journal of Accounting and Finance 4, no. 2 (April 1, 2020): 46–60. http://dx.doi.org/10.52962/ipjaf.2020.4.2.105.
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The mixed reactions occasioned by disappointing top-level financial reporting failures has not dampened the unsettling loss of confidence of key players and other financial statement users on the relevance of audit and financial statements in making the right investment decisions. There is a contemporary debate trying to resolve mixed feelings and misplaced perceptions of auditing concepts in filing widened expectation gaps of auditor’s expression of opinion. Contributing to the argument involves a detailed review of auditing concepts and broadening the understanding and educating the stakeholders on the essence of auditing. In this consideration, the study employed an exploratory research approach, reviewed related materials, journals, and periodicals in the field of auditing and financial accounting. The outcome of the review showed that Auditing concepts are specific and inclusive. Auditors are guided by these concepts and standards set out by the international standards on auditing. While these concepts are valid, there are divergences and misconceptions of what stakeholders expect from the audited financial statements. The study recommended that stakeholders require audit education and understand the essence of auditors’ reporting dilemma of regulated auditing guidelines or go beyond the auditing standards to please the stakeholders’ expectations.
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Blessing, Linda, and Bernard Jump. "Governmental Accounting, Auditing and Financial Reporting." Public Budgeting & Finance 9, no. 2 (January 1989): 104–7. http://dx.doi.org/10.1111/1540-5850.00822.
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Shan, Yuan George, and Indrit Troshani. "Does Xbrl Benefit Financial Statement Auditing?" Journal of Computer Information Systems 54, no. 4 (June 2014): 11–21. http://dx.doi.org/10.1080/08874417.2014.11645718.
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LUBENCHENKO, О. "Organization and Methodological Support of Financial Monitoring in an Auditing Firm: New Requirements." Scientific Bulletin of the National Academy of Statistics, Accounting and Audit, no. 3 (December 22, 2020): 55–69. http://dx.doi.org/10.31767/nasoa.3-2020.06.
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The requirements to implementation of financial monitoring by auditing entities, as specified by the Law of Ukraine “On prevention and counteraction to legalization (laundering) of proceeds from crime, financing of terrorism and financing of proliferation of weapons of mass destruction” from 06.12.2019 No 361-ІХ, enforced on 28.04.2020, are analyzed. The existence of unclear interpretations of some notions in the this Law of Ukraine or heavy financial sanctions that may be imposed on auditing entities call for elaboration and introduction of internal firm documents concerned with financial monitoring. While in the previous edition of the above Law of Ukraine the features of financial monitoring organization were specified for auditing entities in case of rendering certain categories of services to a client (realty transactions; asset management; raising funds to establish legal entities, support to their operation and management, buying and selling of corporate rights), they are not found in the updated edition of this Law of Ukraine. Therefore, auditing entities need to rely upon general norms of the Law of Ukraine in organizing financial monitoring. A series of administrative documents were elaborated for this purpose: the order on assignment of a person responsible for carrying out financial monitoring; the conclusion of business character test for the candidate on the position of the responsible person, the Rules for financial monitoring of an auditing entity, and the monthly fact sheet of the responsible person about the results of carried out measures on financial monitoring.
The developed Rules of financial monitoring cover all the regulatory requirements for the implementation of financial monitoring, with the possibility of making change in case of need. The Rules must be informed to the staff of an auditing entity, engaged in rendering auditing and non-auditing services, through the involvement in internal training on financial monitoring issues. Apart from the Rules, it is proposed to supplement the working documents supporting the financial monitoring procedures by the following sections: (i) “Documentary support to financial monitoring of auditing entities”; (ii) “Personnel and personnel training on financial monitoring issues”; (iii) “Documentary support to interactions with the State Service of Financial Monitoring of Ukraine, ministries and administrative departments”, which are supposed to help auditing entities to fully observe the regulatory requirements and avoid heavy financial sanctions on the part of controlling and regulatory bodies.
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Kaspina, R. G., and N. O. Samoilova. "Audit of Non-financial Information." Accounting. Analysis. Auditing 7, no. 4 (August 26, 2020): 71–80. http://dx.doi.org/10.26794/2408-9303-2020-7-4-71-80.
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The article is devoted to the practical implementation of auditing tasks in relation to non-financial information in Russia. The increased need to develop this area of auditing services is related to both the increased interest of users in the nonfinancial information in itself, and the need to improve its reliability. The methodological base of the research includes a set of scientific techniques and research methods such as theoretical analysis of the literature on the research problem, analysis of regulatory sources, a method of comparison, as well as the use of practical experience in providing auditing services in relation to non-financial information. The study of current trends in the publication and certification of nonfinancial statements in Russia and abroad, considers the main approaches to the definition of “non-financial audit” and the most widespread methodological approaches to its implementation, as well as reviews the practice of performing tasks to confirm non-financial information and identifies the main problems of their implementation. The theoretical and practical significance of the research is to justify the need to develop tools for providing auditing services in relation to non-financial information, as well as the proposed solutions to the identified problems of practical implementation of tasks.
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Othman, Radiah, and Rashid Ameer. "Conceptualizing the duties and roles of auditors in Islamic financial institutions." Humanomics 31, no. 2 (May 11, 2015): 201–13. http://dx.doi.org/10.1108/h-04-2013-0027.
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Purpose – The purpose of this paper is to describe the role and responsibilities of Shari’ah auditors in Islamic financial institutions (IFIs) in the auditing process in the IFIs, to highlight capacity building challenges in the Shari’ah auditing industry. Design/methodology/approach – The authors used a legitimacy theory to understand linkages between demand for Shari’ah audit and the role of Shari’ah auditors in IFIs complemented with the review the Accounting and Auditing Organization of Islamic Financial Institutions and Auditing Standard for Islamic Financial Institutions to understand the Shari’ah audit work requirements from an Islamic perspective. Findings – Shari’ah auditing is an emerging field of investigation. There is no doubt that conventional auditing has a significant influence on the auditing frameworks used in IFIs. Western auditing practices are undergoing a metamorphosis to meet the needs of stakeholders in the Islamic economic system. The role and responsibilities of auditors in IFIs are much broader than those found in conventional banks in relation to an examination of a variety of contracts, product structures, transactions reporting, preparation of financial statements, reports, marketing circulars and any other legal documents, which are pertinent to IFIs’ operations. Practical implications – We posit that the absence of a proper Shari’ah auditing framework and standards attuned to the needs of an Islamic economic system could dampen the future of the Islamic finance industry. The regulators and management of IFIs should meet the expectations of the stakeholders to whom they owe a duty of care by selecting competent professionals for auditing work, along with transparent policies and systems. Originality/value – This paper presents an attempt to establish auditors’ roles and responsibilities from an Islamic perspective.
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Maclean, Sindisile. "Examining Auditing as an Essential Element of Financial Management and Good Governance in Local Government." Africa’s Public Service Delivery and Performance Review 2, no. 2 (June 1, 2014): 82. http://dx.doi.org/10.4102/apsdpr.v2i2.53.
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The purpose of the article is to address issues of auditing in the context of financial management as a contribution to good governance. Generally, not all local governments have effective and operational audit units and committees. As a result, auditing is not used as an essential element of good governance and this leads to bad audit outcomes like disclaimers and adverse opinions. The bad audit outcomes in local government have motivated the researcher to conduct the study on auditing. There are internal factors within the municipalities as well as external factors that are of interest and directed the researcher to have desire and commitment to make a contribution in this particular field of research. The key issues, amongst others, are principles of financial management, financial strategy, auditing functions such as forensic auditing, fraud auditing, forensic accounting and detection of fraud, including accounting systems and auditor’s role. This article will also attempt to reinforce existing theories and add value to local government financial discourse and good governance.
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Omar, Mariawati. "ISSUES AND CHALLENGES OF SHARIAH COMPLIANCE AUDITING IN ISLAMIC FINANCIAL INSTITUTION." Advanced International Journal of Banking, Accounting and Finance 1, no. 1 (December 15, 2019): 13–24. http://dx.doi.org/10.35631/aijbaf.11002.
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The study examines the stakeholders’ perspectives who are involved directly and/or indirectly with Shariah compliance auditing of Islamic financial institutions on the issues of Shariah auditing standards, auditors’ qualifications, and independence. Auditing Islamic financial institutions cover a broader scope than the financial statement auditing. The auditors are not only conducting financial audits but also conduct tests on the Shariah compliance according to Shariah resolution and guidelines set by the centralized Shariah Board and/ or the industry Shariah Body. The Shariah audit review is unique due to the requirement in ensuring that all business activities and operations adhere to Shariah principles. The limited resourceful auditors that possess both Shariah and technical accounting/auditing qualifications and the issue of independence may affect the reputable image of Islamic financial institutions. This study is based on a literature review from past studies. Evidence from past studies mostly emphasizes the importance of auditors' qualifications and independence in determining the Islamic financial market’s growth. The paper suggests practical actions to regulators in formulating regulated professional governance structure for Shariah auditors.
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Crimlund, Richard A., and Mary S. Doucet. "Statistical auditing techniques for research data: Financial auditing parallels and new requirements." Accountability in Research 2, no. 1 (January 1992): 23–53. http://dx.doi.org/10.1080/08989629208573804.
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Boylan, Scott J. "A Classroom Exercise on Unconscious Bias in Financial Reporting and Auditing." Issues in Accounting Education 23, no. 2 (May 1, 2008): 229–45. http://dx.doi.org/10.2308/iace.2008.23.2.229.
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In this instructional resource, I describe a classroom exercise in which students witness their own behavioral biases as they arise endogenously within a financial reporting and auditing setting. Students use data from the exercise to identify evidence of unconscious biases in their judgments, to differentiate between unconscious biases in judgment and biases attributable to deliberate gamesmanship, and to consider the importance of making such a distinction. The exercise contributes to accounting and auditing education by illustrating a provocative argument made by Bazerman et al. (1997), that the quality of financial reporting and auditing is affected by unconscious biases in judgment. In addition to identifying biases, students use insights from the exercise as a platform for exploring issues pertaining to the quality of auditing and financial reporting at a deeper level than would otherwise be possible. In light of its short duration (about 30 minutes) and ease of implementation, the exercise is well suited for auditing and financial accounting classes, where topics pertaining to financial reporting and accounting quality are of interest.
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Boylan, Scott J. "A Classroom Experiment on the Benefit of Auditing in Financial Markets." Issues in Accounting Education 19, no. 2 (May 1, 2004): 189–209. http://dx.doi.org/10.2308/iace.2004.19.2.189.
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In this paper, I discuss a classroom experiment that can be used to illustrate how auditing can impact investor behavior and financial market performance by providing assurance on the quality of financial information. In particular, the experiment demonstrates that auditing can influence security prices and investment portfolio compositions in a way that benefits investors and lowers the cost of capital for firms. The experiment complements the material in auditing texts by creating an environment where students can directly observe how auditing influences investor behavior in a set of financial markets in which students trade securities based on the contents of a financial report. The simplicity of the experiment, its relatively short duration, and the formal inclusion of financial reporting make it a particularly attractive alternative for those who wish to utilize an auditing experiment in their classes. In the experiment, students trade securities in a sequence of markets in which financial information pertaining to security values is made public. The quality of the information depends on whether it was audited, and varies from market to market. Data on transaction prices, security holdings, and investor profits from a typical sequence of markets are presented, as are a series of discussion topics designed to illustrate how to use the experiment and related data to address a variety of auditing-related issues.
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Arwani, Agus. "ISSUES AND CHALLENGES OF SHARIAH AUDITING IN ISLAMIC FINANCIAL INSTITUTION AND CORPORATE GOVERNANCE COMPLIANCE." Media Riset Akuntansi, Auditing & Informasi 18, no. 2 (September 30, 2018): 169. http://dx.doi.org/10.25105/mraai.v18i2.3008.
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The study examines the perspective of practitioners who are involved directly and/or indirectly with the process of shariah compliance/auditing from Islamic financial institutions (IFIs) on the issues of standards for shariah auditing, auditors qualifications, and independence. Auditing Islamic financial institutions (IFIs) covers a wider scope than legal financial statement auditing. External auditors of IFIs not only conduct financial audits but also conduct tests on the shariah compliance of IFIs, according to fatawa (religious opinions) and guidelines set by the Shariah Supervisory Board (SSB). Shariah review is unique to IFIs, due to the requirement to ensure that all business activities and operations of IFIs adhere to shariah precepts. The scarce resourceful auditors with both shariah and accounting/auditing qualifications and the issue of self-review threat to independence may affect the reputable image of Islamic financial institutions. This article is literature method. The findings reinforce the importance of auditors' qualification and independence as currently there is no mandatory regulated professional shariah auditor code to be in tandem with the drastic growth of the IFIs. The paper offers practical implication to regulators in providing a direction to revise the existing standards for shariah auditing practices and to formulate a mandatory professional governance structure for shariah auditors.
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Dawood, Abdul Majeed S., and Saad Salman Awad AL Maeeni. "The role of electronic auditing in verifying the principles and approaches of accounting measurement for financial instruments when adopting international financial reporting standards IFRS." Muthanna Journal of Administrative and Economic Sciences 11, no. 1 (May 5, 2021): 229–47. http://dx.doi.org/10.52113/6/2021-11/229-247.
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The diversity of financial assets owned by Iraqi companies, which are measured and presented in different ways according to the classification of these assets according to international financial reporting standards, and that re-measuring these assets (shares) affects the income statement and the financial position of companies according to the change in the fair value of shares. The auditor uses multiple auditing methods for the purpose of verifying the measurement and presentation of these assets, including the use of electronic means in auditing (computer auditing.(The aim of the research is to clarify what electronic auditing is and to explain and analyse the measurement requirements in accordance with the International Financial Reporting Standard (IFRS - 9), in addition to preparing an electronic audit program that helps the auditor to verify the re measurement and presentation of the companies ’financial assets. Two mixed joint stock companies (Iraqi Company for Manufacturing and Marketing Dates - the National Company for Tourism Investments and Real Estate Projects) are adopted as a field of application by analysing their financial data for the year / 2018 and conducting a simulation of the outcome of the activity and the financial position of the company using an electronic audit program. This is to show the difference between the actual results and the results expected to be shown in light of the measurement principles adopted under international financial reporting standards. The researchers have concluded that the use of electronic means helps the auditor to conduct the audit process for the various financial assets due to their multiplicity and diversity in addition to the diversity of their market values. In addition, this enables the auditor to identify errors and indicate their impact on the income statement and budget and thus reach a final opinion on the financial statements towards the use of electronic means in auditing operations by professional organizations and relevant authorities for the purpose of speed and accuracy in completing auditing operations. Moreover, the necessity to prepare electronic programs for various auditing purposes in line with the activity of the bodies subject for auditing and training auditors in the use of such programs.
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Sushevskaya, Natalia O. "GERMAN TERMINOLOGY OF EXTERNAL FINANCIAL GOVERNMENT AUDITING." Bulletin of the Moscow State Regional University (Linguistics), no. 4 (2020): 43–52. http://dx.doi.org/10.18384/2310-712x-2020-4-43-52.
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Hoffer, Ron. "Auditing Pda Wireless Devices in Financial Services." EDPACS 33, no. 3 (September 2005): 1–9. http://dx.doi.org/10.1201/1079.07366981/45517.33.3.20050901/90020.1.
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Chou, Chi‐Chun, and C. Janie Chang. "Continuous auditing for web‐released financial information." Review of Accounting and Finance 9, no. 1 (February 23, 2010): 4–32. http://dx.doi.org/10.1108/14757701011019790.
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Knechel, W. Robert, Edward Thomas, and Matthew Driskill. "Understanding financial auditing from a service perspective." Accounting, Organizations and Society 81 (February 2020): 101080. http://dx.doi.org/10.1016/j.aos.2019.101080.
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Ho, Shirley J., and Sushanta K. Mallick. "A Copayment Auditing Scheme for Financial Misreporting." International Journal of Accounting 50, no. 1 (March 2015): 53–74. http://dx.doi.org/10.1016/j.intacc.2014.12.002.
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Hinke, Jana, Michal Gezo, Luboš Smutka, and Wadim Strielkowski. "Management of financial statements auditing in the Visegrad Group countries." Problems and Perspectives in Management 18, no. 1 (January 22, 2020): 1–16. http://dx.doi.org/10.21511/ppm.18(1).2020.01.
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This paper aims at comparing the management perspectives with the audit conditions in the Visegrad Group (V4) countries (the Czech Republic, the Slovak Republic, Poland, and Hungary) in the following areas: legislation governing the auditing, statutory duty of auditing, mandatory rotation of auditors in public interest entities, requirements on auditors and professional activities, and audit supervision organizations. The paper also tests the hypothesis whether there is a relationship between the size of the accounting entity and the auditor’s opinion.The methodology is based on the statistical analysis of the data using the Chi-square test of independence applied to a sample of 800 randomly selected accounting entities from all V4 countries (200 per each country in question).The results demonstrated significant differences in the management approaches to financial reporting, especially in the area of the statutory duty of auditing. In addition, quantitative research was conducted to determine whether there is a relationship between the size of the accounting entity and the auditor’s opinion. At the 5% significance level, no such dependence has been found for any of the V4 countries, but at the 10% significance level, the dependence has already been proved in case of the Republic of Poland and Hungary. The practical value of the obtained results is the knowledge of how to manage accounting standards for business entities in the V4 countries, as well as to determine the statutory duty to audit financial statements. These results might be of a special practical importance for business managers, tax authorities, and auditors operating in the EU countries.
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Behzadian, Fatah, and Naser Izadi Nia. "An Investigation of Expectation Gap between Independent Auditors and Users from Auditing Services Related to the Quality of Auditing Services Based on Their Role and Professional Features." Asian Journal of Accounting Research 2, no. 2 (August 31, 2017): 36–47. http://dx.doi.org/10.1108/ajar-2017-02-02-b005.
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In this research, using an analytical framework on factors affecting the quality of auditing services, we consider factors that affect an expectations gap in providers and users of auditing services related to factors affecting auditing quality. Effective factors studied in this regard are professional features, including the professional role of individuals in the auditing process (auditors against preparers of financial statements), professional experience of individuals, professional rating and size of auditing firms. The first statistical society consists of certified public accountants (CPAs) working in the auditing organization and audit firms in Iran, and the second statistical society consists of all investment companies that operate under the supervision of the Tehran Stock Exchange Organization. Based on the results of the research, the role of professionals in the auditing process is not effective as an independent auditor or financial statements provider, as well as the professional experience of individuals in the expectations gap from factors affecting auditing quality, while the size and qualities of the auditing firms were influenced by the expectations gap of individuals in the field of auditing regulation.
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BeMiller, Stephen M., Randy Wirtz, and Deborah L. Lindberg. "Sky Scientific, Inc.: An Auditing Minefield." Issues in Accounting Education 24, no. 2 (May 1, 2009): 219–36. http://dx.doi.org/10.2308/iace.2009.24.2.219.
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ABSTRACT: In 1994, Sky Scientific, Inc. dramatically overstated assets and understated expenses in its financial statements. A Securities and Exchange Commission (SEC) investigation into those financial statements led to charges being filed against both the company and its auditors. This case takes a detailed look into the independent audit of Sky's financial statements for the purpose of understanding how the auditors failed to see the extent to which Sky's financial reporting was misleading and to adequately challenge the assertions presented in the financial statements before Sky filed them with the SEC. This case provides an opportunity to examine numerous issues related to the audit engagement process, including audit planning, the evaluation of management representations, the audit evidence process, and auditors' going-concern judgments. The roles and responsibilities of the concurring auditor and an outside specialist are also discussed.
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Itygilova, E. Yu. "An analysis of the auditor's opinion criteria in accordance with the principles of financial reporting." International Accounting 23, no. 6 (June 16, 2020): 667–82. http://dx.doi.org/10.24891/ia.23.6.667.
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Subject. This article deals with the methodological justification of financial reporting criteria based on the present-day concept of financial information utility in the context of the established accounting doctrines. Objectives. The article aims to substantiate a system of criteria for auditing financial statements on the basis of the historically established British and American accounting doctrines. Methods. For the study, I used the methods of analysis and synthesis, induction and deduction, comparison, and analogy. Results. Based on an analysis of the provisions of international auditing and accounting standards, background material, scientific papers in the field of auditing, the article defines criteria for auditing financial reporting in the context of accounting doctrines. Conclusions and Relevance. The truth in the audit to be proved is of a regulatory and descriptive character. It is expressed in the form of specific criteria for the validity and fairness of reporting. The results of the study can be used in financial statements audit research.
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Gujarathi, Mahendra R. "Diamond Foods, Inc.: A Comprehensive Case in Financial Auditing." Issues in Accounting Education 32, no. 1 (December 1, 2015): 95–112. http://dx.doi.org/10.2308/iace-51361.
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ABSTRACT Diamond Foods is a comprehensive case that provides an opportunity for students to apply several financial auditing concepts and professional auditing standards to a real-world context. Diamond overstated its earnings of fiscal 2010 and 2011, by 38 percent and 47 percent, respectively, by delaying recognition of the cost of walnuts acquired to later accounting periods. The case requires students to determine whether Diamond's external auditor—Deloitte & Touche, LLP (Deloitte)—fulfilled its responsibility to obtain reasonable assurance that the financial statements were free of material misstatement. Students need to determine whether Deloitte's issuance of an unqualified opinion on Diamond's financial statements and internal controls violated professional auditing standards. In addition, students are required to evaluate whether Deloitte obtained sufficient understanding of Diamond's business and industry, exercised the needed professional skepticism, and used appropriate analytical procedures to discharge its professional responsibilities. The case presents an opportunity to achieve several learning objectives, including the development of research, critical-thinking, communication, and problem-solving skills. The case is appropriate for use in a graduate or undergraduate course in financial auditing. It can also be used in a fraud examination course, or in a capstone course in the accounting curriculum.
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Manayseh, Mahmoud, and D. C. Stalin. "Auditor Independence and its Impact on Financial Statements Audit (Evidence from Oman)." Shanlax International Journal of Commerce 8, no. 3 (July 1, 2020): 1–10. http://dx.doi.org/10.34293/commerce.v8i3.2397.
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Defrauding and error discovering by external auditor influence his relationship with his clients of professional auditing, a financial interest that auditor received it affect on the credibility of auditing and the relationships between the practices associated with the audit and the rules of professional conduct standards factors and changing the external auditor of professional auditing in Sultanate of Oman are investigated analyzed and to know the aspects related to change the External Auditor and its impact on the principle of independence, an issue of stakeholders interest in the companies under review.In the framework of the keenness of financial and administrative control of Oman to keep up with development in the professional work and the adoption of global best practices in audit work so as achieve efficiency and effectiveness in business and goals accomplished device, the study results from the questionnaire concluded that the subsequent discovery of the error, fraud and illegal acts after the issuance of the report shows the negligence of the references in the performance of his professional duties of professional auditing in Sultanate of Oman, the associated application with a review of the professional rules and standards of behavior affect change in the external auditor and also the quality associated with checking the extent of the auditor’s commitment to auditing standards process of professional auditing in Sultanate of Oman.
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Cao, Min, Roman Chychyla, and Trevor Stewart. "Big Data Analytics in Financial Statement Audits." Accounting Horizons 29, no. 2 (June 1, 2015): 423–29. http://dx.doi.org/10.2308/acch-51068.
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SYNOPSIS Big Data analytics is the process of inspecting, cleaning, transforming, and modeling Big Data to discover and communicate useful information and patterns, suggest conclusions, and support decision making. Big Data has been used for advanced analytics in many domains but hardly, if at all, by auditors. This article hypothesizes that Big Data analytics can improve the efficiency and effectiveness of financial statement audits. We explain how Big Data analytics applied in other domains might be applied in auditing. We also discuss the characteristics of Big Data analytics, which set it apart from traditional auditing, and its implications for practical implementation.
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Bartoszewicz, Anna, and Anna Rutkowska-Ziarko. "Practice of Non-Financial Reports Assurance Services in the Polish Audit Market—The Range, Limits and Prospects for the Future." Risks 9, no. 10 (October 1, 2021): 176. http://dx.doi.org/10.3390/risks9100176.
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In recent years, many companies have been issuing non-financial information which is used by a wide range of stakeholders in their decision-making processes. Considering the fact that such reports play an important role in financial markets, the information they provide should be submitted to verification by an external, independent body. Our study, carried out in 2020, showed that only 2.3% of audit firms in Poland offer auditing non-financial report services. This was the starting point for our further investigations, the results of which will be presented in this article. The aim of the article is to identify the factors that limit or stimulate the performance of auditing in Poland with respect to non-financial data, and to determine the scope of operations carried out by audit firms which provide this service. The article comprises literature perusal and results of empirical studies among audit firms in Poland. Several important findings have emerged, including the fact that there are few companies in the Polish auditing market rendering the service of auditing non-financial reports, which are leaders in this field. The factor that most significantly limits the performance of non-financial report auditing is the low demand for such a service, which arises from the fact that verification and assurance of non-financial data are not obligatory for all reporting undertakings. Given that the number of CRS reports is increasing every year, it seems necessary to make full audits in order to confirm the reliability of non-financial information provided by reporting companies. Otherwise, stakeholders interested in these reports might be exposed to a risk of making inadequate decisions.
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Javed, Sarfaraz. "DOES ORGANISATION BEHAVIOUR AFFECT PERFORMANCE OF AUDITING FIRMS?" International Journal of Engineering Technologies and Management Research 5, no. 1 (February 8, 2020): 90–98. http://dx.doi.org/10.29121/ijetmr.v5.i1.2018.51.
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The study examines the effect of organizational behaviour on auditing firms’ performance. It investigates the influence of Software Technology and customer relationship management on financial performance of PwC, Deloitte and KPMG testing four hypotheses. The data was from secondary sources of financial reports and statements of PwC, Deloitte and KGPM (2011-2016) and statistica.com. Hypotheses were tested using multiple regression analysis and Pearson correlation. SPSS version 17 was used to perform the multiple regression analysis while Smart PLS version 3.2.6 was used to carry out SEM. The first hypothesis revealed that relatively customer relationship negatively predicted financial performance of PwC while software technology positively predicted the financial performance of PwC. Hypothesis two shows that customer relationship and software technology did not jointly and relatively predicted financial performance of Deloitte while in hypothesis three, customer relationship and software technology did not jointly predicted financial performance of KPMG and in hypothesis four, customer relationship management and software technology positively jointly influenced financial performance of both PwC and Deloitte. There have been few studies to made use of Structural Equation Model (SEM) to examine the organizational behaviour in the auditing firms. In this paper, SEM was used to test the effect of Software Technology and Cost on customer relationship on financial performance of the auditing firms. This paper contributes to the impact of organizational behaviour in the auditing firms.
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Mehmeti, Fatmir. "Common Characteristics and Differences in External and Internal Auditing." European Journal of Economics and Business Studies 10, no. 1 (March 2, 2018): 272. http://dx.doi.org/10.26417/ejes.v10i1.p272-278.
Full textAbstract:
Many scholars have shown that failure in leading big companies as well as the latest financial crises have led the auditing market to perceive traditional auditing more as a legal requirement rather than as a value added for the company. There are others that do not completely agree to this, but they all accept that the auditing as a profession should accept changes which will affect the value added for the company from auditing. Nowadays the companies are required more accountability rather that it was required before, perversely only financial reports were reported by the companies. Auditing is a process which confirms the statement provided by the company management regarding the information in financial statements that are real and accurate. Auditing has to be based on evidences and logical concept for better understanding. For companies that operate in the market, it is important to provide financial information that is consistent, reliable and complete for all users of the financial statements (banks, potential shareholders and the international community). In daily practice of entities we have two kinds audit, the internal and external audits. Usually, these are interlinked and complementary, with the ultimate aim that the (overall) audit is more effective and the reports that will emerge are fully arguable and meaningful. The internal audit has an important role which is to increase the effectiveness of internal control in private or public company. Internal audit has the responsibility of informing the management of the institution of deficiencies or weaknesses in the internal control system. External auditors are the fist line of the front for companies liadership. They play a key role in verifying the financial information provided to shareholders. External auditors inspect the financial statements prepared by the entity and provide assurance and independent opinion if these statements represent a true and fair view of the entity's condition for the year under review.Keywords: External audits, internal audit, management, financial statement, and independent opinion.
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Shengelia, G. A. "Auditing as the Main Method of Financial Control of Educational Institutions of Higher Education (EIHE): Peculiarities of the Legal Regulation." Actual Problems of Russian Law, no. 1 (January 1, 2019): 88–95. http://dx.doi.org/10.17803/1994-1471.2019.98.1.088-095.
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Educational institutions of higher education (EIHE) in modern conditions are active financial and economic entities. At the same time, taking into account the existing realities, the methods of financial control of these organizations are being improved. The article attempts to analyze auditing as a method of financial control, the goals and main objectives of the audit, the types of audit. The author classifies auditing of educational institutions of higher education in accordance with the audited period of economic activity of an educational organization, techniques and methods depending on the subject of inspection, an organizational method, the degree of coverage of financial and economic activities of educational institutions of higher education or the range of issues of verification of its activities. According to the results of the study, it is concluded that within the financial control of the activities of the EIHEs, auditing is one of the main methods of financial control aimed at assessing the state of financial discipline, determining the reliability of accounting and identifying financial violations associated with the use of budgetary and extra-budgetary funds.
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Lozano Montero, Eva, Roberto Godínez López, and Saúl Manuel Albor Guzmán. "Financial auditing benefits: Perspective of the SME in Celaya, Guanajuato." Acta Universitaria 30 (April 1, 2020): 1–15. http://dx.doi.org/10.15174/au.2020.2050.
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Financial auditing has been considered a reliability tool in resource management, although it has generated distrust due to its shortcomings. The objective of this research is to analyze the perception of Small and Medium Enterprise (SME) regarding the benefits generated by financial auditing as a tool for competitiveness. Using an interpretative and transversal method, some factors were identified such as the existence of a relationship between the conceptualization of auditing and the fear of its applicability, as well as a tendency to confuse the term financial audit with fiscal audit. Results suggest that when the SME are aware about the benefits of financial audit and its differences with fiscal audit, they value it and are more willing to voluntarily obtain substantial benefits that contribute to business management. In addition, the company owner’s academic studies and the age of the organization significantly influence in the willingness to have a financial audit.
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Khan, Rizwan, Erwin Adi, and Omar Hussain. "AI-based audit of fuzzy front end innovation using ISO56002." Managerial Auditing Journal 36, no. 4 (July 10, 2021): 564–90. http://dx.doi.org/10.1108/maj-03-2020-2588.
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Purpose This paper aims to develop an artificial intelligence (AI) audit tool for auditing text-based evidence and determine its efficiency and effectiveness. Design/methodology/approach A manual audit checklist and an AI audit tool are developed with fuzzy front-end (FFE) from Innovation Management System Standard (IMSS) as the audit scope, First, a manual audit of five organisations is conducted to determine their compliance scores. The transcripts of the audit are recorded which are used by the AI audit tool to assign compliance scores for the same organisations. The effectiveness and efficiency of the AI audit tool are determined by comparing their results with the manual audit. Findings This paper demonstrates the development of the FFE AI audit tool which led to 92% improved efficiency while being 95% effective compared to a human auditor. Practical implications The publication of new financial and non-financial standards (such as ISO56002: IMSS) have implications for internal auditing (IA). The scope of IA must expand to include new standards while remaining efficient. Emerging technologies, such as AI help achieve this. Even though the use of AI in financial auditing is widely studied, it has not received similar attention in non-financial auditing. This paper develops a non-financial AI audit tool to audit an essential component of the IMSS, the FFE of innovation and determine its efficiency and effectiveness. Originality/value The study develops an FFE AI audit tool for the first time. The methodology used has practical and academic implications for the use of AI in non-financial auditing.
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Sharp, Andrew D., and Taylor A. Webre. "LITIGATING, AUDITING AND OFFICIATING." Accounting Historians Journal 42, no. 2 (December 1, 2015): 137–40. http://dx.doi.org/10.2308/0148-4184.42.2.137.
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Accounting historians often encounter the arduous and interesting task of uncovering the truth insulated by myriad layers of embellishment. In the spirit of full disclosure, like Don Quixote of old, we set out in search of the truth from three related perspectives—officers of the court, financial auditors and athletic officials. Truth, shaded by the human element, is the basis for their significant decisions impacting society.
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Кельдина, Lyubov Keldina, Макарова, and Larisa Makarova. "To a question of financial statements Assertions." Auditor 1, no. 8 (August 17, 2015): 23–32. http://dx.doi.org/10.12737/11645.
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Akhmatovna, Abduraimova Maftunakhon. "Main areas of auditing insurance companies’ financial statements." ACADEMICIA: An International Multidisciplinary Research Journal 9, no. 7 (2019): 63. http://dx.doi.org/10.5958/2249-7137.2019.00082.x.
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Kowalak, Robert. "Auditing of company financial standing using aggregate measure." Financial Sciences 25, no. 1 (2020): 14–22. http://dx.doi.org/10.15611/fins.2020.1.02.
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Chiang, Christina, and Margaret Lightbody. "Financial auditors and environmental auditing in New Zealand." Managerial Auditing Journal 19, no. 2 (February 2004): 224–34. http://dx.doi.org/10.1108/02686900410517830.
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Ramsey, Richard David. "Communication, Litigation, and Financial Auditing: Grady Hazel's Views." Business Communication Quarterly 70, no. 2 (June 2007): 236–40. http://dx.doi.org/10.1177/10805699070700020605.
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Singh, Harpreet. "Impact of Financial Technology on Accounting and Auditing." Management Accountant Journal 54, no. 10 (October 31, 2019): 33. http://dx.doi.org/10.33516/maj.v54i10.33-34p.
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Mehmeti, Fatmir. "Common Characteristics and Differences in External and Internal Auditing." European Journal of Economics and Business Studies 4, no. 1 (April 1, 2018): 261–67. http://dx.doi.org/10.2478/ejes-2018-0030.
Full textAbstract:
Abstract Many scholars have shown that failure in leading big companies as well as the latest financial crises have led the auditing market to perceive traditional auditing more as a legal requirement rather than as a value added for the company. There are others that do not completely agree to this, but they all accept that the auditing as a profession should accept changes which will affect the value added for the company from auditing. Nowadays the companies are required more accountability rather that it was required before, perversely only financial reports were reported by the companies. Auditing is a process which confirms the statement provided by the company management regarding the information in financial statements that are real and accurate. Auditing has to be based on evidences and logical concept for better understanding. For companies that operate in the market, it is important to provide financial information that is consistent, reliable and complete for all users of the financial statements (banks, potential shareholders and the international community). In daily practice of entities we have two kinds audit, the internal and external audits. Usually, these are interlinked and complementary, with the ultimate aim that the (overall) audit is more effective and the reports that will emerge are fully arguable and meaningful. The internal audit has an important role which is to increase the effectiveness of internal control in private or public company. Internal audit has the responsibility of informing the management of the institution of deficiencies or weaknesses in the internal control system. External auditors are the fist line of the front for companies liadership. They play a key role in verifying the financial information provided to shareholders. External auditors inspect the financial statements prepared by the entity and provide assurance and independent opinion if these statements represent a true and fair view of the entity's condition for the year under review.
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Mădălina, Salomia Maria. "Positive Research Regarding the Implementation of International Audit Standards at Romanian Entity Level." International Journal of Contemporary Research and Review 10, no. 07 (July 27, 2019): 21586–91. http://dx.doi.org/10.15520/ijcrr.v10i07.718.
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The research was based on critical analysis, in time and space, of the theoretical references underlying the organizational and methodological framework for the performance of financial audit, international auditing standards, as well as the integration of international and European requirements in the financial audit activity of our country, the scientific approaches in the field of auditing the financial statements, elaborated by the revision of the specialized regulations and in the second part, the stages of the organization of the financial audit activity, the methods and currently used techniques in the financial audit for obtaining the evidence elements, are provided.
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Arowolo, Oluyemisi Rachael, and Ayoib Che-Ahmad. "Monitoring Mechanisms, Gender, and Information System Structure in Nigerian Non-Financial Listed Companies." International Journal of Business and Management 11, no. 5 (April 18, 2016): 129. http://dx.doi.org/10.5539/ijbm.v11n5p129.
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Monitoring mechanisms are tools for companies to protect the interests of the shareholders, most especially, the minority shareholders from the deviant behaviour of the management and board members. This study examines the relationship between monitoring mechanisms (directorship, internal and external auditing), gender and information system structure in Nigerian non-financial listed companies. The empirical tests for the study are by quantitative analysis approach with data from annual reports and questionnaires (for information system structure and internal auditing not obtainable from annual reports). The findings reveal that both gender and information system structure significantly relates to monitoring mechanisms (directorship, internal auditing and external auditing). This empirical study adds to the literature on the antecedents of organizational attributes in respect of gender and information system structure as related to monitoring mechanisms, particularly in Sub-Saharan African. Likewise, the findings suggest policy implication for the board of directors regarding appropriate board composition and structuring of the information system of a company to mitigate agency problems.
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Doussy, Frank, and Elza Doussy. "Financial statements and the discharging of financial accountability of ordinary public schools in South Africa." Journal of Governance and Regulation 3, no. 2 (2014): 27–35. http://dx.doi.org/10.22495/jgr_v3_i4_p3.
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The Schools Act, 84 of 1996 (section 42(b)), requires that all public schools in South Africa, “as soon as practical, but not later than three months after the end of each financial year, draw up annual financial statements”. These schools must further submit audited financial statements to the Department of Education within six months after the school’s year end (section 43) and according to section 43(6), “at the request of an interested person, the governing body must make the records referred to in section 42, and the audited or examined financial statements referred to in this section, available for inspection”. The compilation, auditing and submission of these statements are therefore legally required and are compulsory for all schools. The study aims firstly to establish whether schools in South Africa comply with the current legislative prescripts and accounting and auditing practices, and secondly to identify possible problem areas in this regard.
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Bataineh, Ashraf, and Mustafa M. Soumadi. "Does Auditing Committee Characteristics Enhance Corporate Value? Evidence From Jordan." International Journal of Financial Research 11, no. 2 (March 16, 2020): 348. http://dx.doi.org/10.5430/ijfr.v11n2p348.
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The study aims to investigate the effect of auditing committee characteristics, represented in the auditing committee characteristics (size, independence, activity, financial expertise) on the enhancement of corporate value, for a sample of 47 Jordanian industrial companies listed at Amman Stock Exchange (ASE) during the period of (2014-2018). To achieve this goal, corporate value was measured using the return on assets (ROA) in addition to using the Pooled Data Regression. Study found a positive relationship between the auditing committee characteristics (size, activities, independence) and corporate value in the Jordanian industrial Companies, but didn't find a positive relationship between the financial expertise variable of auditing committee and the corporate value. Based on the study results, researchers made a number of recommendations that include: researchers and academic staffs must study in the future researches some of the other variables, such as the diversity of management committee, disclosure, transparency, and auditing fees in order to enhance corporate value.
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Cullinan, Charles P., and Hui Du. "Client Selectivity Among Mid-Sized Auditing Firms: Evidence From The Post-Sox Audit Market Realignment." Journal of Business & Economics Research (JBER) 10, no. 11 (October 26, 2012): 601. http://dx.doi.org/10.19030/jber.v10i11.7359.
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Considerable realignment in the audit market occurred in the wake of the Sarbanes-Oxley Act of 2002, with many clients switching from a Big 4 to a non-Big 4 auditor. We examine a sample of 212 former Big 4 clients who switched to either a mid-sized auditing firm (i.e., BDO Siedman, Crowe Horwath, Grant Thornton and McGladrey) or a small auditing firm. We consider reasons why clients may prefer a mid-sized firm rather than a small firm (called client demand characteristics) and reasons why auditors may be willing to accept an audit engagement (called auditor supply characteristics). Among client demand characteristics, we find that clients are more likely to engage a mid-sized auditing firm when the client is larger, has higher asset turnover, and has foreign operations. From an auditor supply perspective, we find that a mid-sized auditing firm is more likely to accept the client if the client is willing to pay higher audit fees and uses the auditor for non-audit services. Higher financial leverage could be seen from either a client demand or auditor supply perspective. From a client demand perspective, higher financial leverage would make clients prefer mid-sized auditors, as these clients needs for financing could lead them to seek a more brand-name auditor to enhance their credibility with banks and other creditors. From an auditor supply perspective, auditors may prefer to avoid clients with higher leverage, which reflects financial riskiness. These financially risky clients may result in adverse reputational and/or legal costs for the auditing firm. We find that clients with higher leverage are less likely to engage a mid-sized CPA firm. These results suggest that mid-sized auditors are somewhat selective in the clients they are willing to accept.
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Akman, Vedat, Berkan Acar, and Cevdet Kızıl. "Auditing Techniques to Avoid Cost Accounting Frauds." EMAJ: Emerging Markets Journal 10, no. 1 (September 23, 2020): 60–66. http://dx.doi.org/10.5195/emaj.2020.210.
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Today, we observe the importance of accuracy of financial statements in every corporation. Accounting scandals have caused important losses both in the macro and micro levels. This issue proves the significance of financial statement accuracy. This accuracy is provided by the trust environment. Therefore, it is necessary to provide the required environment of confidence for financial markets to improve and function effectively against increasing accounting frauds gradually. That can only be possible by using different auditing techniques, running inventory counting such as cash and stock, establishing strong internal controls, managing efficiently and benefiting from technology integrated auditing. The aim of this study is to investigate the most effective auditing techniques to avoid cost accounting frauds. In this research, the most effective auditing techniques for detecting and preventing fraud are investigated by using the case analysis method. Also, the well known scandals related with Olympus, Worldcom, Tesco, Sunbeam and Parmalat companies are examined as a part of the case analysis. Finally, recommendations and suggestions regarding fraud prevention methods are presented.