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The authors' knowledge of the organization audited, as well as oral evidence based on interviews and inquiries, was critical to evaluating the competence and trustworthiness of the staff that allowed the informal controls to function so effectively.
The total balance of all the participant account balances should equal the audited fund balance after the allocation of investment earnings and operating expenses.
You want these issues audited first so you can use early referral.
The proposed SASs require auditors to develop a better understanding of audited entities and their environments, to use that knowledge to more rigorously assess the risks of material misstatement of the entities' financial statements and to better link the nature, timing and extent of audit procedures with assessed risks.
In contrast, SAS 58, Reports on Audited Financial Statements, does not require a reference to the client's internal controls in the audit report itself.
Electronic audits can also increase the percentage of the taxpayer population audited, maximize the efficiencies related to statistical sampling, streamline the detailed review of all records for an audit period and instantly access records in a computer readable format.
The Aluminum Company of America (Alcoa), like most corporations with assets over $250 million, is currently audited by the Internal Revenue Service (IRS) under the Coordinated Examination Program - a 24- to 27-month audit cycle during which IRS agents examine the consolidated income tax returns of two or three years.
If problems developed in areas that had recently been audited without the auditor identifying the potential problem, the auditors were judged to be less effective.
The goal of the program is to rebuild the confidence of investors in our capital markets and reestablish audited financial statements as a clear picture window into corporate America.
In a tax system that requires the filing of a return, and when less than 1% of those returns are audited, the enforcement authority [the IRS] must have a method by which to measure compliance and target enforcement efforts.
Underwriters may require the same auditor to have audited the company's financial statements for the current and all prior periods, leading to a reaudit of its earlier statements.
Generally, only about 1% of all individual income tax returns are audited. Thus, the IRS employs several techniques for selecting returns to examine in order to use its audit time most efficiently.