AUDITING - ACC3510 – SEMESTER 1‚ 2013 SEMINAR 9 - PROBLEM QUESTIONS PROBLEM 9.1 While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Ace Computers Ltd (Ace) for the year ended 30 June 2011 audit‚ you become aware of the following information: 1. The best-selling computer presentation package has been experiencing a high level of returns owing to suspected software problems. 2. Based on closing inventory
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* Subject Synopsis This course introduces the elements of auditing. It discusses the principles and procedures of auditing‚ types of audits‚ scope and objectives of auditing. It also covers professional ethics in auditing‚ audit evidences‚ audit planning and various other aspects of auditing. Moreover it gives knowledge about objectives of doing audit. The course also aims to explain the liability and responsibility of the auditor and how the computerised environment effects the business environment
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Through Toni Morrison’s short story “Recitatif” and Brent Staples’ essay “Black Men and Public Spaces”‚ we see the similar topics of nonverbal communication and stereotypes. Through his use of a cowbell metaphor‚ and her use of handshake imagery Staples and Morrison explore the theme that nonverbal communication and stereotypes can affect how people act and are viewed in society. After living in New York for a few years‚ Staples learned to take precautions‚ so as not to seem threatening. He would
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DeLL Inc. | Strategic Audit | MAN 4720 – Strategic Management | | Group 7 | 3/31/2012 | Dell‚ Inc. Dell‚ Inc. is an American multinational computer technology corporation based in Texas‚ United States. The company develops‚ sells‚ and supports computers and related products and services. Dell Inc. is one of the largest technological corporations in the world‚ employing more than 103‚300 people worldwide. Dell is listed at number 41 in the Fortune 500 list (2011). It is the third largest
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all records are entered into the system‚ thus makes it all valid. What are the following totals? Gross Pay (TOTAL_GROS) = 178‚831 Taxes withheld (TOTAL_TAXE) = 36‚584 Deductions withheld (TOTAL_DEDU) = 24‚947 Net Pay (NET_PAY) = 117‚292 EMPLOYEE FILE How many records are there in the database? There are 101 records in the employee file. How many data validity errors are there in the non-date fields? What are the total annual salaries? (ANNUAL_RT) The total annual salaries
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expectations for revenue accounts Recognize factors that lead to precise expectations of account balances Appreciate the degree of professional judgment involved in evaluating differences between expected and reported account balances Understand the audit planning implications of using analytical procedures as substantive tests of account balances Burlington Bees‚ an independent‚ minor league baseball team‚ competes in the North-west Coast League. The team finished in second place in 200X with
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assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions‚ balances and presentation and disclosures - List out and describe general transaction related audit objectives‚ balance related audit objectives and presentation and disclosure audit objectives - Understand specific audit objectives and how they are linked to general audit objectives and management assertions Topic 4 – Audit evidence
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Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing
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AUDITING THEORY 1. Which of the following activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that
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Describe the different methods of Alternative Dispute resolution available to deal with civil cases? Disputes Resolution has become a major aid in helping resolves disputes between different parties‚ primary between private companies‚ but also between individuals. The courts has aimed to make Dispute Resolution as fair as possible and has placed regulations on all of the keys methods of Dispute Resolution. In this question I will outline the key methods of dispute resolution which are‚ Mediation
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