The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-2
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which exceeds materiality of $50‚000. c. The auditor should either propose an audit adjustment so that the unadjusted statement amount is less than materiality‚ and/or perform more testing to obtain a better estimate of the population misstatements. The additional testing will likely focus on receivables and inventory because they have the largest estimated misstatements. 9-28 a. The following terms are audit planning decisions requiring professional judgment: Preliminary judgment about materiality
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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Accounting Education: an international journal Vol. 20‚ No. 2‚ 203– 222‚ April 2011 Adding Value to Audit Education through ‘Living’ Cases JULIE DRAKE University of Huddersfield‚ UK Received: November 2009 Revised: July 2010 Accepted: September 2010 ABSTRACT This paper seeks to address the perceived failure of university teaching to foster critical understanding of audit practice and to identify a potential remedy. It contributes to the debate (Maltby‚ 2001‚ “Second thoughts about ‘Cases in
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456 Chapter Eleven Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments
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Apollo Space Missions The Apollo Missions I feel weren’t exactly a discovery‚ they were a challenge issued by President John F. Kennedy in 1961. His challenge directed NASA to send‚ and land a man on the moon‚ then bring them home without harm. He also directed NASA to do this within before 1970. One of the main questions that was asked of the Apollo Space Program was could the feat of sending a man to space be achieved by the end of the decade. Another was‚ is the price of sending a manned
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PROJECT ON APOLLO TYRES LTD DEVELOPED BY ABHISHEK.U. SINGH 3RD YEAR BBA (FOREIGN TRADE) ANAND COMMERCE COLLEGE S.P UNIVERSITY YEAR – 2012 -2013 acknowledgement It is great pleasure for presenting the one month training programmers report in the partial fulfillment of three y ear full time course. I take this opportunity to express my profoundly gratitude and words of
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Apollo 13 The Apollo 13 mission was a significant historical event‚ because of the dangerous repercussions that followed the explosion of the oxygen tank on Apollo 13. The story in which the astronauts Lovell‚ Swigert‚ and Haise surviving these errors during the flight is truly incredible. In the movie Apollo 13‚ the creators depicted most of the events involving the crew’s adventure to and from space quite accurately. Although creating most events successfully the creators of Apollo 13 failed
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Jose Professor Pappas AAS 254 16 April 2008 “Our Theater: The Hey Dey of the Apollo Theatre” Apollo was the Greek God of music‚ Poetry and the arts. His temple was at Delphi and was known to be a place of purification. There is a temple of a different that bears the name of the Greek god and its at 253 West 125th Street Harlem in New York City. The Apollo Theater would become as famous as the temple at Delphi. The Apollo Theaters home was in Harlem. Harlem is known worldwide as a major African-American
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affects others negatively. The god Apollo and his son‚ Phaethon‚ express their pride through negative actions‚ that lead to negative consequences. The sun god‚ Apollo‚ often expresses his pride and over confidence toward others. As a child‚ Apollo often did many cruel and wanton deeds. Apollo journeyed to Olympus to hunt the Python‚ and was successful. Apollo killed the Python in the Oracles of Mother Earth‚ “Knowing that he already violated a shrine‚ Apollo thought he might as well make his
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