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Disclaimer of Opinion
On some occasions, an auditor is unable to complete an accurate audit report. This
may occur for a variety of reasons, such as an absence of appropriate financial
records. When this happens, the auditor issues a disclaimer of opinion, stating that
an opinion of the firms financial status could not be determined.
Independence
A group sailing represent independenceInterpretation 101-3
of the Code provides guidance to auditors when their firms
provide nonattest services to the attest client. This
Interpretation was revised in 2003.
General Standards
A stack of books represent the general standards of the
AICPA's Code of Professional Conduct Practitioners of
consulting services who are members of the AICPA are
subject to the Code of Professional Conduct. Rule 201 of the
Code sets forth four general standards for all professional
Financial Audit
A historically oriented, independent evaluation performed for
the purpose of attesting to the fairness, accuracy, and
reliability of financial data. CSULB's external auditors, KPMG,
perform this type of review. CSULB's Director of Financial
Reporting coordinates the work of these auditors on our
campus.
Operational Audit
A future-oriented, systematic, and independent evaluation of
organizational activities. Financial data may be used, but the
primary sources of evidence are the operational policies and
achievements related to organizational objectives. Internal
controls and efficiencies may be evaluated during this type of
review.
Department Review
A current period analysis of administrative functions, to
evaluate the adequacy of controls, safeguarding of assets,
efficient use of resources, compliance with related laws,
regulations and University policy and integrity of financial
information.
Integrated Audit
This is a combination of an operational audit, department
review, and IS audit application controls review. This type of
Investigative Audit
This is an audit that takes place as a result of a report of
unusual or suspicious activity on the part of an individual or a
department. It is usually focused on specific aspects of the
work of a department or individual. All members of the
campus community are invited to report suspicions of
improper activity to the Director of Internal Auditing Services
on a confidential basis. Her direct number is 562-985-4818.
Follow-up Audit
These are audits conducted approximately six months after
an internal or external audit report has been issued. They are
designed to evaluate corrective action that has been taken on
the audit issues reported in the original report. When these
follow-up audits are done on external auditors' reports, the
results of the follow-up may be reported to those external
auditors.
Government Auditors
Government auditors review the finances and practices of
federal agencies. These auditors work for the U.S.
Government Accountability Office. Auditors in this office
report their findings to Congress, which uses them to create
and manage policies and budgets. In addition, most state
governments have similar departments to audit state and
municipal agencies.
Independent Auditors
Independent auditors do not work for the government or the
organization being audited. These auditors review the
financial statements of a company, municipality, agency or
district to determine if the statements and reports are
accurate and fair. Independent auditors help prevent
organizations from releasing misleading financial information.
Forensic Auditors: They are employed by the corporation,
governmentAgencies public accounting firms, and consulting
and investigative services firms.They are trained in detecting,
investigating, and deterring fraud and whitecollarcrime.Generally accepted Auditing Practice:Auditing is a
process by which a competent independent person
accumulates andevaluates evidence about various assertions
contained in financial statement of an entityfor the purpose
of determining and reporting the e quality of disclosure of
financial
Definition of 'Audit'