Independent Auditor ’s Report To the Stockholders Apollo Shoes‚ Inc. 1235 Winner ’s Road Write City‚ IN 12354 LCC has conducted an audit of Apollo Shoes‚ Inc. balance sheets‚ the retained earnings‚ cash flows‚ and other related statements of income for the year ended December 31‚ 2006/2007. Apollo Shoes Inc management is responsible for maintaining the effective internal controls that goes along with the financial statements and how well the accuracy is going to be. LLC has evaluated the
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Apollo 13 When the movie begins you can see that there is a barbeque going on at Jim Lovell’s house. You could draw the conclusion that Jim has worked with the others before at some point. This is where the forming begins Jim invites other astronauts over to watch the first landing on the moon. All of these men have a common goal‚ which is going to the moon. This is also Jim’s interpersonal need to be around others who want to go to the moon as well. The next phase is the storming phase. We know
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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On July 26th‚ 1969 History was made from Cape Kennedy space station. Three American astronauts named Edwin “Buzz” Aldrin‚ Neil Armstrong and Michael Collins completed a voyage to outer space to land on the moon. A feat never before accomplished by mankind. The mission lasted 8 days 3hrs and 18 min. When Neil Armstrong walked on the moon he placed a sign that read “here men from planet earth first set foot upon the moon July 1969 a.d. With his footsteps forever imprinted on the moon. During our
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Apollo Group Inc. was launched in 1976. John Sperling came up with the idea that rather than catering to 18-22 year olds he focused on the neglected market of working adults and he recruited working professionals as teachers rather than tenured professors. The University of Phoenix Online has more than 18‚000 faculties‚ only about 450 are full time. Sperling ran his University to make money‚ despite the critiques from the education establishment. Sperling faced failure everyday for the first 10 years
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time to see if they are reasonable. Most auditors should have detected this kind of material misstatement in company’s financial results‚ because this defalcation is caused by a personal factor. c) We should forecast its audit procedure in order to eliminate the risks in audit progress. Thus‚ control procedure would have been effective in preventing or detecting the defalcation could have been a separation of duties. 2. a) Since the purchasing agent usually set up wrong purchase orders to factious
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How to Tie A Shoe‚ When You First Learn When you were a little kid whoever bought your shoes always bought you the ugly Velcro ones that most always had some kind of cartoon character on them or lit up when the shoe hit the ground. Then one day you decided you weren’t a little kid anymore and the cartoon character or light up shoes weren’t cool enough for you. So off the person who bought your shoes went to buy "big kid shoes". But‚ there was a problem‚ you didn’t know how to keep them on your
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Gianlorenzo Bernini "Apollo and Daphne" The statue "Apollo and Daphne" was made by the artist Gianlorenzo Bernini‚ the statue was commisioned in 1622 by the Borghese family and was completed in 1625. The statue is roughly 243 cm tall and is located at the Galleria Borghese‚ Rome. Bernini was a Italian sculptor‚ architect and painter who lived from 1598 till 1680. At first he worked in the late Mannerist tradition but left this style and helped create a new style that had more emotional and psychological
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a going concern audit issue. Participants in Experiment One involve 92 auditor from multiple offices of three Big 4 audit firm which is 48 seniors‚ 29 managers and 15 senior managers. The range of audit experience are 3 to 13 years with a mean experience of 5.4 years. Overall‚ 80 percent of participants reported being involved in audit engagements where substantial doubt existed about the client’s going concern aassumption. While two-thirds of participants shown at least one audit engagement where
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