Accounting Education: an international journal Vol. 20‚ No. 2‚ 203– 222‚ April 2011 Adding Value to Audit Education through ‘Living’ Cases JULIE DRAKE University of Huddersfield‚ UK Received: November 2009 Revised: July 2010 Accepted: September 2010 ABSTRACT This paper seeks to address the perceived failure of university teaching to foster critical understanding of audit practice and to identify a potential remedy. It contributes to the debate (Maltby‚ 2001‚ “Second thoughts about ‘Cases in
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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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Section 3. – Warranties and Conditions Art. 1545. Where the obligation of either party to a contract of sale is subject to any condition which is not performed‚ such party may refuse to proceed with the contract or he may waive performance of the condition. If the other party has promised that the condition should happen or be performed‚ such first mentioned party may also treat the nonperformance of the condition as a breach of warranty. Where the ownership in the thing has not passed‚ the buyer
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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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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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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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1. Have you traveled out of state? _____Yes _____No 2. If yes‚ do you travel for: Business Both Pleasure 3. How often do you travel for the above? 0–1 times per month 0–1 times per year 2–3 times per month 2–3 times per year 4–5 times per month 4–5 times per year 6 or more times per month 6 or more times per year 4. How do you make your travel arrangements? Airline
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1. Please indicate your Age Group 18-24 25-34 35-44 45 and above 2. Please indicate your Gender Male Female 3. Please indicate your Ethnicity Malay Chinese Indian Central Asian Other……………….. 4. Income Group RM 2000- RM 4000 RM4000 - RM 6000 RM 6000- RM 8000 RM 8000 and above 5. Occupational Status Self Employed Employed Unemployed Retired Student Others……………….. Customer Behavior 6. Do you drink any Isotonic Drink? YES NO I don’t like 7. What is your impression about Isotonic Drink? Joy
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