Importance of External Auditors - 1110 Words

The aim of this essay is to study the function of external auditors in order to analyze why it is important to be independent. The primary mission of external auditors is to review and evaluate all the financial records of a company or corporation. They provide an objective opinion on the organization’s financial statement and effectiveness of the accounting polices in order to help management to make decisions. If the independence of the external auditors is impaired, the public will doubt the quality of professional auditing services, and the consequence would be very serious, just like the bankruptcy of Enron led to the disorganization of Arthur Andersen, once a giant accounting company in the world. In order to maintain and increase†¦show more content†¦If the external auditors cannot maintain their independence in their service, the clients will lose their interests in the auditing service, and the external auditors will lose their source of revenue. The lack of independence for external auditors will lead to the neglect of auditing risks (William R.K., 2003), which are the main reasons for the failure of certified accountants and professional accounting organizations. The consequence of the external auditors deprived of independence would be very serious. And there are many cases, which aroused by the failure of external auditors and most are related to the lack of independence. One famous example is the bankruptcy of Enron and the role played by its external auditor, Arthur Andersen (Todd, S., 2003). Arthur Andersen was once one of the biggest accounting companies in the world, and was canceled for the involvement in the Enron bankruptcy scandal. Arthur Andersen supplied external auditing service to Enron since 1980s, internal auditing since 1990s. The long-term cooperation between Arthur Andersen and Enron blurred the lines between external auditor and the company under auditing. Many accountants of Enron were ex-employees of Arthur Andersen. The close relation between the Arthur Andersen and Enron led to theShow MoreRelatedThe Importance of External Auditor’s Independence Essay1614 Words   |  7 PagesThe Importance of External Auditor’s Independence According to Gillespie, Lewis and Hamilton (2004:221) an audit is: â€Å"a scrutiny of the accounts by a qualified auditor who carries out checks on the figures so as to establish whether the accounts show a true and fair view of the results and the financial position of the entity.† According to Wikipedia (2011a), auditor independence refers to â€Å"an attitude of mind characterized by integrity and an objective approach to the audit process†. IndependentRead MoreWhy Is It Important for External Auditors to Be Independent? Relate Your Answer to the Primary Role of External Auditors. Give Examples of Specific Ways the Lack of Auditor Independence May Impact Adversely on an Audit.1648 Words   |  7 PagesLent Term: Individual Coursework Essay Topic: Why is it important for external auditors to be independent? Relate your answer to the primary role of external auditors. Give examples of specific ways the lack of auditor independence may impact adversely on an audit. In 2001, there was an event that had shaken the whole business world. The crash of Enron in US, followed by worldwide collapse of its auditor, Arthur Andersen. It was a greatest corporate failure uncovered in businessRead MoreWhy is it important for the external auditor to be independent?1495 Words   |  6 Pagesï » ¿Why is it important for external auditor to be independent? Throughout the years, banks, shareholders, possible investors and creditors always relied on the financial statements produced by a company. Since the management of a company is producing these documents it has been assumed that the managers may act dishonestly so that their performance looks better. To monitor the company’s performance better the directors along with the shareholders employ external auditors to check all these financialRead MoreThe Role Of External Auditors On Public Financial Statements1446 Words   |  6 PagesExternal auditors play important roles in delivering credibility of public financial statements to stakeholders outside of the audited firms (The Institute of Chartered Accountants in Australia, 2008). Published financial statements can be used by stakeholders as a basis for evaluating the financial position of firms, analyzing the performance of management, or making investment decisions (International Organization of Securities Commissions, 2002). Published financial statements will also be usedRead MoreThe Importance Of Auditor Independence On An Audit1473 Words   |  6 Pages Why is it important for external auditors to be independent? Relate your answer to the primary role of external auditors. Give examples of specific ways the lack of auditor independence may impact adversely on an audit. Auditing is one of the most essential processes that has to be executed in the business world. It involves independent testing on the documents of a business to establish the financial statements are prepared without any material misstatements and maintained as the law requiresRead MoreIndependence of External Auditor1203 Words   |  5 PagesIndependence of external auditor By:- shubham kanchhal Auditor independence  refers to the independence  of the auditor  from parties that may have a financial interest in business being audited. Independence requires integrity  and an objective approach  for the audit process. This concept requires the auditor  to carry his work freely and in an objective manner. The purpose of an audit to enhance the credibilityRead MoreWhy Is It Important for External Auditors to Be Independent? Relate Your Answer to the Primary Role of External Auditors. Give Examples of Specific Ways the Lack of Auditor Independence May Impact Adversely on an Audit.1638 Words   |  7 PagesIndividual Coursework Essay Topic: Why is it important for external auditors to be independent? Relate your answer to the primary role of external auditors. Give examples of specific ways the lack of auditor independence may impact adversely on an audit. In 2001, there was an event that had shaken the whole business world. The crash of Enron in US, followed by worldwide collapse of its auditor, Arthur Andersen. It was a greatest corporate failure uncovered inRead MoreThe Responsibility of the External Auditor and the Management of the Entity Being Audited with Relation Fraud and Error.1575 Words   |  7 PagesThe responsibility of the external auditor and the management of the entity being audited with relation fraud and error. 1.Introduction Fraud is defined as something that is intended to deceive people and error is defined as something unintentionally done wrong, e.g. as a result of poor judgment or lack of care by Encarta English Dictionary. After the collapse of great companies like Enron, and World com to mention a few, it has raised eyebrows the involvement of auditors in these failed companiesRead MoreDoes skepticism by the auditor would enhance audit quality1435 Words   |  6 PagesIntroduction The importance off skepticism in performing audits has been recognized from the time the very first auditing standard was implemented (Fullerton and Durtschi, 2012). The recent financial crises and audit failures have caused the profession to reassess and emphasise the importance of skepticism during an audit engagement, ensuring that auditors increase their level of skepticism (Fullerton and Durtschi, 2012). Auditors are now asked to expand their skeptical perspective to the levelRead MoreAuditing as a profession as evolved drastically over decades and as time has passed auditing1000 Words   |  4 PagesInstitute of Internal Auditors define internal auditing as ‘†Ã¢â‚¬ ¦an independent, objective assurance and consulting activity designed to add value and improve an organisations operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governan ce processes.’ (Institute of Internal Auditors, 2013) Through this definition it can be explained why auditors can be seen as the ‘eyes

History of the Dallas Cowboys Essay example - 1539 Words

Clint Murchison, Jr. and Bedford Wynne were awarded a National Football League (NFL) expansion franchise on January 28, 1960, located in Dallas, TX. At the annual meeting, they purchased the team for $600,000 (Bohls 1). They were given the status of a â€Å"swing team† meaning that they would play every other team in the league their first season of play. They were displaced in the Western Division Standings. Murchison’s and Wynne’s next moved was to high their front office personnel which were: Tex Schramm (General Manager), Gil Brandt (Director of Player Personnel), and Tom Landry as Head Coach. In the beginning there were called the Dallas Steers, then after a couple of weeks the name was changed and there were called the Dallas Rangers.†¦show more content†¦In 1966, a tradition was born as the first Thanksgiving Day was played, with is a ritual now that the Cowboys play on Thanksgiving (Dallas Cowboys 3). The first game was played and won against t he Cleveland Browns (26-14). This win put Dallas in the driver’s seat for playoff positioning for the first time in franchise history. Dallas went on to finish the year with a record of 10-3-1, the Eastern Conference Championship, and first post-season action. They would eventually lose in the Playoff Bowl on January 9, 1967 to the Baltimore Colts (Fleming 1). In 1967, they Cowboys put together back-to-back winning seasons, and earned the Capitol Division title (Fleming 1). This season the Cowboys won their first playoff game, but eventually lost to the Green Bay Packers. The Packers won the NFL title game with a score of 21-17, which is now classically known as the â€Å"Ice Bowl† (Prinalgin 1). The next couple of season ended in disappointment as the Cowboys made the playoffs but were embarrassed in 1968 and 1969. There was a shining light in 1969 when quarterback Roger Staubach returned from his military assignment--he had been drafted in 1964. The quarterback initially had to split playing time with the incumbent quarterback Craig Morton (Fleming 2). In 1970, the Dallas Cowboys started off the season sluggish, with a record of 5-4 midway through the season. The Cowboys won the final five games, won the NFC East title andShow MoreRelatedCowboys842 Words   |  4 PagesThe Dallas Cowboys are a professional American football team in the Eastern Division of the National Football Conference (NFC) in the National Football League (NFL). They are based in the Dallas suburb of Irving, Texas. The team currently plays their home games at Texas Stadium in Irving, but they are scheduled to move to a new stadium in nearby Arlington in 2009.[1] The Cowboys joined the NFL as a 1960 expansion team.[2] The teams national following might best be represented by its NFL record ofRead MoreA History of the ATT Stadium1730 Words   |  7 PagesThe Dallas Cowboys, America’s football team, one of the most well known professional football franchises in the sport’s history. The Cowboys own five super bowl titles, which were won in ’ 71, ’77, ’92, ’93 and ’95. They are also home to 19 renowned individuals who have been inducted into the NFL Hall of Fame including standout football stars Tony Dorsett, Emmit Smith, and Troy Aikman. Established in 1960, the Cowboys have been a dominating force on the field and still continue to produce to thisRead MoreTom Landry1138 Words   |  5 PagesNew York Giants (cemetery.state). He was not the only historical coach in the New York Giants program at the time. He coached alongside Vince Lombardi. â€Å"The tandem of Landry and Lombardi stands as the greatest assistant-coaching partnership in the history of the NFL† (Whittingham 84). In 1956, Landry decided to stop playing football, and hang it up for other opportunities. This would be coaching full time.†In 1956, [Landry] became the Giants’ full-time defensive coach.† (Moritz 270). During this timeRead MoreU.s. Olympic Committee, The Indianapolis Cowboys, And The Colonial Pga Tournament983 Words   |  4 Pagesinitiate, renew or terminate. The four options are NASCAR, U.S. Olympic Committee, the Dallas Cowboys, and The Colonial PGA Tournament in Fort Worth, Texas. Based on the strict criteria for the bank’s sports sponsorship â€Å"return on investment†, executives made their decision: (1) start a new relationship with NASCAR as its official bank, (2) renew the USOC sponsorship, (3) renew the sponsorship of Dallas Cowboys, and (4) exit after the 2006 Bank of America Colonial golf tournament sponsorship withoutRead MoreJerry Jones Leadership Papepr Essay2152 Words   |  9 PagesBackground Jerral Jerry Wayne Jones was born October 13, 1942, in Los Angeles, California. He is the owner and general manager of the Dallas Cowboys. As a co-captain of the 1964 National Championship Arkansas Razorbacks, Jones is one of a very small number of NFL owners who actually earned a significant level of success as football players. He is the only man in the history of the National Football League to play for a collegiate national championship football team and own a Super Bowl winner. A man ofRead MoreDallas, Texas State Of Texas Essay2424 Words   |  10 PagesBriefly Dallas Dallas is one of the largest and most developed cities in the state of Texas in the United States. Dallas is the 4th largest city in the United States because of its downtown location, and is also the city with the world s largest airport. Dallas, the largest city after Houston and San Antonio, is also one of the top ten cities in the United States. The city is located in the middle of a desert and is literally revived. Dallas, a Texas state, deserves more attention with its dynamicRead MoreMoving To Arlington Essay723 Words   |  3 PagesWestern side of Dallas and Eastern side of Fort Worth Metroplex. It is the seventh highly populated cities in Texas and fort-eighth in United States with a population density of about 360,000. Moving to Arlington TX is very convenient since it has a housing market which has been ranked fourth in the country in relation to affordability. With the presence of Six Flags over Texas, Texas Rangers Ballpark and the Six Flags theme park, the city has amazing entertainment infrastructure The History of ArlingtonRead MoreEssay On Sports Sport1691 Words   |  7 PagesAdam Jones to rob you of your first playoff win. He clearly doesnt have control of his locker room and to make things worse, he added controversial running back Joe Mixon. Throughout the roster you have multiple players with red flags in their history, and you have a coach that can barely lead his team. Weve seen the Bengals have some great teams over the years, and the only thing in common is its head coach. Management has hinted at looking in another direction depending on the results of thisRead MoreEssay about Is Cheerleading a Sport?636 Words   |  3 Pagesphysical prowess? Further into Fisher’s article, she attacks the Lakers Girls and the Dallas Cowboys Cheerleaders, but what she doesn’t understand is that they only call themselves cheerleaders whereas they’re truly more along the lines of dance teams. These teams choose their girls based on their dance history and dance abilities alone; not your â€Å"typical† cheerleading rubric. For example, try watching the Dallas Cowboys Cheerleaders show and see how critical of body type and dance abilities they areRead MoreThe Governing Body And League Format For American Football1600 Words   |  7 Pagesdespite the NFL being two and half times more popular, showing that ‘America’s game’ is an incorrect reference as it does not reflect American society. Therefore it is no surprise that the NFL has significant cultural status within American society and history. The US is a symbol of the modern world, the new world order and football has grown and been shaped as a result of this. As a society the US is built on immigration, people leaving squalor in Europe where social mobility was next to impossible due

What Are the Changes Seen in Indian Value System over Years Free Essays

What are the Changes seen in indian value system over years? In: History, Politics Society [Edit categories] | View 20 Lacs + Tenderswww. TenderTiger. com India’s National Tender Portal Call 09824051600 / 09374530073 Ads [Improve] Yes, indian value system has been changed over the years. We will write a custom essay sample on What Are the Changes Seen in Indian Value System over Years or any similar topic only for you Order Now Indians have laid high stress on values like peaceful co-existence,spirituality, deference to elders,recourse to nature, artistic expression, seeking prosperity, strong family ties, respecting even the tools of ur trade, joyousness and hospitality. But these days Cultural ethics,traditions have lost their charm and they have just remained as a day of leisure. Westernization has grappled indians in every way. Yes, indian value system has been changed over the years. Indians have laid high stress on values like peaceful co-existence,spirituality, deference to elders,recourse to nature, artistic expression, seeking prosperity, strong family ties, respecting even the tools of ur trade, joyousness and hospitality. But these days Cultural ethics,traditions have lost their charm and they have just remained as a day of leisure.Westernization has grappled indians in every way. Yes, indian value system has been changed over the years. Indians have laid high stress on values like peaceful co-existence,spirituality, deference to elders,recourse to nature, artistic expression, seeking prosperity, strong family ties, respecting even the tools of ur trade, joyousness and hospitality. But these days Cultural ethics,traditions have lost their charm and they have just remained as a day of leisure. Westernization has grappled indians in every way. How to cite What Are the Changes Seen in Indian Value System over Years, Papers