Go to the Public Company Accounting Oversight Board (PCAOB) Website to review the internal control requirements...

Go to the Public Company Accounting Oversight Board (PCAOB) Website to review the internal control requirements (Auditing Standard No. 5), located athttp://pcaobus.org/Featured/Pages/InternalControls.aspx and comment on which you feel is most important and why.

Expert Solution

Under the Internal Audit requirements while going through an audit of Internal Control over Financial Reporting, the most important function is the "Obtaining sufficient evidence to support control risk assessments".

The auditor has to access the overall control on having the control on the accounts and finance alongwith the financial statement. By doing so the internal auditor put the limits on its working areas to access the control. The accessment of the auditor towards "operating effectiveness of control" areas would be supported by the evidences. The auditor places these evidences in support of his/her comments in the audit report on the accounts and finance function areas which are do not his/her attention.

The elimination of the effective control areas will allow the auditor to concentrate on the areas which are more critical and require more auditor's attention. This will reduce the amount of audit work and the ineffective areas are more explored to bring out the weaknesses alongwith the evidence.

This not only make the auditors work smooth but also suppliing a good and condusive audit report in which the ineffective areas are much explored and reported.

===================

ekkarill92 answered 2 years ago

I: Briefly explain the purpose of Public Company Accounting Oversight Board (PCAOB).

The Public Company Accounting Oversight Board (PCAOB) was created by Congress when the SOX of 2002...

The Public Company Accounting Oversight Board (PCAOB) was created by Congress when the SOX of 2002 was passed. The PCAOB assumed the auditing standard responsibilities that had been formally tasked to the American Institute of Certified Public Accountants (AICPA). In your opinion, has the PCAOB been more successful than the AICPA in addressing fraud in auditing standards? Do you think the PCAOB has done a better job than the AICPA in completing the basic functions and reaping the benefits of...

Discuss the Public Companies Accounting Oversight Board.

Short Writing “The Public Company Accounting Oversight Board adopted a new auditor reporting standard that will...

Short Writing “The Public Company Accounting Oversight Board adopted a new auditor reporting standard that will make the auditor's report more relevant to investors by requiring more information about the audit. The standard includes the communication of critical audit matters (CAMs), which will inform investors and other financial statement users of matters arising from the audit that required especially challenging, subjective, or complex auditor judgment, and how the auditor responded to those matters.” (PCAOB 2017) I have attached the Fact...

"PCAOB" Please respond to the following: Go to the PCAOB Website. Next, analyze the role of...

"PCAOB" Please respond to the following: Go to the PCAOB Website. Next, analyze the role of the PCAOB to protect the public. Based on your analysis, give your opinion as to whether you believe they possess enough of the requisite power to be effective in accomplishing their mission. Provide support for your opinion.

Go to the PCAOB website and find information related to the Ligand case (under Disciplinary Proceedings)....

Go to the PCAOB website and find information related to the Ligand case (under Disciplinary Proceedings). Discuss the separate-but-related issues affecting both the engagement partner who was disciplined and the public accounting firm's monetary penalty. Present your thoughts about the fairness and appropriateness of the PCAOB’s actions related to the individual partner and the firm. 1 page 275 word

1. Go to Yahoo Finance website. 2. Review the overview/main pages for the four public companies...

1. Go to Yahoo Finance website. 2. Review the overview/main pages for the four public companies whose names your professor will provide to you. 3. Research the four firms using either Key Statistics or Financials from the overview/main pages for the stocks on Yahoo! Finance Web site. Compute and compare the following financial ratios for the four firms for their most recent fiscal years:< > Note: In Key Statistics under the heading "Valuation Measures" there are numbers for both Trailing...

The PCAOB has proposed changes to the auditor's report for public companies that include requirements for...

The PCAOB has proposed changes to the auditor's report for public companies that include requirements for the auditor to communicate "critical audit matters." Critical audit matters include those matters during the audit that involved difficult, subjective, or complex auditor judgments to that posed difficulty to the auditor in obtaining sufficient appropriate evidence or in forming the opinion on the financial statements. Similarly, the International Auditing and Assurance Standards Board (IAASB) recently revised the auditor's report in the International Standards on...

Since the creation of the PCAOB in 2003, accounting firms that wish to audit public companies...

Since the creation of the PCAOB in 2003, accounting firms that wish to audit public companies must be registered with the PCAOB. Visit the PCAOB’s website (www.pcaobus.org) and browse the information. Explain what is required for an accounting firm to be registered with the PCAOB.

Identify an internal control structure and describe an effective internal control structure, relating to accounting and...

Identify an internal control structure and describe an effective internal control structure, relating to accounting and preparing accurate financial statements.

Question