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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Information System Audit in Indian Banks CA Bharatish Ballal Information systems and audit Information itself is an important asset in today’s business. If information is lost‚ modified‚ misused huge loss can occur to business. Hence information security becomes important for any business. Information system in business including that of banking is becoming technology oriented. Computers are being used in all the areas of business including that of financial accounting. Internal
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Healthcare Industry Overview Grid University of Phoenix Susie Hughes HCS 235 August 1‚ 2011 Ms. Frutchey Healthcare Industry Overview Grid Complete the Health Care Industry Overview Grid that is located below. There are many areas within the health care that are options for career placement or advancement. Research different fields within the industry‚ such as pharmaceutical/drug‚ health information systems‚ and long-term care/gerontology‚ and
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SMART GRID TECHNOLOGY IN T&D A smart grid is an umbrella term that covers modernization of both the transmission and distribution grids.The concept of a smart grid is that of a “digital upgrade” of distribution and long distance transmission grids to both optimize current operations by reducing the losses‚as well as open up new markets for alternative energy production India has a power grid that is ripe for renovation and transformation. More than a third of the nation’s grid electricity
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Northern & Eastern grids collapse: Biggest power failure in India Power Grid Corp India Ltd sources said that the Tuesday’s collapse is the most severe ever in the country. "Grid incident occured at 1300hrs effecting the Northern‚ Eastern & North Eastern Grid. System under restoration‚" Eastern Regional Load despatch Centres said. Central Electricity Authority officials have said that the collapse of three grids is unprecedented. "May take over a day to recover. Three grids - Northern‚ North
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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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8. Which of the following should an auditor do when control risk is assessed at the maximum level? A. Perform fewer substantive tests of details. B. Perform more tests of controls. C. Document the assessment. D. Document the internal control system more extensively. 9. Which of the following is least likely to be a test of a control? A. Inquiries of appropriate personnel. B. Inspection of management’s engagement letter. C. Observation of the application of a policy. D. Reperformance of
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Competitive Pricing Strategies Part 1 The role of pricing is the second important thing after the product. Pricing is used to attract customers and is often manipulated by the industry concerned or by competitors. Items which are in demand can have their prices inflated as people will not hesitate to pay higher prices as they are seeking these products. These items are often not worth the prices being demanded but due to branding and advertising‚ consumers will pay whatever price is being asked
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From Novice to Expert Patricia E. Benner This page was last updated on September 16‚ 2011 Introduction •Dr Patricia Benner introduced the concept that expert nurses develop skills and understanding of patient care over time through a sound educational base as well as a multitude of experiences. •She proposed that one could gain knowledge and skills ("knowing how") without ever learning the theory ("knowing that"). •She further explains that the development of knowledge in applied
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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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