• Auditing
    disadvantages of each are as follows: | ADVANTAGES | DISADVANTAGES | USER VERIFIES INFORMATION | 1. User obtains information desired. 2. User can be more confident of the qualifications and activities of the person getting the information. | 1. High cost of obtaining information. 2...
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  • Regulation of Accounting & Auditing
    corporation through standard auditing procedure. Thus, the regulation of auditors and auditing serve as a fairly-measured instrument of the corporation. Disadvantage of the regulation of auditors and auditing standards: Performing auditing procedure may not necessarily conform to the cost-benefit...
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  • Case 2: Kpmg: How Many Firms?
    . Also, a disadvantage is that it makes it more difficult for oversight of these engagements because the different services being provided could become unclear to an oversight board. When an auditor also provides different services to the same company that it is auditing, it becomes more and more...
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  • Operational Audit
    economy. • Also refers to the auditor’s study of business operations for the purpose of making recommendations about economic and efficient use of resource, effective achievement of business objectives and compliance with company policies. • The term operational auditing is the most...
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  • case study
    experiences. This process means that Apple is in the innovative stage and they continue in the process of auditing and tracking improvements. 3- What are the advantages and disadvantages to Apple of using its own company-specific supplier code of conduct, rather than a global code, such as...
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  • Computerized Auditing
    have their own distinct advantages and disadvantages. It is possible that some procedures needed to be undertaken are applicable for one, but are inapplicable for the other one. That is why, it is better to have a combination of the two. Think about it, if computer auditing is only used, are we sure...
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  • Construction Audit Risk Based Planning
    Disadvantages Independence Considerations Auditing by Walking Around Assumptions of anomalies Designing realistic audit objectives Audit Objectives Conclusion 2  Distinguishing roles and responsibilities of construction auditors for effective risk assurance and governance  Designing realistic audit...
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  • Auditing
    economic reality of the business. The concept of CAAT also is not new in the audit field. It implies the utilization of information technology resources in the auditing procedures to achieve its desired objectives and scope. (http://icai.org/resource_file/10857p730-737.pdf). Furthermore, using CAAT...
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  • Research Method
    various “hybrid” forms of business organization have proven so successful? Advantages of Proprietorships and Partnerships 1. Easy to form 2. Few regulations 3. No corporate income taxes 4. Being one’s own boss Disadvantages 1. Limited life 2. Unlimited liability 3. Hard to raise capital Chapter...
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  • KPMG: How many Firms?
    make decisions about what service firms to choose. Disadvantages are that the auditor will not be considered independent in fact or appearance. The auditors will in most cases be auditing their own work, which creates a major conflict of interest. Many parts of these other services involve...
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  • IfRS
     It’s been more than twenty years since the talk began for a unified international standard for auditing and financial reporting. Purely from a conceptual point it makes perfect sense and simple to converge to an international standard. The best practice should be same in all countries uniformly...
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  • Student
    in Touche’s 1923 audit of Fred Stern & Company that were the basis for Ultramares’ legal claim against Touche. Key Facts 1) The scams and schemes of flimflam artists and confidence men were legendary Case Questions 1) We researched Japan’s History of Accounting and Auditing...
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  • The Value of Market Auditing
    with the high level of uncertainty in the external environment. A disadvantage is that the amounts of environmental factors are almost unlimited so Abel and Cole have to monitor the factors which influence them the most. In conclusion, Market auditing is more useful than not for small businesses in...
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  • chapter 1
    risk reflects the possibility that the information upon which the business risk decision was made was inaccurate. A likely cause of the information risk is the possibility of inaccurate financial statements. Auditing has no effect on either the risk-free interest rate or business risk. However...
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  • Solution Manual
    . Auditing has no effect on either the risk-free interest rate or business risk. However, auditing can significantly reduce information risk. 1-4 The four primary causes of information risk are remoteness of information, biases and motives of the provider, voluminous data, and the existence of complex...
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  • Auditors Rotation
    independence was, the introduction of mandatory partner rotation, where the lead audit partner is restricted from auditing a particular client longer than five years period. (Cameran., Prencipe., & Trombetta, 2008) . IV. Advantages & disadvantages Advantages Internal and external...
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  • Firewalls – Overview and Best Practices
    ................................................................................. 7 Configuring Access Rules................................................................................................... 9 Firewall Logs and Auditing .............................................................................................. 10 Summary...
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  • Auditing Note
    and prepare for in-class quiz What are the major advantages and disadvantages of each of the four types of auditing careers? I. Internal Revenue Agent – auditors who work for the Internal Revenue Service and conduct examinations of taxpayers’ returns Advantages: 1. Extensive...
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  • Convergence Disadv
    create certain advantages and disadvantages. Detail has been the key factor that has made GAAP successful for so many years. Eliminating required specifics may cause uncertainty and distrust in auditing and more fraudulent scandals in the accounting world. Stockholders and lenders may lose faith as a...
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  • Audit
    structure, coordination of activities Special assignments * Determining the cause of ineffective IT system, fraud investigation Advantages: New perspective and increase risk awareness Disadvantage: Potentially high cost Phases: Phases of Operational Auditing Although operational...
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