LESSON 1 INTRODUCTION TO AUDITING 1. WHAT IS AN AUDIT An audit is an independent examination of the financial statements of an entity in order to enable the auditor to express an opinion as to whether it gives a true and fair opinion and if it has been properly prepared in accordance with the applicable reporting framework. 2. Under the Companies Act‚ Cap. 50‚ private limited companies that satisfy the following conditions are not required to have an
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internal auditor involvement * Arrangement involving predecessor auditor * Fees and billing arrangements * Conditions under which access to audit documentation may be granted * Other services enumerated * Users of reports * Request the client to sign the engagement letter and return it to the auditor III. RISK ASSESSMENT * What is the purpose of performing a risk assessment during the financial statement audit? * Used to obtain an understanding
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AUDIT COMMITTEE AND ITS PRACTICES 1. Composition‚ Names of Members and Chairperson: The Audit Committee comprises of four Independent Non-Executive Directors: Name of the Member Designation Category Mr. P. R. Barpande Chairman/Member Independent Director Mr. Chandrakant Kamdar Member Independent Director Mr. P. G. Kakodkar Member Independent Director Mr. R. Devarajan Member Independent Director 2. Brief Description of terms of reference/Responsibility of the Audit Committee:
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certain reports with the Securities and Exchange Commission (SEC). Some of the included reports are Form 10-K‚ Form 10-Q‚ and Form 8-K. The filing of these forms allows companies to remain in compliance with regard to disclosure requirements set forth by the SEC. Form 10-K includes a comprehensive overview of a company’s financial position and is filed annually within 90 days of the end of the company’s fiscal year. Form 10-Q is filed quarterly by a company and Form 8-K contains current reports that
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The Pricewater House affiliates in India failed to uncover the fact Satyam’s upper management was falsifying its financial stature and were accused of conducting insufficient audits thus releasing deficient audit reports. Because of Satyam’s international standings‚ their audit reports were to be congruent with PCAOB Standards. PW India failed to comply with the Standards however‚ and inaccurately maintained control of the audit process for cash‚ deposits‚ and account receivables. As soon as the
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Information gathering and Accounting/Business techniques 2.1 Sources of Information: 9 2.1.1 Primary source: 9 2.1.2 Secondary sources: 9 2.2 Description of the methods used to collect information 10 2.2.1 Interviews 10 2.2.2 Annual reports and ACCA manuals 11 2.2.3 Online access 11 2.3 The limitations of information gathering 11 2.3.1 Primary source 11 2.3.2 Secondary sources 12 12.4 Ethical issues that arose during information gathering: 13 2.5 The accounting / business
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relatively small portion of BMW Group’s total revenue (BMW Group). BMW Group reports its segmented revenues according to geographical sales. The graph below breaks BMW Group’s overall annual revenues into 4 geographic categories with 3 subcategories: Figure 1 – Overall Revenue Growth by Geographic Operating Segment Expressed in Euros. Source: BMW Group’s 2012 Annual Report As shown in Figure 1‚ the European and Asian markets in particular have shown
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Unilever and its suppliers‚ and its effect on trade union freedom. This is a FNV Bondgenoten/FNV Company Monitor report. Research and writing for this report was done by SOMO (Stichting Onderzoek Multinationale Ondernemingen) in 2009 - 2010‚ in cooperation with LIW (Landelijke India Werkgroep) and local research organizations and journalists in the case study countries. This report is published in light of a campaign on trade union freedom. See also: http://tradeunionfreedom.fnvcompanymonitor
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Subject – AUDIT Topic – AUDIT OF BANKS. Name – Arwa Khambati Roll no. – 29 College Name – Sydnehem College of Commerce and Economics Seat Number - Certificate of Completion Date: 19/10/2013 This is to certify that Ms. Arwa Khambati (Roll No. 29) a student of Master of Commerce (Part 2)‚ Sydenham College of Commerce and Economics‚ has undergone Project work on titled AUDIT OF BANKS. 19/10/2013 Mumbai
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False Based on PCAOB guidelines‚ the audit of ICFR and financial statements audit should be conduced as an "integrated audit." True 6. False In a public company‚ management’s report on internal control must be signed by the members of the audit committee. True 5. False In a public company‚ management must assess and report on internal control over financial reporting. True 4. False False In order for an external auditor to complete an audit of a publicly traded entity‚ the entity’s management
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