Q1 (a) Highlight four control objectives that would be essential in a sales cycle (b) Outline three tests of control that should be performed by an auditor in each of the following areas: i. Cash receipts ii. Cash payments iii. Bank reconciliations (c) Summarize seven sources of internal control risks that have an impact on the financial reporting framework in an organization. Q2 (a) Outline four audit procedures you would carry out to verify the following items: i. Leased property
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Chapter 1- Demand for Audit and Assurance Services Assurance Services- Are the independent professional services that improve the quality of information for decision makers. Individuals who are responsible for making business decisions seek assurance services to help improve the reliability and relevance of the information used as the basis for their decisions. Assurance services are valued because the assurance provider is independent and perceived as being unbiased with respect to the information
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Audit Documentation Purpose: 1. Main evidence of procedures‚ work performed on audit 2. Prepare sufficient & appropriate audit documentation on timely basis 3. enhance audit quality 4. facilitate effective review 5. evaluate audit evidence obtained & conclusions reached before finalizing auditor’s report 6. assisting audit team plan & perform for audit 7. assist audit team members’ supervise & direct audit work‚ discharge responsibilities (Quality Control
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Marcia Landell Applied Statistics Week 6: Analysis of Variance (ANOVA) Exercise 36 Analysis of Variance (ANOVA) I 1. A major significance is identifiable between the control group and the treatment group with the F value at 5% level of significance. The p value of 0.005 is less than 0.05 indicating that the control group and the treatment group are indeed different. Based on this fact‚ the null hypothesis is to be rejected. 2. Null hypothesis: The mean mobility scores for the control group and
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addition‚ the serious effects of hypoxia can be very incapacitating in just a matter of minutes or even seconds for the pilot to acknowledge at a very high altitude. (AVweb‚ 1999) Figure 3.1 shows the oxygen levels at different altitudes 4.0 Case Study Learjet 36 aircraft’s pilots cruising high over the airspace in Cleveland Center encountered a desperate fight for survival but at that time they did not even realize it yet. They were
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Q2: Accounting issues In 2001‚ Harris Scarfe’s suppliers and customers‚ and even a large number of the company’s staff‚ were shocked when the thriving business was suddenly faced with cash-flow problems. The company made headlines in South Australia when concerned suppliers‚ from whom Harris Scarfe had purchased large amounts of stock on credit‚ entered the flagship store in Rundle Mall‚ and began retrieving their stock directly from the shelves‚ before shocked staff and customers. The company
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SOLUTIONS MANUAL to accompany MODERN AUDITING & ASSURANCE SERVICES 3rd edition Prepared by Philomena Leung‚ Paul Coram and Barry Cooper © John Wiley & Sons Australia‚ Ltd 2007 Chapter 1 Auditing‚ assurance and the public accounting profession Review questions 1.1 How does an expanded role of professional accountants affect the accounting profession? The expanded role of professional accountants has affected the accounting profession‚ in
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UNDERSTAND THE APPLICATION OF PERSON-CENTERED APPROACHES IN HEALTH AND SOCIAL CARE Task 1: Person centred approaches in adult social care • Person Centred care means to build everything I am doing in the care home around those I am caring for. It involves people taking control and planning of their own support and care. Some key values in person centred care are: o Treating people as individuals o Supporting people to access their rights o Supporting people to exercise choice o Making sure people
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P3: Describe the skills needed to run the business successfully and what areas require further personal development In this task I would be describing some of the skill to run a business successfully and what areas require further personal development as this all important to have to be a good sole trader. Own Contribution This is one of the many important things to have to run a business well .This is because I am the manager of the business as the leader of the pack I would have to
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IAS 36 Impairment of Assets by Claudia Mezzabotta Dottore commercialista e revisore legale in Milan‚ Italy Member of IASCF SMEIG – London (UK) Member of EFRAG SME WG – Brussels (Belgium) November 5-6‚ 2012 “International Accounting” Course MIM Course UNITN Trento - Italy Objectives of IAS 36 • To ensure that assets do not exceed their recoverable amount • To define how recoverable amount is calculated • To indicate when impairment tests need to be conducted • To prescribe
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