Case #4: Bridging the Gap As customers once knew‚ The Gap was a popular fashion apparel store that attracted many people to it. However‚ this is no longer the case in the present day. So what happened? According to the case‚ competitors are gaining market share with cheaper and fresher fashion designs. One of the problems Gap (including other retailers) is the rising costs of raw materials. Gap said this would force them to raise their prices on items by 20 percent‚ but the customers
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1.0 Background of NasionCom Holdings Berhad NasionCom Holdings Berhad (NHB) is an investment holding company. The company is organized into two main business segments: Telecommunication and multimedia services segment‚ which is engaged in the provision of voice and data services broadband Internet access and related services‚ and Wholesale services segment‚ which is involved in wholesale of telecommunication prepaid cards. The company was formerly known as High-Tech Electronics Sdn Bhd. Other operations
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NIGERIA The Federal Republic of Nigeria comprises thirty six states and its Federal Capital Territory is Abuja. Nigeria is located in West Africa and shares land borders with the Republic of Benin in the west‚ Chad and Cameroon in the east‚ and Niger in the north. Its coast in the south lies on the Gulf of Guinea on the Atlantic Ocean. The Flag The flag of Nigeria consists of three equal sized vertical stripes - the right and left stripe are green; and the middle stripe is white. The Nigerian
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Burlington Bees[1] Using Analytical Procedures as Substantive Tests OBJECTIVES Use analytical procedures to develop 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
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race‚ and even ecological systems. As Nigeria consists of a wealthy class which seeks wealth by any means‚ it is hard to see how a country like this can evolve much more until corruption is taken out of everyday relationships of the upper class. However‚ there is great hope at the same time‚ because Nigeria is a country that has learned to make positive changes and learned from many of these changes‚ such as the democratization of the Nigerian state. Nigeria has learned to adapt and deal with many
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Interim An audit which conducted in between the two annual audits with a view to find out interim profits to enable the company to declare an interim dividend is known as Interim Audit. It is a kind of audit which is conducted between the two periodical or balance sheet audits. Objectives Of Interim Audit 1. To know profit or loss of interim period. 2. To distribute interim dividend. 3. To get loan on the basis of interim account. 4. To get information about the financial position
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which exceeds materiality of $50‚000. c. The auditor should either propose an audit adjustment so that the unadjusted statement amount is less than materiality‚ and/or perform more testing to obtain a better estimate of the population misstatements. The additional testing will likely focus on receivables and inventory because they have the largest estimated misstatements. 9-28 a. The following terms are audit planning decisions requiring professional judgment: Preliminary judgment about materiality
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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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The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-2
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456 Chapter Eleven Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments
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