Plan and properly supervise audit. Apply appropriate materiality Assess risk of material misstatement Based on understanding of entity (client) Environment – inc. internal control Sufficient appropriate evidence to reach opinions Reporting – what we need to say Express opinion or indicate why we don’t express opinion Measure opinion in accordance with appropriate financial reporting framework GAAP or IFRS What is an Audit? 3943354572004 stages to an audit: Planning
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Independence of outside audit firms has been an ongoing issue for a long time in the US corporate world. The fundamental problem arises for the lack of clarity about whom does the audit firm really works for‚ the shareholders or the client company. According to Anandarajan et all (2008)‚ this lack of clarity has resulted in auditor’s independence being impaired. In the US‚ the client hires‚ pays‚ and fires the auditor and therefore‚ the culture of the auditors serving at the pleasure of the client
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When analyzing the Pinnacle Manufacturing Financial Statements there multiple concerns that should be further investigated that I will explain in this memo. When identifying the year to year change and using financial ratios found on A6‚ there are a couple of concerns that need to be identified. The fact that the operating expense from fluctuated from an increase $892‚861 from 2009 to 2010 and then decreased by $956‚231 from 2010 to 2011 should be raised in question. At the same time Operating expenses
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Module 1 Case Test Discussion Case 2-39 a. There are three factors that should be considered when illegal activity occurs. The first factor an auditor should consider is how the occurrence effects the financial statement and the penalty‚ if any‚ for the issue. The second factor to be considered is the integrity of the management staff and their reaction to the illegal occurrence. The last factor for an auditor to consider when an illegal occurrence happens is the internal controls
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Fall 2011-2012 Final Exams Schedule Exam Period 08:00 -10:00 Monday Dec 19 2011 M-W-F 08:00 - 08:50 Classes M-W 08:00 - 09:15 Classes 11:00 - 13:00 M-W 11:00 - 12:15 Classes 14:00 -16:00 M-W-F 14:00 - 14:50 Classes M-W 14:00 - 15:15 Classes W 12:30 - 15:20 Classes 16:00 - 18:00 M-W 17:00 - 18:15 Classes Exam Day Tuesday Dec 20 2011 T-TH 08:00 - 09:15 Classes T-TH 11:00 - 12:15 Classes T-TH 14:00 - 15:15 Classes T 15:30 - 18:15 Classes Wednesday M-W-F 09:00
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Internal audit and review reports |by Katharine Bagshaw | | |29 Jan 2003 | | |Internal auditors‚ external auditors‚ and consultants who perform internal audit and review engagements provide reports to management | |(internal audit reports)
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As part of our audit process‚ we will request from Tesla Motors‚ written confirmation concerning representations made to us in connection with the audit. We will issue a written report upon completion of our audit of Tesla Motor’s financial statements. Our report will be addressed to the board of directors of Tesla Motor’s. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or withdraw from the engagement
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AUDIT OFFICE ACT‚ 2009 The objectives Of the Act 1) To establish an independent office of the Comptroller and Auditor-General as an office outside the Public Service 2) To provide for the administration of the office and the conditions of service for its members. 3) To provide for the additional functions of the Comptroller and Auditor-General 4) To establish the office of the Audit Office Commission and provide for its functions 5) To provide for the transfer of persons from the
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Bangalore university Semester III HR specialization Module 2 Wage & Salary Administration Nature and scope‚ compensation‚ wage determination process‚ factors influencing Wage and salary administration. Wage – theories of wages‚ types of wages – time Rate‚ piece rate‚ debt method‚ wage differentials. Q. What is the meaning of Wage? (2 marks) Indian Labour Organization has defined the term wage as "the remuneration paid by the employer for the services of hourly‚ daily‚ weekly and fortnightly
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TRUE-FALSE—Conceptual 1.A corporation is incorporated in only one state regardless of the number of states in which it operates. 2.The preemptive right allows stockholders the right to vote for directors of the company. 3.Common stock is the residual corporate interest that bears the ultimate risks of loss. 4.Earned capital consists of additional paid-in capital and retained earnings. 5.True no-par stock should be carried in the accounts at issue price without any additional
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