GREAT ZIMBABWE UNIVERSITY FACULTY OF COMMERCE DEPARTMENT OF ACCOUNTING AND FINANCE COURSE CODE: AC211 COURSE TITLE: AUDITING THEORY AND PRACTICE ASSIGNMENT FIRST SEMESTER 2014 QUESTION 1 Brian Ltd was formed on November 2013 in order to manufacture microchips. The directors are unsure of their responsibilities and the nature of their relationship with the external auditors. The audit partner has ask you to visit the client and explain to the directors the more fundamental aspects
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Abstract Financial audit is about the opinion expressed by auditor with all material respects and any relevant legislation for instance corporation act 2001. A good financial audit should be provided with true and fair view. It is responsible for auditors to provide a truth and fairness opinion as well as information involved in a financial report (MORONEY‚ CSMPBRLL & HAMILTON 2011). Pre-consideration of develop audit strategy is the assessments of materiality‚ audit risk (the relationship
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of internal control‚ the auditor makes a preliminary assessment of control risk as part of the auditor’s overall assessment of the risk of material misstatement. This assessment is a measure of the auditor’s expectation that internal controls will prevent material misstatements from occurring or detect and correct them if they have occurred. The starting point for most
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Power Annual Report 2011-12 Profile Reliance Power Limited (RPower) is a part of the Reliance Group‚ one of the leading business houses in India. RPower is engaged in the development and construction of one of the largest portfolio of power generation projects in India. RPower is presently operating 1‚540 MW of power capacity. RPower also has the largest captive coal reserves in the private sector in India‚ besides owning coal mines in Indonesia. Our projects are diverse in geographic location
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Detrimental Reliance Detrimental Reliance occurs when someone takes action or fails to take action because of what appeared to be a promise made by another individual‚ without knowing if true or untrue. It is very similar to Promissory Estoppel in that the other party is "estopped" or legally prevented from denying liability‚ even though no formal contract was formed‚ because of its promise. An estoppel by representation [of fact] will arise between A and B if the following elements are made
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The Authority Attaching to Philippine Standards Issued by the AASC Engagement Standards | Application | 1. Philippine Standards on Auditing (PSAs) | * Audit of historical financial statements | 2. Philippine Standards on Review Engagements (PSREs) | * Review of historical financial information | 3.Philippine Standards on Assurance Engagements (PSAEs) | * Assurance engagements dealing with subject matters other than historical financial information | 4. Philippine Standards on Related
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An article I read recently on Self-Reliance has touched my heart recently and made me realize how self reliance it has carried me through many trials and tests. Tom Perry‚ Quorum of the Twelve‚ said in General Conference in 1999 “Independence and self-reliance are critical to our spiritual and temporal growth. Whenever we get into situations‚ which threaten our self-reliance‚ we will find our freedoms threatened as well. If we increase our dependence on anything or anyone except the Lord‚
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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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governmental auditing requirements (required under the FERC Order 693)‚ tools for project management‚ team and auditee management‚ workpaper documentation‚ interview techniques and other tools needed to conduct an effective and efficient audit and one that will stand up to the rigor of potential regulatory requirements and challenges. Regional Entity Management Group 2 Please Remember… • This is not technical training. There are “hard” and “soft” skills to auditing • This course
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explain how an auditor goes about the process of auditing financial statements and presents the five basic stages that the auditor performed during the financial statement audit at Maryward Primary School in Kwekwe for the year ending 31 December 2012. In order to be in a position to fulfil auditing responsibility to report on the client’s annual financial statements‚ the auditor followed a series of procedures and activities as required by the auditing profession. The auditor applied the following
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