provided to be able to render a report of the financial statements audited stating that it is free from any misstatement. GAAS are divided into three categories such as the general standards‚ the standards of fieldwork and standards of reporting. Auditors can render reports of the financial statements audited in four ways. The report render can either be qualified opinion‚ unqualified opinion‚ adverse opinion and disclaimer of opinion. Auditors who considered the report to be free from any material
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What’s brewing at Whitbread? In the annual report for 1999/2000 Whitbread Plc reported a total turnover of £2.9 billion with operating profit of £332 million. The sale of beer‚ one of seven business units‚ accounted for approximately 38% of turnover. Other important revenue was generated by closely allied businesses such as pubs and restaurants. Ten years later and the Annual Report of 2009/10 showed a markedly different company. Total revenue was £1.44 billion and‚ despite a 250 year history
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|10 Tips for Writing a Great Annual Report | |By Kivi Leroux Miller | |Even though nonprofit organizations aren’t required to produce annual reports like publicly traded companies are‚ most nonprofit | |managers recognize the value of producing one. Annual reports can help you demonstrate your accomplishments
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The Development and the History of the UK Corporate Governance Code The roots of the code mainly come from the Cadbury Committee Reports and its successor reports. (Mallin‚ C.‚ 2010) There are five sections in the Code. They are Leadership‚ Effectiveness‚ Accountability‚ Remuneration and Relations with Shareholders. (FRC‚ 2010) Section A: Leadership A.1 The Role of the Board An effective board is essential for every company to have long-term success. A.2 Division of Responsibilities
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who is this report disseminated and how is this done? This report disseminated to following:- * Employees * Shareholders * Managements * Investors * Board of director * Government And this can be done by emails‚ newsletters‚ publishing in company magazines‚ post and by publishing on company websites. 1. Why do these people need the information contained in the annual report Employees: - it is important that the employees know about the company annual reports of an organisation
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from past cases to prevent reoccurrences of similar detrimental activities. Do you believe that Andersen’s partners would have adopted a different management philosophy if they had recently studied the Laventhol & Horwath case? 3. Although audit reports should provide assurance to investors and creditors that
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3. a) Three parties that auditors might be held liable for negligence are : 1. Liability to client (Better Production & Co) 2. Liability to third party who use the information (Usahasama City Bank) 3. Liability to the foreseen user (who rely on the auditor’s financial statement) b) No. Aiman & Co can not be held liable to Usahasama & Co. The only action available for financial loss caused by a false financial statement was in the tort of deceit. In order to succeed‚ the claimant (Usahasama)
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the annual report at DTCC”‚ Goldstein (2005) points out the reason why communication opportunity and unique marketing should be seized. This article is related to the report of efficiently communicating of the annual report; however‚ it is not a useful source for its limited relevance and potential bias. This article is about marketing process and communication. Goldstein (2005) argues that annual report cannot reach readers whatever in which form‚ online or printed‚ if the report is not modern
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QUESTION 1 (16 marks) Cash is the most vulnerable asset to audit. Answer the following questions; a) What are the three assertions an audit needs to establish? (6 marks) SOLUTION: Cash balances include cash on hand and at bank. Cash on hand includes undeposited receipts and petty cash. Cash at bank includes cash held in current and savings accounts which is available on demand. Unlike any other account balance‚ cash may be either an asset or a liability. The latter arises where the bank with
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ISA ISA 570 November 2008 International Standard on Auditing Going Concern INTERNATIONAL STANDARD ON AUDITING 570 Going Concern Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in November 2008 for publication. This standard should be read in conjunction with the Preface to Malaysian Approved Standards on Auditing; Preface to International Standards on Quality Control‚ Auditing‚ Review‚ Other Assurance and Related Services; Glossary
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