A paper explores the pattern of auditor switching in Canada before and during the Great Depression based on a sample of 1,344 financial statements. Hierarchical log linear analysis shows that there is a significant change in the pattern of switches. Prior to the Depression, the contemporary pattern of auditor switching is observed; that is, there is a flow of clients from small to large audit firms and from Canadian to international audit firms. During the Depression, however, this flow of clients is reversed with large international firms losing clients through switches, on average, to Canadian and smaller audit firms. The contemporary audit literature suggests possible reasons for the observed patterns in terms of the demand for higher quality audits by clients and audit firms' risk m...
... name" may signal better monitoring of management reporting and lower agency costs. In order for thi...
In a 2002 report examining First Nations accountability, the federal government's own auditor general found that First Nations are "over-burdened" by accountability. In fact, First Nations leaders are required to account for their financial actions more than any other public officials in Canada. Even more surprising is that the auditor general stated in her report on First Nations reporting requirements that "the number of reports and in particular the number of audited financial statements required from First Nations needs to be reduced. Unfortunately, the majority of First Nation communities are completely dependent upon the Department of Indian Affairs for their revenues. If the department has the power to randomly audit any First Nation community as it sees fit with little or no pr...
... 557 audits of First Nations' financial management in 2002-2003, the Department of Indian Affairs fou...
[Morley Watson] also chairs the board for the First Nations University of Canada (FNUC). In February 2005, Watson suspended three members of the university's senior management and announced a forensic audit would be done. The suspensions and the handling of them led to a number of firings and resignations and concerns that the FSIN's tight reigns on the university were a threat to academic freedom. An all chiefs task force was struck in June 2005 to look into the problems at FNUC and a final report was released in November 2005, complete with recommended changes to the governance of the university. Among the recommendations made was one distancing the FSIN from FNUC operations by establishing a board with no representation on it from the FSIN executive.
Nortel said Monday that its settlement with the SEC recognized that the board audit committee "on its own initiative, conducted extensive internal independent investigations and self-reported to the SEC and other regulators, and that the audit committee and senior management fully co-operated during the investigation and took prompt and meaningful action to correct the issues and restore the company to sound governance and financial practices. The settlement recognizes the extensive and proactive efforts made by Nortel's board and senior management to identify and address the accounting and internal control issues and conduct that led to the investigation," stated CEO Mike Zafirovski.
... -- Negligent misrepresentation -- Auditors' report prepared for company -- Report required by...
Changes in auditing techniques that have taken place in Britain since the Victorian era, an area of study hitherto neglected by accounting historians, are discussed and detailed. In so doing, it is hoped that an increasing knowledge of past practices will put the current processes into context. The source material for the paper includes new evidence from a program of oral history and postal questionnaires, together with more traditional sources such as the trade journals and textbooks. The so-called bookkeeping audit of vouching and checking postings and castings, and with the auditor also doing a fair proportion of the client's accounting, was typical down to the 1960s. Major changes then took place, including a decline in accounting work, an increased focus on the balance sheet, and a...
... usually prepared to take the word of management on such matters as value [Littleton, 1981, p. 312]...
... on service organizations and service auditors. Organizations that provide services that impact... 1. Management assertion. Under the new standard, the service o...
Alice is a CA and public practitioner who accepted a new appointment as auditor of Tiko Inc. for the year ended June 30, 2006. In preparing for the audit, Alice learned that the company was planning to apply for a significant bank loan during the next fiscal period, and she decided that management's primary financial reporting objective should be to show high earnings. During the audit, Alice determined that Tiko should have capitalized development costs in prior years, rather than expensing them.
The matter is said to be in the hands of lawyers, an adversarial process that will not produce the answers the public has a right to demand. The city should hire an external forensic auditor to find out what's wrong, and what's right, in the way city hall does business, including management's heavy reliance on consultants, some of whom are retained without a tender. It's not clear if it's poor advice, weak management or inept political leadership that is to blame for the city's woes, but new ideas are clearly needed and they don't seem to be coming from inside the organization. An external audit by a firm skilled in construction and management practices might provide the answers. They sure don't seem to be available anywhere else.
... occasions to consider reports from the Auditor General covering a range of topics including: . **... of the Department of Conservation's Management of the Environmental Livestock Audit of the Provin...
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