Jack Greenberg‚ Inc. 1. Family owned business is a business that is owned by one family‚ most of the shareholders are from the same family. One of the major problems in this type of business is a conflict in interests among the family’s member. The auditor should be careful and observe the type of the relationship among the family’s member. There should be a written agreement to specify rights‚ duties‚ and obligations for each member‚ the auditor should read those documents for further information
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Clement Greenberg‚ “Modernist Painting” In his text entitled “Modernist Painting”‚ Greenberg focuses on the development of painting between the 14th and 19th century and emphasizes on what distinguishes Modernist painting from previous forms of painting‚ particularly those of the Old Masters. Greenberg begins by relating Modernist art to Kantian philosophy claiming that‚ the same way Kant used reason in order to examine the limits of reason‚ Modernist art is when art became self critical because
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A Response To: Modernist Painting by Clement Greenberg & Post-Painterly Abstraction by Clement Greenberg In this paper I will be summarizing two essays by Clement Greenberg‚ one entitled “Modernist Painting” and the other “Post-Painterly Abstraction.” After summarizing the articles I will discuss and respond to them. In the first reading “Modernist Painting” Greenberg describes Modernism as being a method in which a discipline is used to criticize the discipline itself‚ for instance
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husband. In this humorous essay she is expressing her and other women’s feelings about how there husbands treating them and the chores that there husbands make them perform. The second writing is a poem called "The faithful wife" by Barbara L. Greenberg. This poem As the matter of fact I would like to have a wife myself if that’s what a women’s duties are to be born to make her husband feel and enjoy life‚ however I am not a male and I disagree 100% with the things that a women should do to give
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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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which exceeds materiality of $50‚000. c. The auditor should either propose an audit adjustment so that the unadjusted statement amount is less than materiality‚ and/or perform more testing to obtain a better estimate of the population misstatements. The additional testing will likely focus on receivables and inventory because they have the largest estimated misstatements. 9-28 a. The following terms are audit planning decisions requiring professional judgment: Preliminary judgment about materiality
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-2
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Accounting Education: an international journal Vol. 20‚ No. 2‚ 203– 222‚ April 2011 Adding Value to Audit Education through ‘Living’ Cases JULIE DRAKE University of Huddersfield‚ UK Received: November 2009 Revised: July 2010 Accepted: September 2010 ABSTRACT This paper seeks to address the perceived failure of university teaching to foster critical understanding of audit practice and to identify a potential remedy. It contributes to the debate (Maltby‚ 2001‚ “Second thoughts about ‘Cases in
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