precise expectations of account balances Appreciate the degree of professional judgment involved in evaluating differences between expected and reported account balances Understand the audit planning implications of using analytical procedures as substantive tests of account balances Burlington Bees‚ an independent‚ minor league baseball team‚ competes in the North-west Coast League. The team finished in second place in 200X with an 87—57 record. The Bees’ 200X cumulative season attendance of
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assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions‚ balances and presentation and disclosures - List out and describe general transaction related audit objectives‚ balance related audit objectives and presentation and disclosure audit objectives - Understand specific audit objectives and how they are linked to general audit objectives and management assertions Topic 4 – Audit evidence
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When you break a rule you can suffer consequences for doing so‚ they are not as serious as the consequences you will experience if you break the law. Laws strike a balance between individual freedom and the needs of society. 3. Summarize the five function of law. 1) Establish rules of conduct: Laws try to outline guidelines for individuals living with other in society to reduce conflicts between them. 2) Provide
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org/10.3846/bme.2011.16 ANALYSIS OF INTERNAL AUDIT FUNCTIONING IN POLAND – EMPIRICAL RESEARCH FINDINGS Edita Bielińska-Dusza Department of Strategic Analysis‚ Cracow University of Economics‚ ul. Rakowicka 16‚ 31-510 Kraków‚ Poland E-mail: edytadusza@gmail.com Received 18 November 2010; accepted 15 January 2011 Abstract. The purpose of the article was to present the research conducted in companies‚ concerning the functioning of internal audit in Poland. During the research‚ the author identified
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Past progress Budget The budget for our Halloween party is RM70000 and our finance department had approved this budget. This budget includes expenses such as decoration‚ advertisement‚ catering‚ rental and presents. We will have a make-up competition during the Halloween party. The budget for champion is RM1000‚ runner-up is RM500 and the third place is RM250. We also had some present give to the other participants. That day‚ our company will also organise a lucky draw which is budgeted at RM2000
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I am writing to you in support of xxxxxx and her desire to attend your University for the Master’s program. Though many students ask me to make this request on their behalf‚ I only recommend students whom I feel are well-suited for the program of their choice. xxxx is one of those students and therefore‚ I highly recommend that she be given the opportunity to attend your university. As a Senior lecturer of electronics and telecommunication department I have known xxxxx since the past 3 years. During
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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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* 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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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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