Auditing Essay Example | Topics and Well Written Essays - 750 words - 3

Auditing - Essay Example It means that the internal control process helps to ensure that the company's financial reporting i.e. the preparation of annual and interim financial statements along with the earning reports is done with utmost responsibility and integrity. Because the published financial statements go a long way in influencing the decisions of various stakeholders, it is the most crucial responsibility of internal control system to provide assurance with respect to the reliability of financial information. The third objective is to ensure that all the legal requirements as well as laws and regulations pertaining to the organization are met (Internal Control - Integrated Framework, retrieved 24.01.07). It is one of the most important responsibilities of management to ensure the fair financial reporting under GAAP. This includes the company's balance sheet, income statement and the statement of cash flows with material considerations, as mentioned in Statement on Auditing Standards (SAS) 69. The Sarbanes Oxley Act (Section 302) also requires the company's management to ensure fair reporting of financial information in the financial statements (McEnroe, 2005). ... The internal audit system of TPC should also meet the above mentioned objectives. The company's auditing objectives can be met with the help of a proper channel of communication which guides the audit team towards the accomplishment of these objectives. To gauge the extent to which the organization achieves these objectives, the internal control system should be combined with sufficient control tests. These tests can help TPC to check any possible deviations from the internal control system's operational, financial and regulatory objectives (Internal Control - Integrated Framework, retrieved 24.01.07). The internal auditor team should check the effectiveness and lacking of the internal control system on a regular basis so as to figure out any discrepancies and make corrections (Willis and Lightle, 2000). Reference List Internal Control - Integrated Framework. COSO: The Committee of Sponsoring Organizations of the Treadway Commission. Retrieved January 23, 2007 from the World Wide Web:http://www.coso.org/publications/executive_summary_integrated_framework.htm Willis, D.M. and Lightle, S.S. (2000). Management Reports on Internal Controls. Journal of Accountancy. Retrieved January 23, 2007 from the World Wide Web:http://www.aicpa.org/pubs/jofa/oct2000/willis.htm McEnroe, J.E. (April, 2005). Beyond GAAP: Issues Involving the Sarbanes-Oxley Certification Language, the CPA Journal, Retrieved January 26, 2007 from the World Wide http://www.nysscpa.org/cpajournal/2005/405/perspectives/p18.htm Weirich, T.R.., Arndt, T.L., Ciesielski, J.T. (Sept., 2005). Sarbanes-Oxley Act and Section 404: Basics on Internal Control Reports. The RMA Journal. Retrieved January 26,

A discussion by Lanston Hughes Essay Example | Topics and Well Written Essays - 250 words

A discussion by Lanston Hughes - Essay Example families and kids now of their own but it is amplified by the awkwardness of their chance meeting in the busy park in early autumn after years of no communication, each hurrying on the way home before dark. The autumn season signifies the progression towards a time of darkness and coldness, the season of winter. This also somehow conveys the message of being in the sunset or twilight of their lives already, in middle age and soon into retirement age. The exuberance of their youth had been gone and each of them is now weighed down by their respective marital and familial responsibilities. Their sense of loss is further emphasized by the loss of time, if only they could turn back the clock and go back to their younger days when they were the best of lovers. Both of them are now a bit old, although Mary is older than Bill, since she is the elder of the two. The setting of the story is unfailingly very depressing, shown by the metaphors of fallen autumn leaves from the trees, â€Å"fell without wind.† The time of day was â€Å"autumn dusk† which is â€Å"nearly sunset† already; a few more minutes and it would be dark as night sets in. It was â€Å"cold.† Figures of speech used, such as metaphors and euphemisms symbolize the regrets of not having pursued their dreams; both are now in the autumn of their lives (Hughes, 2002, p.