Institutions v) Merchant Banks vi) Asset Management Companies vii) Individual and others 12 Sponsors Contribution Issue of Prospectus Sale / Surrender / Transfer of Units According to SEC’s letter dated May 04‚ 2011 Commission has given permission to invest the Sponsors’ Contribution in the securities market. After getting approval from SEC and publication of Prospectus in the daily newspapers fund should be raised by selling of the Units. Over the Counter (OTC) of the Asset Manager‚ ICB
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incremental changes for each line item over the last three years. 3. Uden’s unaudited financial statements for the current year show a 31 percent gross profit rate. Assuming that this represents a misstatement from the amount that you developed as an expectation‚ calculate the estimated effect of this misstatement on net income before taxes for 20X4. 4. Indicate whether you believe that the difference calculated in part (c) is material. Explain your answer. (50-100 words). Comparative income statement
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Chapter 1 - Multiple Choice Questions 1. Why do auditors generally use a sampling approach to evidence gathering? A. Auditors are experts and do not need to look at much to know whether the financial statements are correct or not. B. Auditors must balance the cost of the audit with the need for precision. C. Auditors must limit their exposure to their client to maintain independence. D. The auditor’s relationship with the client is generally adversarial‚ so the auditor will not have access
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more susceptible to theft than an inventory of coal. 3. Confirmation of accounts receivable by an auditor fails to detect a material misstatement. 4. Disbursements have occurred without proper approval. 5. There is inadequate segregation of duties. 6. A necessary substantive audit procedure is omitted. 7. Notes receivable are susceptible to material misstatement‚ assuming there are no related internal controls. 8. Technological developments make a major product obsolete. 9. An auditor complies with
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Lydia Lam – 10849469 – Tut1‚ 07 – 2:00 – 3:00pm A) Deegan explains that an agency relationship arises when the principal delegates the decision-making authority to an agent. An example of such a relationship is when the owner of a company delegates the decision-making authority to the manager. The costs of divergent behaviour that arises as a result of the agency relationship are referred to as agency costs. Furthermore‚ Watts and Zimmerman (1978) developed the theory of positive accounting which
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but worldwide. They have a well-diversified business portfolio meaning they have good investments and don’t invest in one thing. At that time of the prospectus they had attractive‚ stable profit margins‚ and strong cash flow generation (S-1). They were producing net income from 2010 and 2011 even up until September 2012 when they filed the prospectus. Before with Anheuser Busch Inbev it was having a loss. They are open all year round (S-1). By them being open year around they do not have the fluctuation
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Nonroutine transactions. B. Estimation transactions. C. Susceptibility to theft. D. Expected effectiveness of controls. 13. The risk that an auditor’s procedures will lead to the conclusion that a material misstatement does not exist in an account balance when‚ in fact‚ such misstatement does exist is referred to as A. Audit risk B. Inherent risk C. Control risk D. Detection risk 14. Evidential matter concerning proper segregation of duties ordinarily is best obtained by A. Preparation of
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business 7. Copy of authorization for floatation of Modaraba by the registrar of Modaraba companies 8. 15 copies of draft prospectus/ offer for sale document 9. Detailed particulars of security for which listing is sought 10. Copy of approval of prospectus/ offer for sale document from SECP (to be submitted after clearance of prospectus/ offer for sale by SECP) 11. Copies of prospectus issued by the company in respect of any security already listed on any stock exchange 12. Copy of the feasibility report
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De Leon‚ Mary Joy P. #10 January 7‚ 2014 BSA 3-14 ACCO 3116 Prof. Flora Briones Chapter 20 SUBSTANTIVE TESTS OF TRANSACTIONS AND BALANCES 1. What is a cutoff bank statement? How is it used by the auditor? Cut off bank statement is the statement of transactions occurred for the 7 to 14 consequent days from the closing date of financial statement like Dec 31 provided by banks. It is used by the auditors to check the accuracy of checks outstanding and deposits in transit in accounting
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VINAND PETROLEUM CASE Financial statements could be examined with varied degrees‚ as part of the client acceptance procedures Paige CPA got to perform a horizontal and vertical analysis‚ and financial ratio analysis of Vinand Petroleum financial statements. These procedures are not as in depth as other procedures used by auditors on financial statements‚ but these procedures may show areas of concern for auditors. From 2006 to 2007‚ Vinand’s long term debt tripled and its interest expense paid for
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