* Subject Synopsis This course introduces the elements of auditing. It discusses the principles and procedures of auditing‚ types of audits‚ scope and objectives of auditing. It also covers professional ethics in auditing‚ audit evidences‚ audit planning and various other aspects of auditing. Moreover it gives knowledge about objectives of doing audit. The course also aims to explain the liability and responsibility of the auditor and how the computerised environment effects the business environment
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Introduction The Gap Inc. is a global specialty retailer that operates stores selling casual apparel and accessories for men‚ women‚ and children (Yahoo Market Guide‚ 2001). Under the Gap‚ are the Old Navy and Banana Republic brands (Yahoo Market Guide‚ 2001). Demographic/Psychographic/Geographic Segmentation Gap The Gap’s target age segment is males and females ranging from seventeen to twenty-five years old (Cosmopolitan‚ 2000‚ p. 2). The typical family life cycle for a Gap customer comprises
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When looking at The Gap‚ Inc 2011 annual report (Form 10-K) at first it was a little bit intimidating with it being close to a hundred pages of financial information. But when looking at this information section by section it is easily seen that for the most part‚ this information is rather straight forward and gives a lot of good information on the company’s current financial condition. It uses a lot of comparisons with the figures from years past to give stockholders a good idea of what the company
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Flash Technologies‚ Inc Memo to the Planning File by Audit Manager – General Information 12/31/2008 General Background Information Emanuel “Manny” Schwimez‚ is the CEO and chairman of the board of Flash. Mr. Schwimez is originally from Tel Aviv. He has an impressive resume‚ including a master’s degree from the London School of Economics and many years of eexecutive-level experience. He has led several high technology companies in the U.S and abroad since the early 1970’s. In 1990 he became president
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Apple Social Strategy In the case “Apple Inc. in 2010”‚ we can see that between 1980 and 1996‚ the company struggled with different management style and strategies. During those 16 years‚ Apple was a computer-based company that was not trying to differentiate itself from its competitor. That is why‚ in 1996‚ when Steve Jobs returned to Apple‚ he started to focus on the social aspect of Apple but also on how to innovate and create new products in order to differentiate the company. First of all
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Chapter 1 Introduction The development of Integrated Reporting is designed to enhance and consolidate existing reporting practices‚ to move towards a reporting framework that provides the information needed to assess organizational value in the 21st century. The traditional reporting model was developed for an industrial world. Although it continues to play a valuable role with respect to stewardship of financial capital‚ it nonetheless focuses on a relatively narrow account of historical financial
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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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Chapter 5 Reporting and Disclosure Discussion Questions 1. Transparent financial reporting means that timely and accurate disclosures are made on all important matters affecting a company’s financial position and performance. It implies openness‚ communication‚ and accountability. Transparent financial reporting protects investors because nothing is hidden from them. Investors can better assess the risks of owning securities when information is truthful and complete. Transparent financial
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1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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Case Study – ZZZ Best‚ Inc. 1. Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for three months ended July 31‚ 1986. How does a review differ from an audit particularly in terms of the level of assurance implied by auditor’s report? A quarterly review report is issued by a CPA and reviewed by an auditor to provide assurance that the financial statements are fair and follow the GAAP standards. Quarterly
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