Single Audit Evidence: Are CPAs and Federal Auditors on the Same Track?
Article Abstract:
Each organization receiving federal funds will only be required to receive a single independent audit. There are different approaches to this by Certified Public Accountants (CPAs) and federal auditors. Questions regarding systems adequacy, audit evidence and limit of systems evaluation point out their differences. With single audits, the coverage will be expanded, but the depth will be limited. Greater sample size is generally called for in a federal audit. Inconsistency is evident in the government's experience with projections of questioned costs. The judgment of independent auditors and government reviewers may differ due to their different environments. The limits at which to reject a system are unclear. To improve this single audit procedure, several steps are summarized. Extensive training programs should be undertaken to prepare and use audit reports. Difference in auditing standards need to be acknowledged. Guidelines on materiality need to be developed to supplement professional judgment. A statistical sample with a confidence level below the ninety five percent level should be acknowledged. The benefit of the CPA in the resolution process should be recognized by federal agencies. Single audits have great potential, but these problems need to be discussed.
Publication Name: Journal of Accountancy
Subject: Law
ISSN: 0021-8448
Year: 1984
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Electronic Worksheets: An Audit Tool
Article Abstract:
A survey, drawing from the membership of the American Woman's Society of CPAs, was conducted in 1982 to determine the extent of use of spreadsheets in audit work. Although in its early stages, the spreadsheet has been adopted by over fifty percent of respondents. Over ninety percent of those using spreadsheets were from firms with twenty-five or more professionals. Work paper schedules, time budgets, trial balances, consolidations and tax provision computations are the most cited uses of the spreadsheets. The range of potential uses is explored and includes uses in the administrative, fieldwork and reports areas. Examples of administrative uses are time management and staff assignment. Fieldwork uses might include ratio analysis, interest or depreciation computations and confirmation control. With the use of the audited trial balance, audit reports such as balance sheets, income statements and statements of changes can be produced with a spreadsheet package. As both hardware and software become less expensive, spreadsheet use in all sizes of firms is expected to blossom.
Publication Name: Journal of Accountancy
Subject: Law
ISSN: 0021-8448
Year: 1984
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Critical issue: the single market
Article Abstract:
Issues concerning the business demands of a single European market are discussed, focusing on ensuring that relevant, transparent European Union directives are implemented across all economic sectors and that public administrations are aware of, and willing to comply with, their obligations.
Publication Name: European Policy Analyst
Subject: Law
ISSN: 1364-2758
Year: 2000
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