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Instructions for Auditing College Essay Examples

Essay Instructions: Auditing, Accounting

Write 2000 word essay about this case study that has been uploaded to you about Lehman Brothers Holdings, Inc. answer Questions 1, 2, 3 and 5 that are listed at the end of the case study. However, I have rewritten these Questions below.

The accuracy of this case study is not perfect so please use your discretion when interpreting this case. However I will rewrite the financial statements table below so that they are more understandable and that Question 5 can be answered properly.
Also please include in this report and apply; Sarbanes-Oxley act, GAAP(general applied accounting Principles), where and if required.

Lehman Brothers, Financial Highlights, 2003-2007

2007 2006 2005 2004 2003
Revenues $19.3 $17.6 $14.6 $11.6 $8.7
Net Income 4.2 4.0 3.3 2.4 1.7
Total Assets 691.1 503.6 410.1 357.2 312.1
Total Stockholders?
Equity 22.5 19.2 16.8 14.9 13.2
Earning per Share 7.26 6.81 5.43 3.95 3.17
Dividends per Share 0.60 0.48 0.40 0.32 0.24
Year-end Stock Price 62.63 73.67 63.00 41.89 36.11
Return on Equity 20.8% 23.4% 21.6% 17.9% 18.2%
Leverage Ratio 30.7 26.2 24.4 23.9 23.7
Net Leverage Ratio 16.1 14.5 13.6 13.9 15.3

*In billions of dollars except for the Per Share amount.


Please do not use information from Wikipedia and also when referencing put it at the end of the sentence as well as in references sheet at the end. Essay ? divided into subsections with appropriate subheadings. This should include: a margin of at least 4cm on the left hand side with Double spaced in 12 point type Times New Roman font.
Learning Outcomes:

1) demonstrate an advanced understanding of the auditor's professional and societal role; and

2) demonstrate an understanding of and a capacity to discuss contemporary auditing issues which face the auditing and accounting profession.

Question 1) When Lehman was developing its Repo 105 accounting policy, did E&Y have
a responsibility to be involved in that process? In general, what role should an
audit firm have when a client develops an important new accounting policy?
Comment on an audit firm's responsibilities during and following that process.

Question 2) Do you agree with the assertion that "intent doesn't matter" when applying
accounting rules? That is, should reporting entities be allowed to apply
accounting ru les or approved exceptions to accounting rules for the express
purpose of intentionally embellishing their financial statements or related
financial data? Defend your answer.

Question 3) Do auditors have a responsibility to determine whether important transactions of
a client are "accounting-motivaled~? Defend your answer.

Question 5) Lehman's net leverage ratio was not reported within the company's audited
financial statements but rather in the company's financial highlights table and
MD&A section of its annual report. What responsibility, if any, do auditors have
to assess the material accuracy of financial data included in those two sections
of a client's annual report?

Unable to upload case study via website so I will email instead.



Regards

Excerpt From Essay:

Title: Financial Examination

Total Pages: 2 Words: 705 References: 3 Citation Style: MLA Document Type: Research Paper

Essay Instructions: Auditing and Assessing Financial Condition



The regular examination of financial documents goes a long way toward establishing trust with stakeholders such as board members, clients, patrons, and funding agencies. As you have been reading throughout this course, financial and budgeting functions are integral parts of an organization?s success, and auditing and assessing financial condition are vital parts of the fiscal functioning of an organization. Assessing the financial condition of an organization involves finding out whether it has the cash to meet its operations (from taxes, fees, and other revenue), and determining if its assets exceed its liabilities.



In this Application, you will evaluate the financial condition of a hypothetical town by considering trends and what they could mean.



To prepare for this assignment:



?Review the selected pages of Chapter 4 in Fiscal Administration: Analysis and Applications for the Public Sector, focusing on the function of audits within an organization and how financial reports give a picture of the overall financial condition of an organization.

?Review the presentations from the Association of Local Government Auditors Web site, focusing on auditing best practices.

?Review this week's course media, "Budget Management Functions: Financial Evaluation," and consider how the finances of public organizations are evaluated.

?Consider the role of auditing and assessment of financial condition in finance and fiscal matters in public organizations.

?Think about how public organizations can use data from audits and assessments to increase their effectiveness.



The assignment: (1?2 pages)





Support your Application Assignment with specific references to all resources used in its preparation. You are asked to provide a reference list only for those resources not included in the Learning Resources for this course

Excerpt From Essay:

Title: Auditing Please see Instructions

Total Pages: 16 Words: 5292 Works Cited: 0 Citation Style: APA Document Type: Essay

Essay Instructions: I'm ordering 2 pages per question - Please let me know if you need any other information

Textbook Name: Auditor's Guide to IT Auditing; 2nd edition; ISBN: 978-1-118-14761-0


Please Follow Instructions:
All questions reference the above mentioned textbook; however other sources can be used to support your answers. All response MUST be SPECIFIC to the questions asked, showing a detailed understanding and in depth knowledge of the material.
Two (2) pages minimum are required for each question providing an in depth knowledge and understanding.

Chapter 1
What is the role of databases in the auditing function and why is this role important?
Describe the use of the Declarative Data Definition Language and its role in the ability to describe security specifications?

Chapter 2
Chapter two discusses some the characteristics of an auditor or an audit team. There is a relationship between the company and the audit team regardless if the team is external or internal. The skill set of auditor is different than other company personnel, and in that regard has many qualities that might not be part of the corporate structure or the overall goal. Part of the process is determining a companies performance needs and categorizing performance threats. A charter can perhaps be a way to enforce standards when structure or desire is not evident.
The role of an auditor is not purely technical, scientific or managerial. After reading chapter two, answer the following question:
What are the qualities or roles of an auditor that are perhaps beyond the skill set of the normal corporate manager?

Chapter 3
Discuss the risks involved in examining evidence in order to arrive at an audit conclusion, be sure to incorporate the concept of independence and objectivity.

Chapter 4
This chapter discusses standards and guidelines, starting with a given set of rules of conduct. Investigate any legal actions that have been taken against auditors because they did not follow these rules of conduct

Chapter 5
This chapter discusses controls, of the following three goals; examine one of the following in regards to the overall auditing process, keeping in mind topics that were discussed in the previous chapters.
? Preventive Controls
? Detective Controls
? Corrective Controls

Chapter 6
This chapter discusses risk and the interaction between the corporation, the auditing team and the component of risk.
Discuss risk and its relationship to the auditing process.

Chapter 7
What are the advantages and disadvantages to audit planning and why are audit plans difficult or nearly impossible to accurately follow?

Chapter 8
Discuss the relationship between audit management and audit quality assurance?

Chapter 9
In the auditing evidence process there is certainty of risk, elaborate on how you can reduce the risk of other evidence process?
The use of simulations allows for the determination or classification of risk, explain how the Monte Carlo, game theory and queuing theory can assist in the determination of risk analysis.

Chapter 10
Audit reporting is necessary in order to provide management of the various results from the objectives of the audit. This feedback to management is sometimes the more difficult task of an audit process. Choose one of the areas in chapter 10 and elaborate with details on the importance of your chosen area.

Chapter 11
Audit management covers a wide area such as Projects, Quality Control, Operations and Production, Performance and Technical services. If you were at the management level, how would you qualify these areas and what would you do to prioritize your efforts?

Chapter 16
This chapter defines a basis for a formal structure that should exist prior to an audit, without a structure of some kind, it would be difficult to determine responsibilities and the outcome it to determine responsibility or where overlaps or excessive authorization exists and is not needed. In the end of the chapter, two types of system analysis are used, object-oriented and process-oriented analysis.
How could you use these one of these systems to address the other areas of the chapter, such as Management, customers, operations, staff, and technical support?

Chapter 17
How can SAP or Oracle be used to manage areas such as configuration and change management, capacity management and business continuity management?

Chapter 18
On page 230 and 231, there are a list of bulleted items that are the possible cause of problematic events. These items, some or all of them, exist in almost all companies. They also have a direct bearing on the success of an audit. In your opinion discuss at least three that you feel would have the largest impact if you were to do an audit?

Chapter 19
How would you balance continuous monitoring with the growth and potential of business process outsourcing and e-business?

Chapter 24
Elaborate on the differences between continuous monitoring and continuous auditing, please provide examples.

Excerpt From Essay:

Title: Audit Quality and Agency Cost

Total Pages: 15 Words: 4858 Bibliography: 0 Citation Style: MLA Document Type: Research Paper

Essay Instructions: Instructions

Topic: Audit Quality & Agency Cost

A written project paper is required on the following topic (Audit Quality & Agency Cost) in the area of Incentive & Monitoring in Accounting. This work requires a critical assessment of the relevant literature and in terms of its theoretical construct and its contribution/effectiveness to Accounting practices. However study resource materials will be provided for your referencing as well.

Structure Guide to Assignment should highlight deeply on the following below:-
1. linkage between Agency theory, Audit Quality & Risk
2. Statistical Auditing: The foundation of Audit risk concept

Executive Summary
Introduction
Body Of the Assignment
Conclusion
References

Excerpt From Essay:

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