小巧、轻便而有力85.pptVIP

WHO AM I? BOB ANDERSON UCSB Graduate of 1992 Senior Manager, KPMG, LLP- 1993-2004 RAFS, Inc. Interests Why are we here? Learn foundation in AUDITING- which is useful for? Doing your JOB! CPA Exam Unfortunately lots of theory! OVERVIEW OF THE COURSE What is auditing and other services offered by CPA’s The current environment Regulation and rules governing audit Sarbanes-Oxley Act Audit Evidence Planning an Audit (7 P’s) Internal control A/R and Revenue Operations and completing the audit Auditor’s reports Course Approach Mutually well prepared; Lectures to be an expansion of what is in the book Real World Interesting and Layman’s terms Administrative Matters NOTE: All of the following is in syllabus Webaddress is econ.ucsb.edu/~anderson Student preparation for classes Class presentations on the web for review/ printing before class Quizzes and Homework will combine for 10% of your course grade One drop allowed Grade Posting. You must provide me a release form and I will periodically post to the web My office: NH 3039. Hours Posted on Syllabus PROTECTED CONTENT USERNAME: anderson PASSWORD: xxxxxx POINTS EXAMS MAKE UP 83% OF YOUR COURSE GRADE Combination of multiple choice, short answer and problem solving; Grade allocation (1,000 points): Exam #1 25.5% Exam #2 25.5% Final Exam (25% cumulative) 32.0% Homework Quiz 12.0% Simulations 5.0% LANDSCAPE/ HISTORY ENRON, GLOBAL CROSSING, ETC…= PRESSURE ON: Financial reporters (management)- certifications Auditors- SOX 404, fraud responsibilities SEC, FASB. Rushing to release. Sarbanes-Oxley Act of 2002 Created new rules for public company’s and their auditors. The Public Company Accounting Oversight Board (PCAOB) is under the SEC and oversees all firms registered to audit public companies. KEY NOTES 90% OF TRANSACTIONS ARE “ROUTINE” AND CAN BE ACCURATELY REPORTED BY A STRONG “SYSTEM” Internal controls The other 10% is what you read about in the papers. That 10% Does, did and always will require app