"Explain The Meaning Of The Term Accounting Principles As Used In The Audit Report" Essays and Research Papers

  • Explain The Meaning Of The Term Accounting Principles As Used In The Audit Report

    have the knowledge and expertise to assess the truth and fairness of the information being presented by the preparers. Auditors of financial reports need to be trained accountants with detailed knowledge about the complex technical accounting and disclosure issues required to assess the choices made by the financial report preparers. When undertaking an audit, the auditor should use professional scepticism, professional judgement and due care. Auditors should be independent of the client. Independent...

    Audit, Auditing, Auditor's report 1901  Words | 7  Pages

  • Convention Used in Modern Systems of Accounting

    | ACCOUNTING PRINCIPLES | |   | Meaning of Accounting Principle | | Principle means a general law or rule adopted or professed as a guide to action ‘a settled ground or a basis of conduct or practice’. The word ‘Principle’ when applied in accounting may have different meanings in different contexts. It is not used in the sense of a fundamental accounting truth – it connotes a guiding influence or an accepted rule of action or conduct.  Accounting principles have been defined as the body...

    Accountancy, Accountant, Balance sheet 1958  Words | 7  Pages

  • Principles-Based Versus Rules-Based Accounting Standards: the Influence of Standard Precision and Audit Committee Strength on Financial Reporting Decision

    PRINCIPLES-BASED VERSUS RULES-BASED ACCOUNTING STANDARDS: THE INFLUENCE OF STANDARD PRECISION AND AUDIT COMMITTEE STRENGTH ON FINANCIAL REPORTING DECISION ------------------------------------------------- BUS 421 ACCOUNTING THEORY E100 ------------------------------------------------- Presented To: Karel Hrazdil ------------------------------------------------- Presented by: Shirley Mi Chen (301069071) ABSTRACT Agoglia, Doupnik, and Tsakumis (2011) examined two hypothesis in their paper...

    Enron, Financial statements 1339  Words | 4  Pages

  • Audit Report

    Beginning the Audit Report Audit Process Plan 100 Shoe Plaza Shoetown, ME 00001 [ENTER TODAY’S DATE] Larry Lancaster Chairman, President and CEO Apollo Shoes, Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Mr. Lancaster, This letter explains how I intend to carry out the audit process for Apollo Shoes, Inc. I will continue audit services for the company, which will involve a series of steps. I first need to receive the preliminary list including organizational...

    Audit, Auditing, External auditor 1164  Words | 5  Pages

  • Accounting Principles - Short Essay

    SUBJECT: ANALYSIS OF FINANCIAL STATEMENT TOPIC: ACCOUNTING PRINCIPLES ACCOUNTING Generally Accepted Accounting Principles refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing, and in the preparation of financial statements. Financial Accounting is information that must be assembled and reported...

    Accountancy, Asset, Balance sheet 695  Words | 3  Pages

  • The Audit

    fundamental principles and please don’t try to memorize the information. Topic 3B- Management assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions, balances and presentation and disclosures - List out and describe general transaction related audit objectives, balance related audit objectives and presentation and disclosure audit objectives - Understand specific audit objectives...

    Audit, Auditing, Auditor's report 1165  Words | 5  Pages

  • Management Audit

    Question 1 Management audit is a term used to describe the kind of audit work carried out to look into the economy, efficiency and effectiveness of the organization and its component parts. Efficiency in this sense has to do with determining whether resources (personal and property) are being used optimally within the bounds of what is practically feasible. Effectiveness involves determining whether resources are being used to proper effect. Economy relates to the avoidance of unnecessary waste...

    Audit, Auditing, External auditor 1010  Words | 3  Pages

  • Accounting

    Difference between accounting and auditing The main difference is that accounting is preparing the books and auditing is checking if the book are prepared according to the applying framework. Back to a fundamental question, what is the difference between accounting and auditing from a financial perspective? A quick answer is: Accounting is a process of preparing the works, Auditing is a process of evaluating & scrutinizing of the work prepared. In other words, accountants are in charged...

    Audit, Auditing, Auditor's report 1472  Words | 7  Pages

  • Audit

    Universiti Tenaga NasionalCollege of Business Management and Accounting ...

    Academia, Audit, Auditing 1492  Words | 6  Pages

  • Audit Report

    Independent Auditor's Report To the Stockholders Apollo Shoes, Inc. 1235 Winner's Road Write City, IN 12354 LCC has conducted an audit of Apollo Shoes, Inc. balance sheets, the retained earnings, cash flows, and other related statements of income for the year ended December 31, 2006/2007. Apollo Shoes Inc management is responsible for maintaining the effective internal controls that goes along with the financial statements and how well the accuracy is going to be. LLC has evaluated the effectiveness...

    Audit, Auditing, Auditor's report 1271  Words | 5  Pages

  • Forensic Accounting and Fraud Auditing

    COVENANT UNIVERSITY, COLLEGE OF DEVELOPMENT STUDIES, SCHOOL OF BUSINESS, DEPARTMENT OF ACCOUNTING COURSE: FORENSIC ACCOUNTING COURSE CODE: ACC 416 WEEK: 10 TOPIC: FORENSIC ACCOUNTING AND FRAUD AUDITING OBJECTIVE: To acquire the knowledge and skills about forensic audit, its reporting and documentation. THE CONTEXT OF FORENSIC AUDITING Forensic audit encompasses the examination of evidence regarding an assertion to determine its correspondence to establish criteria carried out in a manner...

    Audit, Auditing, Auditor's report 1400  Words | 5  Pages

  • Course Outline- Principles of Accounting

    n [pic] American International University-Bangladesh Summer 2007 Principles of Accounting (Section B) For CS, CSE, COE, EEE Students Course Outline |Course Teacher : |Shamarukh Aziz Bhuiyan (Angela) | | | | |Credit: ...

    Academic term, Decision making, Decision making software 659  Words | 6  Pages

  • Financial Accounting Term Paper

    external auditors? What sort of audit opinion did Creative receive for fiscal year 2006? In your own words, what does the opinion mean to external users? (5 marks) PricewaterhouseCoopers (Singapore) is Creative’s external auditor. In the report of independent registered public accounting firm (Pg 19), PricewaterhouseCoopers gave an unqualified opinion to Creative for the fiscal year 2006 financial statements. The opinion literally means that no issues of concern to report, accounts were signed by auditor...

    Asset, Balance sheet, Cash flow 1902  Words | 4  Pages

  • Beginning the Audit Report

     Beginning the Audit Report Kimberly Cummings ACC/546 January 19, 2015 Jacob Mathews Beginning the Audit Report MEMORANDUM January 19, 2015 To: Senior Partner From: Kim Cummings Re: Apollo Shoes Audit Dear Senior Partner: As you know, our firm has been selected to perform the Apollo Shoes audit. The planning process has been the most delicate stage as we want to ensure we have a solid audit approach. The team I select will be dedicated in meeting the objectives and strategies for completing...

    Audit, Auditing, Auditor's report 1923  Words | 11  Pages

  • Harmonization of Accounting in Accounting Context

    (a) Briefly explain what prompted some countries over the world to strongly advocate harmonization of accounting. The important reasons which necessitate harmonization of accounting practices are well contained in the observation made by Saudagaran. “While the initial efforts at harmonization were mainly championed by political bodies and professional accounting organizations, current pressures to harmonize are driven by investor groups who use financial statements, multinational companies which...

    Accountancy, Balance sheet, Finance 2140  Words | 7  Pages

  • Accounting Speech

    Accounting Speech By Jill A. DeBonis American InterContinental University Online   Abstract In this essay I hope to explain the more common terms used in accounting. A small biography of why I love accounting. And how technology (computers) has helped create a much easier way of life for accountants.  Accounting Speech What is the definition of an accountant? Someone who solves a problem you did not know you had in a way you don't understand (n.a. 2011). Does that sound about right for...

    Accountancy, Asset, Balance sheet 753  Words | 3  Pages

  • accounting

    supplementary schedules in the corporate annual report, prospectuses, reports filed with government agencies, news releases, management’s forecasts, and descriptions of an enterprise’s social or environmental impact. 2. Explain how accounting assists in the efficient use of scarce resources. Accounting provides reliable, relevant, and timely information to managers, investors, and creditors so that resources are allocated to the most efficient enterprises. Accounting also provides measurements of efficiency...

    Accountant, Accounting organizations, Accounting Principles Board 624  Words | 3  Pages

  • Adrian Watson: Accounting Principles

    Accounting Principles - Unit 1 IP Adrian Watson AIU Online: Acct. 205 January 13, 2015 Accounting is the process of keeping track of information transactions and analyzing financial information. Organizations divide accounting into two different branches, management accounting and financial accounting. Management accounting is used for internal use. It allows for private owners to make decisions based on that organizations finances. External financial accounting on the contrary...

    Accounting equation, Asset, Balance sheet 657  Words | 3  Pages

  • Financial Accounting

    CHAPTER 1 FInANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT ISSUES FOR DISCUSSION ID1–1 Security analysts and stockholders: These users would use financial statements to try to estimate the future earnings and cash flow potential of the company, which would be used to project a value for the company’s stock. Bank loan officers: These users would use the financial statements to determine the ability of a company to repay loans to the bank. A company’s...

    Audit, Auditing, Balance sheet 1974  Words | 7  Pages

  • Principle of Accounting

    hospitality firm, it is typically consist of cash, marketable securities, account receivable, inventory, and prepaid expenses. They are listed in liquidity order. Receivable, for example, will generate cash earlier then inventory, which have not yet to be used or sold, so are listed below before inventory on the balance sheet. Below are some of the account under current asset and their explanation. (a) Cash: of course is the most liquid of current assets. (b) Marketable Securities: are held as temporary...

    Accounts receivable, Asset, Balance sheet 1052  Words | 3  Pages

  • Explaining Basic Accounting Concepts and Business Structures

    Basic Accounting Concepts and Business Structures I will explain the basic accounting concepts and business structures from the following topics: GAAP sources and hierarchy; Good accounting information using the qualities of accounting principles; Difference between Accrual based accounting and cash basis of accounting; Types of business structures and the features of each structure. 1. GAAP sources and hierarchy Generally accepted accounting principles (GAAP) is the set of accounting principles...

    Corporate tax, Deferral, Depreciation 797  Words | 3  Pages

  • Accounting

    Section A Under Case Study (Newspaper) HB Global 1. Types of audit opinion Qualified opinion * A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles Adverse opinion * It is used only when the auditor believes that the overall financial statements are so materiality misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conforming...

    Accounts receivable, Audit, Auditing 979  Words | 4  Pages

  • Audit

    Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms, establishing standards for audit engagements, and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing Standards...

    Audit, Auditing, Auditor's report 590  Words | 3  Pages

  • Case Study 3-29 Audit Report

    3-29Audit Report (Case Study 3-29) Requirements For each situation, do the following; a) Identify which of the conditions requiring a deviation from or modification of an unqualified standard report is applicable. b) State the level of materiality as immaterial, material or highly material. If you cannot decide the level of materiality, state the additional information needed to make a decision. c) Given your answers in parts (a) and (b) , state the appropriate audit report from the...

    Annual report, Audit, Auditing 1939  Words | 6  Pages

  • Accounting Principles: Financial Reporting Standards

    Generally Accepted Accounting Principles At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles,” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report. (Do not in this part...

    Accounting Principles Board, Audit, Auditing 612  Words | 2  Pages

  • Apollo Shoes Audit Report

     Apollo Shoes Audit Report Anderson, Olds and Watershed Certified Public Accountants 123 Main Street Upper Saddle River, NJ 00712 INDEPENDENT AUDITOR’S REPORT To the Stockholders Apollo Shoes, Inc. We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2008, and the related statements of income, comprehensive income, shareholders’ equity, and cash flows for the year ended, and related notes to the financial statements. We have also audited management’s assessment...

    Audit, Auditing, Auditor's report 1052  Words | 4  Pages

  • accounting

    Accounting, or accountancy, is the measurement, processing and communication of financial information about economic entities. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. Accounting can be divided into several fields including financial accounting, management...

    Accountancy, Accountant, Big Four auditors 1677  Words | 6  Pages

  • Introduction to Accounting

    Introduction to Financial Accounting Introduction to Financial Accounting The question asked was what accounting and auditing standard does Abercrombie and Fitch utilize. We also need identify the accounting and auditing standard for Hennes and Mauritz. Lets discuss the difference standards and where they are enforced. In accounting there are standards and practices that each company has to adhere to when dealing with finance. There...

    Balance sheet, Financial Accounting Standards Board, Financial statements 934  Words | 4  Pages

  • Principle vs Rule Based

    and eliminate the unprofitable and lower the prices of the overpriced. Normally, it is used as a tool for understanding product and customer cost and profitability. But ABC has also been used to support strategic decisions like pricing, outsourcing, identification and measurement of process improvement initiatives. ABC can be used for external reports, but mostly it is used for internal purposes. External reports don’t not need to be as detailed. Some cost are reported, however breakdowns may not be...

    Cost, Cost accounting, Costs 1983  Words | 5  Pages

  • Audit 1

    letter is to confirm our understanding of the terms of our engagement as the auditors of Oceanview Marine Company for the year ended December 31, 2014. We will audit the company’s balance sheet for December 31, 2014, and the related statements of income, retained earnings, and cash flows for the year then ended. The purpose of our audit is to form an opinion as to whether these statements are fairly presented in accordance with accounting principles generally accepted in the United States of America...

    Audit, Auditing, Auditor's report 1365  Words | 4  Pages

  • Accounting Theory Approach

    BKAF 3083 ACCOUNTING THEORY AND PRACTICE Individual Assignment 1 1. Explain 8 levels of conceptual framework Level | Elements | Explanation | 1.Border of discipline / authority | * Definition of financial reporting | It defines the financial record of the business activities. | 2. Subject | * Definition of the reporting entity | It defines the reporting entities where the users are dependent on their financial statements to make decision. | 3. Objective | * Objective | It is...

    Balance sheet, Financial statements, Generally Accepted Accounting Principles 714  Words | 4  Pages

  • Generally Accepted Accounting Principles

    Part I. A. Generally Accepted Accounting Principles. GAAP is not a fixed set of rules. It is a guideline or more precisely a group of objectives and concepts that have evolved over 500 years from the basic concepts of Luca Pacioli set forth in the 1400s. It governs how financial statements are prepared and presented in the United States. The Financial Accounting Standards Boards (FASB), the American Institute of Certified Public Accountants and the Securities and Exchange Commission (SEC)...

    Accounts receivable, Asset, Balance sheet 1268  Words | 4  Pages

  • Generally Accepted Accounting Principles

    Accountants use generally accepted accounting principles (GAAP) to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession and the Securities and Exchange Commission (SEC). Two laws, the Securities Act of 1933 and the Securities Exchange Act of 1934, give the SEC authority to establish reporting and disclosure requirements. However, the SEC usually operates in an oversight capacity, allowing the FASB...

    Accountant, Balance sheet, Deferral 1303  Words | 4  Pages

  • Internship Report of Accounting

    Internship Report 1. Introduction During April 12th and April 30th, I served as an intern for ZhiqinCertified Public Accountants CO., LTD. Foshan City, ZhiqinCertified Public Accountants Co., Ltd. is officially registered, a certified public accountant firm, in 1990, a period approved by Guangdong Provincial Department of Finance was established in 2000 began operating a limited company, a practicing certificate number is 44060005, assets assessment Certificate No. 440 200 756. Since its...

    Accountant, Audit, Auditing 1906  Words | 6  Pages

  • Case 1-4 Generally Accepted Accounting Principles

    Generally Accepted Accounting Principles At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles,” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report. (Do not in this...

    Accountancy, Accountant, Business 515  Words | 2  Pages

  • Accounting Concept and Conventions

    ACCOUNTING CONCEPT AND CONVENTIONS In drawing up accounting statements, whether they are external "financial accounts" or internally-focused "management accounts", a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation. The theory of accounting has, therefore, developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business'...

    Accounting liquidity, Asset, Asset turnover 1679  Words | 6  Pages

  • ACC 546 Audit Report

    Littleton, CO 80123 Audit Committee Apollo Shoes, Inc 100 Shoe Plaza Shoetown, ME 00001 Anderson, Olds, and Watershed (AOW) has completed the audit of the financial statements for the year ended December 31, 2007 for Apollo Shoes, Inc. The financial statements include the balance sheet, the income statement, the statement of retained earnings, and the statement of cash flows. The audit has been performed in accordance with generally accepted auditing principles in the United States. AOW...

    Audit, Auditing, Balance sheet 736  Words | 3  Pages

  • Accounting

    (d) Identify and explain the barriers of international harmonization. The IASB created the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) to harmonise accounting amongst all countries across the globe. The objective of harmonisation is to ensure that financial reporting around the globe is prepared using the same accounting standards or accounting rules. Preparing accounts using the same accounting standards ensures that there is comparability...

    Accountancy, Accounting software, Accounts receivable 1211  Words | 4  Pages

  • Accounting: Understanding The Basic Principles

    Basic Principles of Accounting By Stephen L. Nelson from QuickBooks 2011 All-in-One For Dummies Accounting rests on a rather small set of fundamental assumptions and principles. People often refer to these fundamentals as generally accepted accounting principles. Understanding the principles gives context and makes accounting practices more understandable. It's no exaggeration to say that they permeate almost everything related to business accounting. Revenue principle The revenue principle, also...

    Balance sheet, Business, Business ethics 806  Words | 3  Pages

  • Basic Accounting Principles And Guidelines

    Basic Accounting Principles and Guidelines Since GAAP is founded on the basic accounting principles and guidelines, we can better understand GAAP if we understand those accounting principles. The following is a list of the ten main accounting principles and guidelines together with a highly condensed explanation of each. 1. Economic Entity Assumption The accountant keeps all of the business transactions of a sole proprietorship separate from the business owner's personal transactions. For legal...

    Balance sheet, Deferral, Depreciation 1365  Words | 4  Pages

  • The Imporance of Accounting Theory to the Field of Accounting

    The Importance of Accounting Theory to the Field Of Accounting The objective of theory is to explain and predict. One of the basic goals of the theory of a particular discipline is to have a well-defined body of knowledge that has been systematically accumulated, organized, and verified well enough to provide a frame of reference for future actions. The Webster’s definition of theory is the systematically organized knowledge, applicable in a relatively wide variety of circumstances, a system...

    Asset, Balance sheet, Cash flow 1896  Words | 6  Pages

  • Financial Accounting versus Managerial Accounting Matrix

    Phoenix Material Role of Financial Accounting versus Managerial Accounting Matrix Compare and contrast financial accounting and managerial accounting by answering the following questions in the matrix provided. Cite any sources you use in accordance with APA guidelines. Term or Concept Financial Accounting Managerial Accounting What is the primary purpose of the accounting system? The main purpose of financial accounting is to prepare financial reports that provide information about a firm’s...

    Balance sheet, Finance, Financial statements 636  Words | 2  Pages

  • Audit Report Mashiur Rahman

    the power, and the ability to complete this report. I am sincerely grateful to my course teacher, mentor, and counselor Kashfiya Afrin for assigning me such an interesting topic “Financial System and Auditing “. I also obliged to these following people. Md.Jashim Uddin Finance department MD. Masud Rana Accounts Officer This report provides an evaluation of different of accounting record, importance and meaning of different accounting concept, factors that influence the nature...

    Actuarial science, Bookkeeping, Business 654  Words | 14  Pages

  • Accounting 221 Mid Term Exam

    Accounting 221 Exam 1 -- Fall 2003 Multiple Choice (10 points). Select the correct answer for each of the following multiple choice questions. 1. Assets may best be defined as: a. Economic resources invested by the owners of a business. b. Tangible economic resources of value. c. Economic resources invested by the creditors of a business. d. Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. e. Probable future economic...

    Accounting equation, Accounts payable, Accounts receivable 1314  Words | 7  Pages

  • Beginning the Audit Report 2

     Beginning the Audit Report ACC/546 Auditing January 12, 2015 Beginning the Audit Report January 12, 2015 Mr. Arnold Anderson Anderson, Old, and Watershed, CPAs, LLC Shoetown, ME 00001 Dear Mr. Anderson: This is letter is to inform you of the plans for the beginning of the audit process that we plan to take to complete the audit of Apollo Shoes. There are many parts to the process and we will discuss each within this letter. The beginning of the audit process is to describe the objectives...

    Audit, Auditing, Auditor's report 1664  Words | 7  Pages

  • Generally Accepted Accounting Principles

     Generally Accepted Accounting Principles September 2, 2013 NUR/571 Generally accepted accounting principles (GAAP) is the termused to describe the body of and requirements that shape the preparation of the four primary financial statements (Cleverley & Cameron, 2007).” These statements include the balance sheet, the statement of revenues and expenses, statement of cash flow, and statement in changes of net assets (Cleverley & Cameron, 2007). These statements track financial information...

    Accounts receivable, Asset, Balance sheet 753  Words | 3  Pages

  • Accounting Terms

    prepare financial statements for this reporting period. Since I am studying accounting knowledge in university, I hope I can give your father some advices. I select two important accounting term, accrual basis and faithful representation, which are directly related to preparation of financial statements for your father’s company. I will explain each of them to you in detail. Accrual basis is one of the most important accounting concepts for preparing financial statements. We should recognize all revenues...

    Asset, Balance sheet, Double-entry bookkeeping system 840  Words | 3  Pages

  • Internship Report

    card business , such as credit card account opening an account, cash access , etc.; the business of LaSalle ; loan business . (C) Knowledge of bank accounting method, subjects set the account settings, accounting methods to determine. (D) Summary of internship after, and fill out the the internship identification table, write a practice report. General rules and regulations of the Chengdu Agricultural Bank of China is quite comprehensive. It explicitly provides for the operating specifications...

    Bank, Banking, Central bank 1580  Words | 5  Pages

  • The New Government Accounting System (Issues in Public Audit)

    The New Government Accounting System: Issues in Public Audit 1 Introduction Historically, the growth of government auditing and accounting in the Philippines was greatly influenced by the administrative practices in the United States, so much so that during the time that the General Accounting Office in the United States was responsible for the government’s accounting, that concept was similarly introduced in the Philippines. Unfortunately, by the time the practice was abandoned in the United States...

    Accountant, Administrative law, Constitution 1806  Words | 6  Pages

  • Generally Accepted Accounting Principles

    Accepted Accounting Principles Kelly Voelm NURS/571 March 25, 2013 Dr. Tricia Jenkins Generally Accepted Accounting Principles Companies and businesses are guided by rules and regulations that they must follow concerning financial data reporting. Generally accepted accounting principles (GAAP) assist accountants to work with the Securities and Exchange Commission (SEC) and are guidelines that apply to most financial statements. The GAAP are a list of principles used by accountants...

    Asset, Balance sheet, Financial statements 904  Words | 3  Pages

  • Beginning the Audit Report

    Beginning the Audit Report Justin A. Miller ACC 546 Monday, November 26, 2012 Instructor: Scott Phillips Miller Financial 2316 Birmingham, Alabama 35215 November, 26 2012 Mr. Chuck Jemison, President Apollo Shoes 1369 Parkway Drive Eastdale, Georgia 41563 Dear Mr. Jemison: This will verify our comprehension of the measures for the financial statements audit for Apollo Shoes Inc. for the ending year of December 31, 2012. We will audit the organization’s financial statements...

    1973, Audit, Auditing 670  Words | 3  Pages

  • Social Benefits of Audit

    Introduction: Audit emerges because society needed. Auditing has been a regular feature of organized human activity from the earliest times. Indeed evidence suggests that formal audit procedures existed in the economic activities of the most of the early civilization. With the advancement of development, audit emerges as a separate discipline & contributes to the economic & social advancement. Audits serve a vital economic purpose and play an important role in serving the public interest to strengthen...

    Audit, Economic growth, Economics 2187  Words | 7  Pages

  • Accounting

    as the system that directs and controls limited companies. (Mclaney and Atrill, 2005). Corporate governance is a term with a broad meaning ‘that has to do with ... the rights and responsibilities... shared among owners, managers and shareholders of a given company’ (Tatum, 2010). Further explanation of the term stated by the OECD Principles of Corporate Governance explained that the term “... involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders...

    Audit, Auditing, Auditor's report 2041  Words | 7  Pages

  • Critically Evaluate the Need for Accounting Standards and the Need for a Set of Principles on Which They Are Based

    Question 1 Critically evaluate the need for accounting standards and the need for a set of principles on which they are based. Accounting Standards Accounting standards contain a set of rules and governing practices for the treatment of all financial transactions. The main objective of accounting standards is to establish recognition, measurement, presentation and disclosure requirements dealing with financial transactions and key events which are important in the financial statements of companies...

    Balance sheet, Financial Accounting Standards Board, Financial statements 1901  Words | 6  Pages

  • Manual on Forensic Accounting

    FORENSIC ACCOUNTING Introduction Necessity is the mother of all inventions. Yes, it is the growing arena of business and surging number of white-collar crimes that have paved the way for the development of Forensic Accounting. According to AICPA, “Forensic Accounting is the application of accounting principles, theories and discipline to facts or hypothesis at issues in a legal dispute and encompasses every branch of accounting knowledge.” According to The Accountant’s Handbook on Fraud and...

    Accountant, Audit, Auditing 2106  Words | 7  Pages

  • Basic Accounting Principles and Guidelines

    Basic Accounting Principles and Guidelines Since GAAP is founded on the basic accounting principles and guidelines, we can better understand GAAP if we understand those accounting principles. The table below lists the ten main accounting principles and guidelines together with a highly condensed explanation of each. Basic Accounting Principle | What It Means in Relationship to a Financial Statement | 1. Economic Entity Assumption | The accountant keeps all of the business transactions...

    Balance sheet, Deferral, Depreciation 1390  Words | 4  Pages

  • Foundational Accounting Principles and Terminology

    Running Head: Foundational Accounting Principles and Terminology 1 TUI University Eric Bollar Module 1: Case Assignment ACC501 Accounting For Decision Making Dr. Wendy Achilles January 21, 2011 Foundational Accounting Principles and Terminology 2 We all know how important the accounting aspect of any business/organization is. It is basically the most important way to manage...

    Balance sheet, Bookkeeping, Cash flow 1050  Words | 4  Pages

  • Audit Planning

    INTRODUCTION Audit Planning and reporting Auditing planning and reporting are two critical stages in whole audit Cycle.Audit planning is before beginning of field work and reporting is last Stage in bank audit Good planning leads to effective Reporting Planning (also called forethought) is the process of thinking about and organizing the desired activities required to achieve a desired goal. Planning involves the creation and maintenance of a PLAN. As such< planning is...

    Audit, Auditing, Auditor's report 1607  Words | 5  Pages

  • Independent Auditor's Report

    INDEPENDENT AUDITOR'S REPORT To the Members of ……..name of company Report on the Financial Statements We have audited the accompanying financial statements of ………………("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility...

    Audit, Auditing, Auditor's report 853  Words | 4  Pages

  • Accounting Annual Report Project

     Alex Parrott Accounting 201 Annual Report Project Semester: Spring 2014 4-18-14 A. Introduction Hooker Furniture Corporation is a growing furniture company in today’s industry and current economic circumstances. This company was incorporated in Virginia in 1924, and is ranked among the nation’s largest publicly top 10 furniture sources. Paul B. Toms Jr. has been Chairman and Chief Executive Officer for Hooker Furniture Corporation since 2000 and has also been with the company since...

    Balance sheet, Cash flow, Financial statements 1724  Words | 8  Pages

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