ETHICS TRIMESTER 3‚ 2012/2013 REPORT Assignment:No.1 Former Transmile directors sentenced to jail and fined ISSUES 1. The directors who are the members of the Audit Committee and members of Board of Directors commit fraud by submitting a misleading statement to Bursa Malaysia. “Two former independent directors of Transmile Group Berhad guilty for having authorized the furnishing of a misleading statement to Bursa Malaysia in Transmile’s ‘Quarterly Report on Unaudited Consolidated Results
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Homework Assignment Week 1 2-16 (Objective 2-6) The following questions deal with auditing standards. Choose the best response. A. International Standards on Auditing are established by the: (2) International Auditing and Assurance Standards Board. B. Which of the following best describes what is meant by U.S. generally accepted auditing standards? (2) Measures of the quality of the auditor’s performance. C. The general group of U.S. generally accepted auditing standards includes a requirement
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Insufficent referencing; this includes all graphs/charts/business models/ratio analysis‚ general information‚ comparator company information. Make sure that you provie more information than what the examiner can derive just by reading the annual reports. Read broker reports and press releases. Give 45 references at least. Reference every firgure‚ every fact you give. d. Not reading the information pack thoroughly. As simple as it may sound‚ but yes‚ mostly the reasons for failure can be avoided by just reading
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AASB 114 Segment Reporting when adopted. Operating Segments specifies the use of a ‘through the eyes of the management’ approach to an entity’s reporting of information relating to its operating segments in annual financial reports‚ and also requires an entity to report financial and descriptive information about its reportable segments. AASB 8 is applicable to for-profit entities whose debt or equity securities are traded in a public market and to entities in the process of filing financial
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clients‚ and they were not new to the auditing world. Management knows right from wrong‚ and should have used better judgment before making these decisions. 3. Should audit reports be used to solicit investments‚ credit‚ or sales in a manner similar to Jim Bakker’s? How can a CPA firm prevent such behavior? Audit reports should not be used to solicit investments‚ credits or sales. The SEC states that the purpose of an audit is to “provide the public with additional assurance — beyond managements’
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Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services‚ which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four categories of attestation services are audits of historical financial statements‚ attestation on the effectiveness of internal
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out by a neutral third party‚ such as a professional accounting firm which specializes in audits. Typically in both cases without fail the financial records of that company will be checked by the auditors this includes payroll‚ official published reports accounts payable etc. The auditors check for any discrepancies and if any are found then they have to get sorted immediately and possibly in the most extreme cases criminal action could be taken. I feel that this topic is a very important one and
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BTEC National Diploma in Public Services Unit 20 - Communication and Technology used in the uniformed public services P1 - Describe four different examples of formal written communication used in the public services The Uniformed public services use many different ways to communicate in formal text‚ some of these include; ▪ Email – Electronic mail‚ commonly called email is a method of exchanging digital messages from an author to one or more recipients. It is Informal in style but
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II. Accounting and Auditing in the Philippines T his chapter presents an overview of Philippine accounting and auditing arrangements. It provides context for the following chapters on professional infrastructure‚ accounting and auditing standards‚ accounting and auditing training‚ and government budgeting and accounting arrangements. The chapter comprises eight sections‚ as follows: Part One: Accounting 1 – Introduction – identifies historical factors that have influenced accounting arrangements
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indifferent to the effect of the financial statements and the audit report. e. able to make managerial decisions for the client. 3. Which one of the following services is often performed on public companies’ interim financial statements and nonpublic companies’ annual financial statements? a. examination b. accounting c. auditing d. review e. consulting 4. In the standard audit report‚ the auditor’s opinion on fairness pertains: a. only to the complete
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