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Essay / Research Paper Abstract
This is a 3 page paper that discusses auditing standards after Enron and WorldCom. The general responsibilities of auditors are explored, as well as the impact of computerized analysis on cost and risk analysis of investigations. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: KW60_KFwrldcm.doc
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Unformatted sample text from the term paper:
that they are not doing anything illegal such as falsifying profit reports. Standards for all manner of businesses from the small store on the corner to the international multi-million dollar
industry are getting higher and frankly, this is a change that, in light of catastrophes like the collapse of Enron and WorldCom, was a long time coming.
This paragraph helps the student introduce the reality of auditing standards. For the most part, auditors only bother paying attention to transactions that appear to
be out of the norm (Glater, 2002). The mundane run of the mill activities of a business do not really get that much attention. However, should something seem off or
out of the ordinary, an auditor will take a closer look. If an irregularity or discrepancy is found, then the auditor will need to make a judgment on whether or
not to investigate further (Glater, 2002). Investigating smaller transactions can be costly and time consuming but there are certain guidelines an auditor uses to help make that determination. For example,
one such criterion would be if the business had an incentive for falsifying profits to the public, due to falling stock prices and other similar situations.
When it is determined that an investigation should delve further into the business practices, the auditor has three steps to take (Glater, 2002). The first is to
review the companys financial documents and records(Glater, 2002). Oftentimes, the auditor will compare these records against those of competitors. The next step is to review the internal procedures of the
organization (Glater, 2002). This is to make sure that these procedures are ethical and legal and (most especially) that they are in line with the financial statements. Lastly, the auditor
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