audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining‚ on a test basis‚ evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management‚ as well as
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re-issuance of financial statements does not arise from business events occurring after the date of auditor’s report. While a number of situations may apply‚ the most common situation is where the previously financial statements contain material misstatements due to either unintentional or intentional actions by management. When facts are encountered that may affect the auditor’s previously issued report‚ the auditor should consult with his/her attorney because legal implications may be involved and
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1 FORMATION AND INCORPORATION OF COMPANIES L Meaning of Company L Advantages of Certificate of Incorporation L Characteristics or Essential Features of a Company L Effect of Certificate of Incorporation L Floatation of Company L Types of Companies • Chartered Companies L Certificate of Commencement of Business • Statutory Companies L Memorandum of Association • Registered Companies L Contents of Memorandum of Association L Introduction Companies Limited by
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might need to look to its stockholders for additional cash or resort to more costly forms for financing. Gross Profit Margins have declined from 29.51% in 2009 to 27.5% in 2011. This ratio is helpful analytically to indicate that possible misstatements might exist in the areas of sales‚ COGS‚ A/R and inventory. As noted above there is already a negative trend in inventory for the Company. Similarly‚ Profit Margin for the Company has declined from 3.77% to 2.84% between 2009 and 2011. A decline
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million mobile subscriptions in Malaysia as at 30 June 2009‚ Maxis is the top mobile communications service provider in Malaysia by customer base and by revenues from Malaysia. Maxis gained revenue of RM4.243.8 million in year 2008 (Maxis Berhad Prospectus‚ 2009). 1.3 Key Business Segments Mobile service‚ fixed line services
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ch7 Student: ___________________________________________________________________________ 1. All companies must follow the guidelines of AS5. True 2. Most public companies must follow the guidelines of AS5. True 3. False When auditing a public company‚ the auditor must form an opinion on the effectiveness of internal control over financial reporting‚ or issue a disclaimer in the event of a scope limitation. True 9. False The likelihood of an event is "more than remote" when it is "highly
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Contemporary Auditing Chapter 5 – Comprehensive Question 5-30 (Assertions) In planning the audit of a client’s financial statements‚ an auditor identified the following issues that need audit attention. Please only write in the associated assertion 1. Valuation or allocation 2. Completeness 3. Existence and occurence 4. Completeness 5. Rights and obligations 6. Completeness 7. Valuation and allocation 8. Existence and occurence 9. Presentation and disclosure 10. Valuation or allocation
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Running head: CASE STUDY 3.3: SAKS FIFTH AVENUE Case Study 3.3: Saks Fifth Avenue Liberty University 13 September‚ 2009 Abstract The Saks Fifth Avenue case study concentrates on the human aspects of internal controls. Of note are Saks’ zero-tolerance policy of employee theft‚ anti-harassment policy and complaint procedure. Also‚ the case study highlights control activities in a major retail store. Finally‚ it questions what an auditor’s role is concerning employee’s work environment.
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company policies. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment‚ including the assessment of risk of material misstatement of financial statements‚ whether due to fraud or error. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting principles used by management‚ as well as evaluating the
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opinion to the Shareholders Management gives a stewardship relationship (to manage and look after the company for the S/H) with the shareholders Audit Objectives To gain reasonable assurance of F/S To ensure F/S are free from material misstatements For the auditor to express an opinion about the F/S being prepared with respects to the financial reporting frameworks (IFRS‚ ASPE) Chapter 2 – The Public Accounting Profession Quality Control for Firms (Table 2.2. p 39)
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