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Regional Inspector General for Audit SingaporeAudit of Arthur Andersen & Co, .contract No. 4920477C00311900 u4thUSAID/Philippines under capital Markets Development ProJectAudit Report No. 549296003 N November
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The audit of Arthur Andersen refers to the accounting and consulting services that were historically provided by the accounting firm Arthur Andersen, which was once one of the 'Big Five' accounting firms. It is now mostly noted for its involvement in the Enron scandal, which led to its dissolution in 2002.
Generally, companies that are publicly traded or those that meet certain criteria for size and revenue are required to undergo an independent audit, which would historically have involved firms like Arthur Andersen before its dissolution.
To fill out an audit report, the auditor typically collects financial statements, performs analyses, assesses internal controls, and finally compiles the findings into a standardized audit report format. Post 2002, specific guidelines must be followed based on current regulations.
The purpose of an audit is to provide an independent assessment of the financial statements of a company, ensuring accuracy and compliance with relevant accounting standards.
The audit report must include the auditor's opinion on the financial statements, any identified discrepancies, notes on compliance with accounting standards, and the effectiveness of internal controls.
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