Audit exam 1 Study online at quizlet.com/_flu67 1. A Which is usually included in an engagement letter? (A reference to GAAP/A reference to GAAS) A. Yes/Yes B. No/No C. Yes/No D. No/Yes 2. A Which of the following statements is true? A) Auditors have generally found that the most effective and efficient way to conduct an audit is to obtain some assurance for each class of transaction and for the ending balance of the related account. B) Management ’s assertions follow and
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Small Business‚ Entrepreneurship‚ and Franchises ACTIVITY: This activity is designed to encourage students to appreciate the process of generating business idea with limited funds. Anybody can come up with a good business idea regardless of their age‚ race‚ experience and others. Time Limit: 35 minutes What to Do: 1. Place students in 3 or 4 member per group and ask each group to come up with a business idea that will work. For this activity‚ each group has to come up with a business
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Sources of Funds There are several sources of finance/funds available to any company. Some of the parameters that need to be considered while choosing a source of fund are: • • Tenure • Leverage planned by the company • Financial conditions prevalent in the economy • 2. Cost of source of fund Risk profile of both the company as well as the industry in which the company operates. Categories of Sources of Funds (i) Long term Refer to those requirements of funds which
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NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW 1 “AUDITING” In independent examination 2 NATURE AND DEVELOPMENT The word “audit” comes form the Latin word audire which means “to hear” because‚ in the middle Ages‚ accounts or revenue and expenditure were “heard” by the auditor. Statutory audits (i.e. carried out in accordance with statutory provisions) become mandatory for companies in 1900. At this time the purpose of an audit was to detect fraud‚ technical
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market place where securities are bought and sold. It is an organized market for buying and selling corporate securities. Like any other centralized market‚ stock market facilitates buyers and sellers to do business at the fairest price. As public is not admitted to the trading floor‚ business has to be done through registered brokers. A stock exchange is the central place or market where industrial securities are bought and sold under a code of rules and regulation. A stock exchange is the place
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choose to recruit‚ They could also advertise in a newspaper‚ locally or nationally‚ this will give the job vacancy plenty of candidates as it will be advertised to a big audience. A job advert should contain: the name of the position that is vacant‚ this is to show people exactly what they may apply for‚ it should also contain basic information about the job role for example a team member will be required to serve customers and prepare food‚ If the person looking to apply cannot fulfil those tasks they
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ASOS PLC 1. Carry out a background research on your proposed client and obtain as much information as possible about your client in particular and about the market sector which your client operates in. ASOS originates from or is an abbreviation for “As Seen on Screen” indicating its method of operating business in other words online retailing. It was founded by Nick Robertson and his business partner Quentin Griffiths and it was incorporated in 2000 by its current Chief Executive Officer Nick
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Interim An audit which conducted in between the two annual audits with a view to find out interim profits to enable the company to declare an interim dividend is known as Interim Audit. It is a kind of audit which is conducted between the two periodical or balance sheet audits. Objectives Of Interim Audit 1. To know profit or loss of interim period. 2. To distribute interim dividend. 3. To get loan on the basis of interim account. 4. To get information about the financial position
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Substantive Procedures for Cash Outflow Irregularities Substantive Procedures for Cash Outflow Irregularities Apollo Shoes has recognized that there is a risk of loss due to irregularities in cash outflows‚ accounts payable‚ and payroll. Substantive procedures for cash outflows‚ accounts payable‚ and payroll are needed to detect irregularities in each of these. Failure to implement appropriate procedures will lead to loss irregularities. Substantive Procedures to Evaluate Cash Irregularities
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realisable value. Inventories comprises those: Held for sale in the ordinary cost of business; In the process of production for such sale; or In the form of materials or supplies to be consumed in the production process or in the rendering of services (Lazar & Choo‚ 2008). Inventories also includes goods purchased and held for resale which encompasses buying merchandise by a retailer. Connecting to the selected business‚ the existence of the inventory of Waqec Stationary Sdn Bhd‚ are essentially buying
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