1. Compare and contrast the professional roles of an audit senior and a staff accountant. In your analysis, consider the different responsibilities assigned to each role, the job-related stresses that individuals in the two roles face, and how each role contributes to the successful completion of an...
1. Carry out a background research on your proposed client and obtain as much information as possible about your client in particular and about the market sector which your client operates in.
ASOS originates from or is an abbreviation for “As Seen on Screen” indicating its...
Cost of Goods Sold and Inventory
Posted in 6. Operations by Erin Lawlor on the September 7th, 2008
<< Financials - Statement of Cash Flows | >>WIP Statement and Percent of Completion |
The purpose of an Inventory System in Financial Accounting is to account for resources and to match c...
COLLEGE OF BUSINESS
BKAA 2013 (H)
AUDIT PRINCIPLES AND ASSURANCE 1
“EXAMINIG QLIFE MULTI SOLUTION’s BUSINESS PROCEDURES”
1. Muhamad Haizad B. Abd Halim 195682
2. Wan Zaharudin B. Wan Kamarudin 195873
3. Izzah Nur Fatimah...
Sandeep Panda – Sr. Quality Engineer | 9810261228
Table of Contents
1 Introduction 4
2 Abbreviation & Definition 5
3 Tools Used: 6
4 Pre-requisites for starting SBS audit: 7
5 Process Flow-Chart of SBS Audit for Kaplan courses: 8
6 Checklist that we follow while performi...
Audit of the Sales and
1. Identify the accounts and classes of transactions in the sales and collection cycle.
2. Describe the business functions and related documents and records in the sales and collection cycle.
3. Understand internal c...
Planning issues /risks
1. Cash flow / going concern problems
i. Net current liabilities
ii. Approaching O/D limit
iii. Debt repayment falling due
i. Loss of key staff
ii. Changes in technology
i. Major litigation
2. Motive to manipulate
Shockley produced a conceptual design based on certain aspects that are considered to have an effect on the auditor’s capability to endure stress. It has been suggested that, given the shut working connection between auditors and customers and the fact that auditors are paid by their customers, it...
5.30 (Medium) Sufficient appropriate audit evidence has not been obtained to support the conclusions. |
| Procedures | General point | Quality (appropriate evidence) | Quantity (sufficient) |
(a) | Observation of stock take - went according to instructionsInventory test counts and cut-off prove...
QUESTION 1 (20 MARKS: 36 MINUTES)
Following are situations that occurred in several companies after performing the financial statement audit:
a. TEH Sdn. Bhd. has prepared financial statements for the year ended 31/12/2009, however, the company agreed not to include cash flow statements in the...
1.2What qualities must an ‘assurer’ have in order for you to feel that their statement has high credibility?
An assurer must have the knowledge and expertise to assess the truth and fairness of the information being presented by the preparers. Auditors o...
a. Preliminary conclusions:
a. The 2 reports credit card and debit card transactions and the list of transactions declined by the bank do not have the same time scope. The first cover May 7-14 while the other covers May 6-14
b. One declined transaction is not in the list of th...
* Solutions for Chapter 2
2-1. Corporate governance is defined as:
“a process by which the owners and creditors of an organization exert control and require accountability for the resources entrusted to the organization. The owners (st...
AUDIT EXPECTATIONS GAP
i) Liggio (1974a) defines it as the difference between the levels of expected performance as envisioned by the independent accountant and by the user of financial statements. The Cohen Commission (1978) on auditors’ responsibility extended this definitio...
Kitty Nicole Rivers
Senior Project Proposal
September 4, 2013
Senior Project Proposal
For my senior project I chose photography. I chose this topic because a photo can capture any memory, history or emotion and never change, even when history, memories and...
Strategy (scheme, approach or a line of attack) is the projection of intelligence into the sphere of action. Whereas plan (arrangement) regroups the various steps to be used for the efficient execution of the strategy at various stages
First you have to decide how you are going to tackle the audit....
Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements?
(c)The opinion of an independent party is needed because a company may not be objective with respect to its own financial statements....
Question 1(12 marks)
(1 mark for each relevant point)
o The auditor would need to confirm information provided by the CFO with the bondholder’s.
o The CFO has classified the bond as current and provided a going concern note and therefore the financial statements are in complianc...