Chapter 1 Question 1-18 Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is testing of different brands of consumer products that are purchased on the open market and then the reporting of results of the tests in Consumer Reports‚ a monthly publication. Examples of the types of products it tests are middle-sized automobiles‚ residential dehumidifiers‚ flat-screen TVs‚ and boys’ jeans. a.) In what ways
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Chapter 1 An overview of auditing Multiple Choice 1. The three major professional accounting bodies in Australia are: a. ICAA‚ CPA and ASIC. b. CPA Australia‚ NIA and AARF. c. ATO‚ AUASB and ASIC. d. ICAA‚ CPA Australia and NIA. The correct option is d. Feedback: Section 1.3 The auditing environment 2. Which body has a mission ‘to develop‚ in the public interest‚ high-quality auditing and assurance standards and related guidance to enhance the relevance‚ reliability and timeliness
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standards? (1) Acts to be performed by the auditor. (2) Measures of the quality of the auditor’s performance. (3) Procedures to be used to gather evidence to support financial statements. (4) Audit objectives generally determined on audit engagements. c. The general group of U.S. generally accepted auditing standards includes a requirement that (1) field work be adequately planned and supervised. (2) the auditor’s report state whether or not the financial statements conform to generally
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Question 1 Identify the situation that violated the MIA By Law and explain why. (8 marks) The first situation that violated the MIA By Law is this case is when Ariff Al-Hakim & Associates‚ a Chartered Accountant (CA) firm has been approached by Aminurrashid & Co‚ also a Chartered Accountant (CA) firm to undertake a financial statement audit of VCE Construdtion Work Sdn Bhd for the year ended 30th September 2011. However‚ this situation shows indirectly violation of the MIA By Law as the audit
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Beginning the Audit Report MEMORANDUM TO: Larry Lancaster‚ Chairman‚ President‚ and CEO of Apollo Shoes‚ Inc. FROM: Matrix Certified Public Accountants (MCPA) Inc.‚ DATE: January 15 2012 SUBJECT: Beginning the Audit Report (Engagement letter‚ Engagement checklist‚ Outline of timeframes and milestones of the audit) Dear Mr. Lancaster‚ This letter is to confirm the understanding of the arrangements for the objectives and terms of the upcoming auditing procedure for Apollo Shoes‚
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and specific engagements 4) Human resources 5) Engagement performance 6) Monitoring -Peer review -PCAOB Inspection of Firms Ch. 3. Engagement Planning 3-1. Pre-Engagement Activities -Client Acceptance or Continuance --Predecessor auditor --Form 8-K (special event report) -Compliance with Independence and Ethical Requirements --independence in fact --independence in appearance -Engagement Letters --Engagement letters --Termination letter 3-2. Audit Plan -Staffing the audit engagement --quality assurance
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would be most significant‚ and why? 3. Apply the issue management life cycle process model to this case. Which stages of the process can you identify in this case? 4. How did TCCC use stakeholder engagement and dialogue to improve its responses to this issue‚ and what were the benefits of engagement to the company? 5. In your opinion‚ did TCCC respond appropriately to this issue? Why or why not? 6. 7. Man230 8. Dr.D 9. 10. Coca-Cola’s Water Neutrality Initiative 11. 12. 13. 1. What
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assigned a useful life of 15 years. To test the useful lives of the operating assets‚ the engagement team asked management why the number of years assigned to the plant and equipment acquired differed from the years assigned to that which Billy’s had already owned. Management stated that the useful lives for the acquired assets were the amounts used by Little Drummer before the acquisition. The engagement team discussed the useful lives of the acquired property‚ plant‚ and equipment with the plant
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Public Company Accounting Oversight Board (PCAOB) AS 2610 .09 and .03 successors have the responsibility to obtain information regarding a new audit client from the clients’ previous auditor however‚ auditors may submit a proposal to conduct an audit engagement before this condition is fulfilled. The purpose for this communication is to ensure that the new auditor can interpret the trustworthiness and integrity of the proposed client. Information that might affect the integrity of management‚ previous
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IKEA has aligned it organization as a low cost producer of a standard “no frills” product. IKEA adopts cost leadership and also known to have differentiated it products. Many companies have different definitions for employment engagement; however‚ the most effective engagement will be embedded in the flexibility of approach most appropriate for each individual firm. For example‚ the company may consider a ‘best practice’ and then establish the likely result of this practice in its workplace. Engaged
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