Audit Program In regards to the aerospace and defense industry, the primary focus of the audit is on the profit centers, such as individual contracts, for recognizing revenues, accumulating costs, and measuring income. ... Once beginning the actual audit, the auditor should review the terms of a sample of contracts currently in process in order to acquire a general understanding of a contractor's operations. ... The auditor should review the contract and related correspondence files to assess the reasonableness of management's current estimate of contract revenues. ... Or the a...

• Word Count: 1880
• Approx Pages: 8
• Grade Level: Graduate

I believe that accounting is a logical process that normally ends up impacting on the current and future operations of a given entity, a view that further provides a candid explanation as to why I am interested in venturing in this career field in the future. ... On the basis of view that auditing is the most integral part of the accounting field, my focus will be on developing a better understanding of various accounting studies such as those pertaining to audit risk and ethics of auditing after enrolling for the MS program. ...

• Word Count: 551
• Approx Pages: 2
• Grade Level: Graduate

Under current standards, an auditor must obtain sufficient competent evidence through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion regarding the financial statements under audit. ... Auditors also need to focus on qualitative factors as well as quantitative factors in order for the financial statements not to be misleading, and in order to make fair determinations of materiality. ... Currently, auditors must assess the adequacy of such disclosures in light of the circumstances and facts known to the auditors at the time of the audit.135 how...

• Word Count: 1348
• Approx Pages: 5
• Grade Level: Graduate