best interest. The agent will voluntarily provide principal with related information to serve their interest such as providing the quarterly financial report that required the agent effort. Usually the agent will bear the bonding cost in order to guarantee their behavior towards principal. For example‚ the agent will produce quarterly annual report and disclose the important information to the principal from time to time to prove they behave in the best interest of principal. As a result‚ the agent
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reliable information and procyclicality trend. After evaluating the fair value method‚ two companies were selected which are Qantas and BPH Billion to reflect the real application of fair value and other alternative methods in their 2011 financial reports. The dominant measurement is still historical cost‚ but firms still widely use fair value in derivative financial instruments‚ employee share plan and so on. This article also comments the differences and similarities between two companies. The
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Abstract This report focuses on ways to improve communication between auditors and external users via audit report. Problems with current audit report are identified and two alternatives are proposed‚ which are: • Short-form audit report • Free-form audit report The report also evaluates these two alternatives respectively and concludes that before any change in relevant legislation and social environment‚ it is feasible for professions to make the report more concise and readable while the introducing
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Paper: SESSIONS : 28 DATE : 15.11.12- 01.02.13 Learning’s From FAFM: * 1st Class starts with ice breaking and course plan for upcoming session * Infosys annual report - How to read the annual report * Compare with previous year annual report – percentage change year by year. * Auditor report – is the annual report is as per AS and rules followed as per standards * Corporate governance – meetings attended by directors and maintenance of records * Notes on accounts – brief
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LESSON 1 INTRODUCTION TO AUDITING 1. WHAT IS AN AUDIT An audit is an independent examination of the financial statements of an entity in order to enable the auditor to express an opinion as to whether it gives a true and fair opinion and if it has been properly prepared in accordance with the applicable reporting framework. 2. Under the Companies Act‚ Cap. 50‚ private limited companies that satisfy the following conditions are not required to have an
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internal auditor involvement * Arrangement involving predecessor auditor * Fees and billing arrangements * Conditions under which access to audit documentation may be granted * Other services enumerated * Users of reports * Request the client to sign the engagement letter and return it to the auditor III. RISK ASSESSMENT * What is the purpose of performing a risk assessment during the financial statement audit? * Used to obtain an understanding
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AUDIT COMMITTEE AND ITS PRACTICES 1. Composition‚ Names of Members and Chairperson: The Audit Committee comprises of four Independent Non-Executive Directors: Name of the Member Designation Category Mr. P. R. Barpande Chairman/Member Independent Director Mr. Chandrakant Kamdar Member Independent Director Mr. P. G. Kakodkar Member Independent Director Mr. R. Devarajan Member Independent Director 2. Brief Description of terms of reference/Responsibility of the Audit Committee:
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certain reports with the Securities and Exchange Commission (SEC). Some of the included reports are Form 10-K‚ Form 10-Q‚ and Form 8-K. The filing of these forms allows companies to remain in compliance with regard to disclosure requirements set forth by the SEC. Form 10-K includes a comprehensive overview of a company’s financial position and is filed annually within 90 days of the end of the company’s fiscal year. Form 10-Q is filed quarterly by a company and Form 8-K contains current reports that
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The Pricewater House affiliates in India failed to uncover the fact Satyam’s upper management was falsifying its financial stature and were accused of conducting insufficient audits thus releasing deficient audit reports. Because of Satyam’s international standings‚ their audit reports were to be congruent with PCAOB Standards. PW India failed to comply with the Standards however‚ and inaccurately maintained control of the audit process for cash‚ deposits‚ and account receivables. As soon as the
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Information gathering and Accounting/Business techniques 2.1 Sources of Information: 9 2.1.1 Primary source: 9 2.1.2 Secondary sources: 9 2.2 Description of the methods used to collect information 10 2.2.1 Interviews 10 2.2.2 Annual reports and ACCA manuals 11 2.2.3 Online access 11 2.3 The limitations of information gathering 11 2.3.1 Primary source 11 2.3.2 Secondary sources 12 12.4 Ethical issues that arose during information gathering: 13 2.5 The accounting / business
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