Question 1 (a) Simon Lee As the client didn’t do any adjustment before‚ the conclusion of there is inherent risk is not valid. Inherent risk is the susceptibility of an assertion to material misstatement‚ assuming no related internal control. For Simon Lee‚ the auditor of Cole Foods Limited‚ he should appraise the business environment of his client. Since there will be change of business environment‚ inherent risk may appear. Besides‚ he should figure out the business process which the client
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Guarantee DESCRIPTION FOR THIS STUDY GUIDE: Resource: Modern Auditing Prepare written answers to the following assignments: • Ch. 16: Comprehensive Question Control Activities in Payroll Processing • Ch. 16: Comprehensive Question Potential Misstatements/Tests of Controls – Payroll 16-33 16-35 ACC 492 Week 2 Assignments from the Text Study Guide www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-492-week-2-assignments-from-the-text-study-guide/
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In the aftermath of corporate scandals and the passage of the Sarbanes-Oxley Act of 2002 (SOX)‚ the audit committee is vested with greater authority to oversee fi nancial reporting and the appropriation of assets. As a result‚ the audit committee is responsible for adequate supervision and reporting and for responding to: • fraud in a fi nancial statement audit; • actual‚ perceived or potential confl icts of interest; • anonymous tips and complaints; and • through interaction with general
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FRAUD VS. ILLEGAL ACTS WHAT IS THE AUDITING DEFINITION OF FRAUD AND ILLEGAL ACTS? DEFINITIONS Fraud: Fraud is an intentional act that results in a misstatement in financial statements that are the subject of an audit (AU-C 240.11) ILLEGAL ACTS: Illegal acts‚ in the context of auditing‚ is referred to Noncompliance. Noncompliance is “acts of omission or commission by the entity‚ either intentional or unintentional‚ which are contrary to the prevailing laws or regulations‚” AU-C 250.11
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Hoang Thi Thanh Ha – 13200154 Auditing Assignment 2: 1.What are the factors to consider Inherent Risk? Inherent risk is a measure of the auditor’s assessment of the likelihood that there are material misstatements in a segment before considering the effectiveness of internal control. Factors affecting assessment of inherent risk include: Nature of the client’s business : Industry practices Non-routine transactions Makeup of the population Audit experience : Results of previous audits Initial vs
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through an engagement letter. The understanding‚ and the letter‚ should include the auditor’s responsibilities‚ including the fact that an audit is designed to provide only reasonable assurance of detecting material misstatements‚ and therefore may not necessarily detect all misstatements that exist. 5. Management representation letter. Management’s statement that there have been no communications from regulatory agencies concerning noncompliance with or deficiencies in financial reporting practices
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effective governance is established (University of Nebraska-Lincoln‚ 2015). With these responsibilities accomplished‚ the users have assurance that the financial information is reliable. The auditor’s main responsibility is to detect any material misstatements that may have been found within the financial statements. The auditor will use the Generally Accepted Auditing Standards as a framework for the audit. Some strategies for completing the audit are first to obtain sufficient evidence to support
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Companies Act‚ 2013 Key highlights and analysis Significant changes and implications Companies Act‚ 2013 1 Contents 04 | Introduction 06 | Key definitions and concepts 10 | Setting up of a company 16 | Management and administration 18 | Directors 24 | Accounts and audit 30 | Dividend 32 | Compromises‚ arrangements and amalgamations 34 | Revival and rehabilitation of sick companies 36 | Corporate social responsibility 38 | Implications on private companies 40 | Other areas
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Multiple Choice Questions Fraud and Error 1. Material misstatements may emanate from all of the following except a. fraud b. limitations of the audit c. error d. noncompliance with laws and regulations 2. An intentional act by one or more individuals among management‚ employees‚ or third parties which results in misrepresentation of financial statements refers to a. error c. fraud b. noncompliance d. illegal acts 3. The responsibility for the detection and prevention of errors
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Title: Corporate Governance and the 2012 Failure of the Hastie Group (ASX) Assignment Topic: An outline of‚ and brief discussion of the importance of‚ the bases or criteria for the review of the organisation’s governance (eg‚ refer to which standards or guiding principles are relevant for the review) and why you need to use them. A brief critical review of the relevance of concepts‚ principles‚ standards or other tools and techniques learnt during this subject‚ in conducting your review A list
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