| Subject | Date Asked |
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| Need advice on how to transition from an IT career to IT Audit | 8/1/2009 |
Q: I have worked as a network engineer for the past 15 years doing operations, implementation and ...
A: I believe you underestimate the value you would bring to any audit shop. In almost every audit ...
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| Breaking into the field of IT Auditing | 7/24/2009 |
Q: I don't have an IT background nor have I ever worked in IT, but I have passed the December 2008 CISA ...
A: Karl, You have a made a good choice. Both PCI and HIPAA will be hot for a long time; especially ...
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| QUERY ABOUT CFE..Pls Guide, Thanx | 7/20/2009 |
Q: Its nice to see your valuable advice to all. Pls provide me some guidance also. I have a Bachelors ...
A: Patel, the CFE is a good certification although I have never seen a person have ONLY this ...
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| de minimis | 7/9/2009 |
Q: how do you calculate de minimis?
A: ‘de minimis’ is a term used to refer to occasional benefits an employee receives that are ...
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| Advanced Degree VS Certification | 6/28/2009 |
Q: I just graduated from college and couldn’t find a job in this tough economic time. The job market ...
A: Yes, I would go for the MBA AND for the CPA. The CPA is the best of all certifications... not that ...
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| IT Audit Career | 5/29/2009 |
Q: I have worked in IT for 12 years on and off as a contractor due to the bad job market for IT Pros. I ...
A: I have had the pleasure of mentoring several experienced IT people as they mad the transition to IT ...
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| Separation of Duties | 4/29/2009 |
Q: I work for a non-profit organization in New York. What is the auditing practice as it relates to ...
A: The concept of separation of duties is that of an internal control designed to ensure that no single ...
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| career change? | 8/4/2008 |
Q: Don, I read some of your previous answers and am very glad to have found this site. I graduated ...
A: Sophia, Short answer: Yes, AND a CPA is not required for a successful & satisfying audit career. ...
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| Career question | 7/24/2008 |
Q: I graduated in 2001 majoring in Finance and Accounting. Since then, my work environment has not ...
A: Congratulations on your interest in being an auditor. There is no question about the CPA ...
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| form SS-8 | 7/9/2008 |
Q: My husband is an actual employee (according to the IRS) but was treated as a sub contractor for 1 ...
A: As it says in my profile, I am not a tax expert so if you accept that as a caveat, here is my ...
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| Audit danger? | 6/15/2008 |
Q: I heard that the works of an auditor comes with danger including being threaten and even murdered to ...
A: As an auditor you often have an adversarial with the people you are auditing. In some organizations, ...
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| Career related questions | 6/14/2008 |
Q: What are the career opportunities to gain for being an auditor? Is the income good? How significant ...
A: CPA is the best certification you can obtain. Each industry has certification particular to that ...
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| Internal Audit | 5/29/2008 |
Q: I received a email from my director to follow up on a request from an internal auditor. Prior to ...
A: I understand your dilemma and am glad you asked for advice. First, unless directed otherwise by ...
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| Accounting error from previous year | 3/9/2008 |
Q: as this is not the expertise area in which I should be; however, if you can help, I'd appreciate it. ...
A: I am not an accounting expert so, with that caveat, I will pass on what my CPA friend told me. ...
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| 314 audits | 2/29/2008 |
Q: I'm reading job functions for a staff accountant position at a fortune 500 realty company and have a ...
A: You are correct in assuming that NOI means Net Operating Income. A 314 audit is conducted pursuant ...
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| timming and lading | 2/7/2008 |
Q: What is timming and lading in auditing
A: "Lading" refers to a cargo load [most often used in "Bill of Lading"]. "Timming" is new to me but ...
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| General IT Audit Related questions | 1/23/2008 |
Q: I am a project manager and new to the auditing world. I have few basic questions and would really ...
A: Sorry to be so slow in responding but I was out of the country. 1. The audit committee of ...
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| FINANCE DIRECTOR | 1/17/2008 |
Q: We have a church with a governing board. Our church has a daycare with a daycare board. The finance ...
A: First I will qualify my response by telling you I am not that familiar with church business so I ...
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| Personal Audit | 1/11/2008 |
Q: I built a new home in 2006, claimed the sales tax on the new home and am now being audited for than ...
A: I am neither a tax nor IRS expert but in the interest of trying to offer you some guidance, I will ...
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| How to carry out auditor's suggestion | 12/27/2007 |
Q: Background: I am Chairman of the Town Board of Finance in Ct.. This is an elected position but is ...
A: First, I am sure you realize that your auditors probably know specifically what internal controls ...
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| non-profit issue | 12/21/2007 |
Q: Not sure if you can answer this question but I will try anyway. Do Non-Profit organizations have to ...
A: Paul, I don't know much about nonprofits however, I will offer the following for your ...
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| financial reporting | 12/14/2007 |
Q: When a publicly traded company issues it's financials or announces profits, they usually announce ...
A: It could ean any of these depending on centext. You will hardly ever see a statement such as ...
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| receivables | 12/12/2007 |
Q: In the audit of receivables, existence is generally the primary objective, correct? I was recently ...
A: The primary objective of testing receivables is to validate the existence and accuracy to ensure ...
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| CPA Certificate | 12/4/2007 |
Q: I want to ask a Question about the CPA Certificate 1- If I Got the CPA it will be more easy to get ...
A: Moheb, I will try to answer your questions as I understand them. 1- If I Got the CPA it will be ...
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| Business audits | 11/13/2007 |
Q: I am a member of a volunteer fire company (INC.). I was hired by the company to take care of the ...
A: This is more an issue of a “perceived” conflict of interest than an “actual” conflict of interest. ...
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| sales tax audit | 11/3/2007 |
Q: If my audit is from 2003 - 2004 can they request informtation and documentation from 2001 and 2002? ...
A: Elizabeth, Unfortunately, the auditors can ask for anything. However, you have a valid point in ...
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| auditing problem | 11/1/2007 |
Q: i am a new business owner in construction, last month i got a letter that i have to set up an ...
A: Anna, I don’t know the particulars of your situation but I can give you generic advice regarding ...
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| purchasing for an LLC | 10/19/2007 |
Q: Do I need to create a separate, business bank account in order to make purchases for my LLC that I ...
A: It is not absolutely necessary so long as you keep very accurate and detailed records to support ...
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| 2006 taxes | 10/12/2007 |
Q: Nothing like waiting until the VERY last minute! Had an extension...due Monday, I have some very ...
A: Not being a tax person, I can only speak from a lay perspective and I know our pain as I, too, have ...
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| FRAUD WITH RESPECT TO AS5 | 8/16/2007 |
Q: HOW DO WE DETERMINE THE SCOPE OF A FRAUD WITH RESPECT TO CASH DISBURSEMENT, FRAUD EXPENSE ...
A: This is not a specialty of mine and I almost did not respond. However, I can offer some thoughts ...
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| sales tax??? | 7/25/2007 |
Q: We are sorry, but JT Gonzales wasn't able to answer yourhi, have a sales tax audit question im in ...
A: Steve, sorry for delayed response... I was not aware of the follow up question. Who can assess the ...
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| sales tax??? | 7/24/2007 |
Q: We are sorry, but JT Gonzales wasn't able to answer yourhi, have a sales tax audit question im in ...
A: If understand correctly, you have been contacted by the Illinois Sales Tax agency (whatever their ...
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| Creating an Audit Plan | 12/26/2006 |
Q: I was recently asked to create a work plan for audits in my department. I work in a department that ...
A: When you have a number of entities, processes, or areas to audit, these are collectively referred ...
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| sales tax audit | 9/21/2006 |
Q: Don: i am a small business dog grooming service i am being audited for sales tax/ thay are calling ...
A: Karen, First, my apologies for being so long in responding to your question. I have been gone and ...
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| Changing of External Auditors | 9/19/2006 |
Q: I couldn't find my previous question, thus I am resending it. - Is it uncommon for companies to ...
A: This is a good question and reflects a somewhat controversial topic in the industry. It is a fact ...
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| I.R.S. records | 9/5/2006 |
Q: Does the I.R.S. have records of income reported 30 yrs. ago?
A: I don't have a true answer for this except to say that such records may not be actively maintained ...
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| Financial terminology | 7/31/2006 |
Q: I, a Japanese, often come across in consolidated balance sheets the following two expressions: ...
A: Often one company (Company A) will acquire the majority of stock of a public corporation (Company B) ...
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| capital gains & losses | 7/18/2006 |
Q: My domestic partner became psychologically disabled in 2001 (he's been on social security disability ...
A: First, I am not a tax specialist at all so take my advice with a grain of salt. My advice comes ...
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| Auditing | 7/18/2006 |
Q: who is a lead auditor and what is a management representative
A: These are both terms used when referring to different parties in an audit. While these are general ...
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| car insurance | 7/11/2006 |
Q: how long do you keep car insurance policies and premiums in case you are audited, or any other bill ...
A: Although I am NOT a tax expert, I can provide ytou with some information on this that I obtained ...
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| urgent | 6/28/2006 |
Q: what is the mechanism used in us to check for assets and verify same in relation to child ...
A: Information brokers are typically used to find these types of assets. These are the same ...
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| Internal auditor | 6/2/2006 |
Q: I have just graduated with a master degree in Economics with a concentration in Finance. I'd like ...
A: I would do a couple of things: 1) Visit the Institute of Internal Auditors at ...
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| JE/audit help needed | 5/30/2006 |
Q: I have a complex error in 2005 that I am hoping you can help me with. In December 2005, there were ...
A: I hope this helps… accounting is outside my expertise and I nearly refused your question but it ...
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| medical | 5/4/2006 |
Q: I have been selected for audit of my 2004 taxes. One of the things they are requesting is a letter ...
A: I cannot imagine why they would ask for such a thing. You have every right to question they (or any ...
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| Auditing | 5/1/2006 |
Q: What's the relationship between Internal and External audit
A: External and Internal Auditing - Differences There are several differences between internal and ...
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| Audit/fraud | 5/1/2006 |
Q: Don, Are there three methods that audit clients can use to put a favorable “spin” on their reported ...
A: Zagui, You cannot change the numbers but you may be able to influence how they are interpreted. ...
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| Requires Audits | 4/12/2006 |
Q: Other than publicly traded companies, are there specific types of businesses/companies, such as S ...
A: Only publicly have the SEC requirement of an independent audit (external audit) of the financial ...
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| Accounting / Auditing | 10/9/2005 |
Q: i need you opinion regarding the following If some one has the access to the company's income ...
A: The financial statements (Income Statement & Balance Sheet) are the primary reports. You cannot ...
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| Business Value | 9/23/2005 |
Q: Greetings. I was hoping you could provide a 'rule-of-thumb' that would help me determine the ...
A: Larry, Business valuation is not my field of expertise. However, so long as you accept that this ...
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| Texas sales Tax Audit | 9/13/2005 |
Q: What exactly are they needing from me. This is a one man wholesale company and records have not been ...
A: Although you did not say so, I presume you have been contacted by the Texas Sales Tax agency ...
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| Electronic auditing | 7/13/2005 |
Q: I hope you can help me. I am looking for information on electronic auditing of software which ...
A: Ommera, I wanted to also refer you to this Google search that may give you some useful leads. ...
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| Peer review v. quality control | 7/3/2005 |
Q: Are these two terms the same thing? Is the term quality contorl review different than a peer review? ...
A: They are the same in that they both have the goal of improving the quality of the work product. The ...
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| company info | 6/26/2005 |
Q: I'm not sure if you can help me with this issue but I will try anyway. I was wondering if you know ...
A: Paul, I'm not sure I fully understand your question... or what your end goal is but two things come ...
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| Sarbanes oxley | 6/26/2005 |
Q: Can u please tell me what is sarbanes oxley in general terms. I have researched this on net but ...
A: This law was passed in response to the corporate corruption by a number of major corporations - ...
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| very general query | 6/22/2005 |
Q: i didn't see a category i thought would fit my question, but i think you will have the information i ...
A: Sonya, Somthing else you might be interested in regarding record keeping. ...
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| IRS personal income tax audit | 4/10/2005 |
Q: would you please give me some recommendations to deal with an IRS audit (personal income taxes)? ...
A: Sorry for the delay but I was out of town and out of touch. I am not a tax person but I can give ...
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| questions | 2/25/2005 |
Q: I'll be conducting internal audit on my company's production department. What are the things that I ...
A: Auditing a production department can take many different directions. The direction will determine ...
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| HELP! | 12/14/2004 |
Q: Someone Someone wrote my signature on a bill for $140.00 at a place i never been in my life. i ...
A: Charlie, I presume you are talking about a credit card purchase. You certainly have every right to ...
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| auditing | 11/9/2004 |
Q: Maybe we misunderstood each other with my last question. I am researching SAS NO. 32 and am having ...
A: Here is a link specific to SAS 32 http://www.fasb.org/st/summary/stsum32.shtml Here are a couple of ...
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| auditing vs referees | 5/17/2004 |
Q: Does an auditor have any form of continued trainingonce they have passed all professional exams? and ...
A: Virtually every professional certification (not just auditing) requires CPE - continual professional ...
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| Audit Plan | 5/2/2004 |
Q: I am trying to draft an audit plan for a large brewery in New Zealand (for a University case study). ...
A: I will sharte some resources with you. You will likely find what you seek in the sites: Auditnet ...
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| Audit confirmation process | 3/26/2004 |
Q: If the customer did not give any information, and asked not to mail them documentation, what would ...
A: I presume you are talking about verifying accounts receivable. If that is the case, other than ...
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| hash totals | 4/16/2003 |
Q: Would a hash total in a payroll application be used to count department number or number of ...
A: A hash total is an arbitrary total that has no value or meaning outside the context in which it was ...
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| External Auditing | 3/1/2003 |
Q: i know your expertise says that you are an expert on internal auditing but i would like to ask a ...
A: It's a short question but not necessarily simple. Two part answer: 1. Only companies that are ...
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| Retail Auditor | 1/25/2003 |
Q: I was asked if I would be interested in a position as a Retail Auditor for a Marketing Research ...
A: Robert, first I want to congratulate you on being perceptive enough to recognize that context makes ...
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| Attracting the IRS | 12/17/2002 |
Q: Are there any particular things that will red flag your business EIN and or personal SSN to the IRS? ...
A: First of all, I commend you on your honesty. Second, who among us IS totally honest with our taxes ...
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| Governance | 12/13/2002 |
Q: To whom should the director of Internal Auditing report? The CFO, CIO, or who? In our company, we ...
A: The major issue here is one of independence. Ideally, the audit group should report to either the ...
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