enterprise maintains complete and accurate records. Types of internal control is based on * Operational efficiency * Adherence to management policies. These controls will emphasise statistical analysis performance reports‚ quality control‚ employee training programmes and so on. is based on * Safeguarding of assets‚ * The reliability of financial records. These controls include systems of authorisation and approval‚ separation of duties
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opinion. If the opinion is not unqualified‚ the firm will give reasons. If the firm cannot complete the audit‚ they might not give out a report on the engagement. The firm will test the existence of inventory‚ and confirm receivables and payables and other assets and liabilities by letters to a few customers‚ creditors‚ and financial institutions. The auditor will ask for a letter of representation from the company’s attorney. The attorney might bill Apollo Shoes for replying to the query. When
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independence‚ some non-audit services also could be provided by external auditor if the auditor could have a better control of services provides. According to Section 323 of Corporation Act‚ auditor has the power to gain information from the audit client and the audit client must provide information or other assistance to the auditor concerning the consolidated financial statement being audit. Therefore‚ there is no denying that auditor would master the audit client’s business‚ its policies and its procedures
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to creating one of Enron’s Special Purpose Entities because it had “no substance”‚ but the partner in charge of Enron’s audit disagreed and responded by having the quality control partner removed from Enron audit oversight. Lastly‚ AA ordered the auditors on the Enron assignment to destroy any “erroneous” documents after the SEC began an informal probe into Enron. AA contended that this was usual procedure‚ but it could not prove that the documents were erroneous after they had been shredded. The
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The WorldCom scandal was actually brought to light by the internal auditor‚ Cynthia Cooper. Cooper and her team‚ Gene Morse and Glyn Smith uncovered the fact that line costs were being transferred to capital accounts. Cooper was originally tipped off to the fact that something was amiss when the head of WorldCom’s wireless business paid her a visit‚ upset that he was loosing $400 million that had been set aside to make up for shortfalls if customers didn’t pay their bills. Scott Sullivan‚ CFO of
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INTRODUCTION This report consists of 5 reflections related to auditing standards and each case was extracted from internet sources. The purpose of this report is to reflect and understand each case. REFLECTIONS First reflection is on China sky case for its non-compliances with SGX. Next is the case on corporate governance where new rules were proposed to improve risk management and risk control. Third will be the extracted information of executives’ compensation in
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with 2 aircraft - Boeing 737-200F - Cessna Grand Caravan Operating Primarily -Air cargo carrier Principal activities of FCB Subsidiaries -Air Freight Service and Aircraft Ground handling service 15 September 2001 -Obtained listing in Bursa Malaysia Auditor -Kenyans & Associates In 2001 to 2004 -the have a fast growing at intra- Asian air express market -demand for express transportation Services increased. -give best delivering quality services and satisfying customer demand. FCB Wholly Owned Subsidiaries
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Leah Rudolphi ACCY405 AE4 (8-10) Individual Assignment 10 Bloomington Bees Case 1) 43+29=72 games over the year 434‚348/72=6‚032 people per game 6‚032 * .25 = 1‚508 + 6‚032 = 7‚540 (25% increase in weekend games) total sales per weekday game: 5‚016 * .30 = 1‚504.8 * 10 = 15‚048 5‚517.6 * .30 = 1‚655.28 * 10 = 16‚552.8 5‚016 * .35 = 1‚755.6 * 6 = 10‚533.6 5‚517.6 * .35 = 1‚931.16 * 6 = 11‚586.96 5‚016 * .20 = 1‚003.2 * 4 = 4‚012.8 5‚517.6 * .20 = 1‚103
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Auditing: A Journal of Practice & Theory Vol. 29‚ No. 1 May 2010 pp. 207–220 American Accounting Association DOI: 10.2308/aud.2010.29.1.207 The Effect of Alternative Types of Review on Auditors’ Procedures and Performance Elizabeth A. Payne‚ Robert J. Ramsay‚ and E. Michael Bamber SUMMARY: Audit workpaper review is a primary means of quality control in auditing firms. While prior research shows that anticipation of a review affects preparers’ judgments‚ there is little research on the
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the Accounting Practice Board (APB) has issued 5 ethical standards which any auditor has to follow in order to give a true and fair view of all the reports. The International Federation of Accountants’ (IFAC)‚ has an independent standard setting body known as the International Ethics Standards Board for Accountants (IESBA) that works in the interest of the general public by setting high-quality standards for all the auditors and accountants of accountants who are professional and they also facilitate
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