Financial Statements for Internal Reporting Purposes vs. Financial Statements for External Reporting Purposes It is common in most companies to maintain two set of financial statements; one being used/presented for internal reporting purposes and another for reporting externally. Internal reports are used primarily to aid management in the decision making process throughout the course of the business. These are subject to internal audit to make sure that all information reported are fair and correct
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Cathy Arrowsmith Crime Reports and Victimization Crime reporting and victimization go hand in hand. Without victims there would be less reports of crime‚ and without crime reporting there would not be a valid way of gaging crime rates and number of possible victims. However‚ not every victim reports the crime‚ making the reporting of all crimes nearly impossible. Crime Reporting A crime report is a way of knowing the amount of crime committed in a city‚ town‚ state
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Strategic Audit for iRobot Corporation Case Study I. CurrentSituation A. CurrentPerformance iRobot designs and builds robots that make a difference in the home‚ field and workplace. iRobot was founded in 1990 in Delaware‚ Massachusetts and it was the first company to introduce robots into the life of the household and make the robots part of their daily life. In comparison to the other products‚ home products were the most successful ones. Some of the iRobot’s products are: Roomba
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execution of the strategy at various stages First you have to decide how you are going to tackle the audit. That’s the big picture. It could be that you decide there are no good internal controls. Your strategy would then be to not do any TOCs and concentrate on substantive procedures. Having decided that then you have to plan how you will use substantive procedures to get sufficient appropriate audit evidence. If your strategy is not to do any tests of control‚ then the detailed plan will take that
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The 2005 World Sustainable Building Conference‚ Tokyo‚ 27-29 September 2005 (SB05Tokyo) 04-006 SUSTAINABLE HOTELS – ENVIRONMENTAL REPORTING ACCORDING TO GREEN GLOBE 21‚ GREEN GLOBES CANADA / GEM UK‚ IHEI BENCHMARKHOTEL AND HILTON ENVIRONMENTAL REPORTING Paulina BOHDANOWICZ‚ M.Sc.1 Branko SIMANIC‚ M.Sc.2 Ivo MARTINAC‚ Ph.D.3 1 Department of Energy Technology‚ Royal Institute of Technology‚ Brinellvägen 60‚ 100 44 Stockholm‚ Sweden‚ Paulina.Bohdanowicz@energy.kth.se 2 Department
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Under attestation engagement‚ an evaluation of subject matter would have already been conducted by the responsible party against a set criteria. As this evaluation is usually given in the form of a report issued to the intended users by the responsible party. This report is actually a claim by the responsible party of a fair evaluation of subject matter. On that assertion made by the responsible party practitioner is asked to confirm whether such assertion of evaluation is fair or not. An engagement
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WSEAS TRANSACTIONS on BUSINESS and ECONOMICS Elissaveta Gourova‚ Albena Antonova‚ Yanka Todorova Knowledge audit concepts‚ processes and practice ELISSAVETA GOUROVA Faculty of Mathematics and Informatics Sofia University 125‚ Tzarigradsko shosse Blvd.‚ bl. 2‚ Sofia BULGARIA elis@fmi.uni-sofia.bg http://www.fmi.uni-sofia.bg ALBENA ANTONOVA Centre for Information Society Technologies Sofia University 125‚ Tzarigradsko shosse Blvd. bl. 2 fl. 3 BULGARIA a_antonova@fmi.uni-sofia.bg http://www-it
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provided by certified public accountants (CPAs). Two types: Increase reliability of information Putting information into a form or context that facilitates decision making. Types of Services Assurance Services Attestation Services Example: Audits of Financial Statements‚ Examinations of Internal Control Other Assurance Services Example: CPA ElderCare Prime Plus Services NonAssurance Services Tax Services Management Consulting Services Other Notes: Reliability reduces information risk
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-26‚000 +26‚000 5. -12‚000 +12‚000 6. -3‚900 +1‚200 +2‚700 7. -68‚000 +68‚000 20‚100 26‚000 12‚000 1‚200 2‚700 68‚000 = 120‚000 10‚000 0 Island Foods‚ Inc. Balance Sheet As of March 31‚ 2003 Assets Liabilities & Shareholders’ Equity Cash $20‚100 Liabilities: Kitchen
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Describe the relationship between internal controls and the audit process. Answer The purpose of an audit is to provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly‚ in all material respects‚ in accordance with the applicable financial reporting framework. An audit also enhances the degree of confidence of intended users in the financial statements. Financial audits add credibility to the implied assertion by the management
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