tailieunhanh - In-Depth Guide to Public Company Auditing: The Financial Statement Audit

Flooding can be caused by both internal and external sources and the impact can be significant, particularly if the water is contaminated, in which case equipment may be damaged beyond repair. Water detection systems should be installed and where possible, water supplies should be routed away from IT equipment. Care should also be given to the siting of IT equipment so that it is protected from local hazards, such as being below ground level in an area prone to flooding. Computer Audit Involvement in Physical Security In considering physical security, the computer auditor should be aware that in some areas this can be a specialist field. In these circumstances, | In-Depth Guide to Public Company Auditing The Financial Statement Audit Why an In-Depth Guide to Public Company Auditing The foundation for confidence in . capital markets is strengthened through effective management regulation oversight and assurance. Independent audits of public company financial statements are understood to be a core contributor to this foundation. In 2009 the Center for Audit Quality CAQ published the Guide to Public Company Auditing an educational tool for non-auditors that provides an introduction and overview of the key processes participants and issues related to public company auditing. The foundational guide can be accessed at http newsroom pdfs . The foundational guide however only touched the surface of the work involved in an audit of a public company s financial statements and the context within which public company auditing takes place. The objective of the In-Depth Guide to Public Company Auditing is to give readers a behind-the-scenes look inside the financial statement audit process to provide further insight into the work the independent auditor performs to issue an audit report. This includes processes and practices that determine how a public company audit firm decides to accept a new audit engagement how it prepares for and performs the financial statement audit and how it reports its findings. This guide provides a basic definition of the financial statement audit for public companies and the key players involved in the financial reporting process. Next it takes a look at an audit firm s system of quality control the platform for a quality financial statement audit. Then it takes a chronological look at the steps generally taken by independent auditors to audit a company s financial statements engagement acceptance and continuance activities planning and scoping the audit and performing and completing the audit. May 2011 What is a Financial Statement Audit An independent .

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