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essay sample on mandatory auditor rotation : a way for regulatorto preventaudit failures
one or more of its partners(passive) caused byan audit failure
deficient controlscould ... causean audit failure
lack of independence due to scope of services issues(passive) caused byan audit failure
fire extinguishers , no clearly marked exit signs , exits not in working order , machinery that is in need of calibration or lack of safety gear found on heavy machinerycan leadto audit failure
1 introduction auditor rotation ... a measureto preventaudit failures
Certain problems ... likelyto causeaudit failures
a balance ... therefore more likelyto resultin audit failure
an audit failure 's partners(passive) caused byan audit failure
having more than four cycles of back and forth in the NCR processcan resultin audit failure
a lack of necessary computing resources to carry out the CAATs during audit processleadto audit failure
one point in the White Paper ... the provision of nonaudit services for audit clientsleadsto audit failure
dysfunctional behavior from auditors(passive) may be caused byAudit failure
However , the auditors are negligent on audit work and losing auditor independencethus leadingto audit failure
lack of audit independence(passive) caused byAudit failures
Example of an incidentmight leadto audit failure
Deficienciescausingaudit failure
User identity “ blind spotsare causingaudit failures
isolated errors or more systemic factors(passive) are caused byaudit failures
deficient areascausingaudit failures
The infringement of Public Accountant in the form of not fully comply with the Auditing Standards , especially in the audit procedures to detect material fraud in a financial statement auditwill leadto an audit failure
Incorrect acceptanceleadsto audit failure
Auditors need to be ever - vigilant and extraordinarily capableto preventaudit failures
improper selection of major programs(passive) caused byaudit failures
intrusive agentswill causeaudit failures
The exposure of IT auditors and financial auditors to irrelevant internal control evidencemay contributeto audit failure
An incorrectly inserted audit conditioncausesaudit failure
The procedures necessaryto preventaudit failures
Failure to submit documentation by the deadlinewill resultin audit failure
a duplicate of a reportwould causeaudit failure
the gaps in IT capabilities and processeshad ledto the audit failure
alternative procedures , based on information available to the auditors at the time of the auditmight have preventedthe audit failure
long tenure ... audit qualityleadsto audit failure
A lack of original file retentionmay causean audit failure
A lack of diligence in employing reasonable and necessary techniques like the ones described belowcan easily leadto an audit failure
NAS(passive) has been caused byany audit failure
Elliott ... in which providing nonaudit servicescausedaudit failure
to provecausethe audit failure
gaps within the systemwould ... causea DCAA audit failure
a deficient auditleadsto an audit failure
to fraud going undetected as well as failure to accurately assess a firms ability to continuehave ledto fraud going undetected as well as failure to accurately assess a firms ability to continue
to fraud going undetected as well as failure to accurately assess a firm 's ability to continuehave ledto fraud going undetected as well as failure to accurately assess a firm 's ability to continue
from the deliberate collusion insteadresultfrom the deliberate collusion instead
the server to shut down or not to start out mainly because ON_FAILUREtriggersthe server to shut down or not to start out mainly because ON_FAILURE
from a lack of independence and lengthy tenures of audit firms with the same clients , which in some cases exceeded 100 yearsresultingfrom a lack of independence and lengthy tenures of audit firms with the same clients , which in some cases exceeded 100 years
damage ) Damagescauseddamage ) Damages
from Personnel shortcomings Insufficient education or overwork Material shortcomings Insufficient resources or maintenance Organizational shortcomings Lack of authoritymay resultfrom Personnel shortcomings Insufficient education or overwork Material shortcomings Insufficient resources or maintenance Organizational shortcomings Lack of authority
to the server to shut down or not to start out for the reason that ON_FAILURE = SHUTDOWN is specified for your auditleadsto the server to shut down or not to start out for the reason that ON_FAILURE = SHUTDOWN is specified for your audit
to fraud going undetected a key topic in this period of increased fraud due to recession as well as failure to accurately assess a firms ability to continue as a going concernhave ledto fraud going undetected a key topic in this period of increased fraud due to recession as well as failure to accurately assess a firms ability to continue as a going concern
the largest losses any cogent examination of third - party liability based oncausethe largest losses any cogent examination of third - party liability based on
new policy usingam creatingnew policy using
the forged or deficient documentationto discoverthe forged or deficient documentation
from the lack of independence problem which is a main thought to be a consequence of the extended auditor client relationshipresult mainlyfrom the lack of independence problem which is a main thought to be a consequence of the extended auditor client relationship
in litigation against the auditorresultingin litigation against the auditor
absolutelycreateabsolutely
to penalties that squeeze annual budgetscan also leadto penalties that squeeze annual budgets
similar crises of faithcausesimilar crises of faith
events to be added to the event log when a user is denied access to a resource Click OK twicecausesevents to be added to the event log when a user is denied access to a resource Click OK twice
the financial crisis nor that better auditing could have prevented itcausedthe financial crisis nor that better auditing could have prevented it
to the 2007 - 08 banking crashleadingto the 2007 - 08 banking crash
in the company losing its accreditation and being suspendedcould resultin the company losing its accreditation and being suspended
to the unchecked issuance of fraudulent letters of undertaking by the bankledto the unchecked issuance of fraudulent letters of undertaking by the bank
Type II error / Beta riskcould resultType II error / Beta risk
to the banking crash ... collapse of BHS & Carillioncontributedto the banking crash ... collapse of BHS & Carillion
from insufficient skepticismresultingfrom insufficient skepticism
in that candidateresultsin that candidate
to a loss of transparency and integrity in resultsleadsto a loss of transparency and integrity in results
to non - disclosure of liabilites Incorrect tax advice , tax planning or compliance Missing deadlines for filing documentsleadingto non - disclosure of liabilites Incorrect tax advice , tax planning or compliance Missing deadlines for filing documents
to disbelief in the company ’s financial datamay leadto disbelief in the company ’s financial data
to overpayments of more than £ 70,000ledto overpayments of more than £ 70,000
in part by a lack of independencecausedin part by a lack of independence
to the server to shut down or not to beginleadsto the server to shut down or not to begin
in criticism of accounting profession and independence of auditorsresultingin criticism of accounting profession and independence of auditors
to Enron - style collapse Former ASIC chairman Greg Medcraft warns poor standards and escalating conflicts of interest in the global auditing profession could result in corporate collapses on the scale of former US energy giant Enroncould leadto Enron - style collapse Former ASIC chairman Greg Medcraft warns poor standards and escalating conflicts of interest in the global auditing profession could result in corporate collapses on the scale of former US energy giant Enron
to the erosion of investor confidencecan leadto the erosion of investor confidence
the Database Engine to shut downhas causedthe Database Engine to shut down
from insufficiently skeptical auditorsresultingfrom insufficiently skeptical auditors
in the plan losing its tax statuscan resultin the plan losing its tax status
fileto createfile
to substantial penalties imposed by the DOL on plan sponsors of up to $ 1,100 per day up to $ 50,000 per annual report filingcan leadto substantial penalties imposed by the DOL on plan sponsors of up to $ 1,100 per day up to $ 50,000 per annual report filing