Why good accounts do bad audits

Executive Summary
In this section write a paragraph of at least 12 sentences summarizing the information in the article IN YOUR OWN WORDS. No quotes or paraphrasing. Your report is to be in size 12 font and contain NO spelling or grammar errors. If you disregard this: each error deducts 5 of the 30 points; I quit grading at two and the grading is zero.You have been assigned this article as a report to your audit team. See Journal of Accountancy and note the summaries for each article if you need help to understand a summary. Or read the Executive Summaries in each Harvard Business Review; these summarize the articles in the current publication. Note that you have chosen a discipline that is focused on communicating. Professional accountants must be able to write clearly and succinctly – with no errors. Errors are a killer in your profession!! To help you avoid direct quotes which are not permitted, I suggest you read the article and then write down what you learned.

Interesting Points

• At least 10 bullets from the article that you do or an audit team would find interesting.

• Complete sentences, in YOUR OWN WORDS, no quotes. Indent bullets and double space between them.

• I encourage you – after you list interesting points at least 6 points for your audit team – to list information that you as a student found surprising or interesting.

Audit Implications
At least 10 sentences, YOUR OWN WORDS, describing the implications YOU think the information in this article has for a financial and an operational audit of 1) corporation 2) a government, local, state, or federal 3) a not-for-profit. What I want you to accomplish in this section is to put yourself in the place of the auditor of 1, 2 and 3 and consider how the information in this article will affect your financial and your operational audit. Think about why I assigned this article and how it relates to designing your financial and operational audit. What considerations/steps should you add to the yearly audit to address concerns that you have after considering the information in the article. Use your good brain and ability to analyze and then relate information in this article to your audit design. There is no right or wrong answer here – you are thinking!

preview of the answer..

On the 30th of July 2002, the then American President George W. Bush signed into law an act aimed at combating auditing fraud in the financial sector. The act was known as the Sarbanes-Oxley Act of 2002 and was signed at a ceremony in the East Room of the White House that was presided over by President Bush and was attended by the congressional leaders of both ..

APA 773 words