External Auditing – Week 4 discussion What do following risk categories mean: planned detection risk‚ inherent risk‚ control risk‚ acceptable audit risk? Can you give some examples? How do we as auditors deal with them? DETECTION RISK Detection risk is the risk that auditor’s substantive procedures will not detect a misstatement that exist in an account balance or class of transactions that could be material‚ individually or when aggregated with misstatements in other balances or classes.
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11/10/2012 1 2 Junction Falls Finance and Accounting Services AA205 Risk Management‚ Control and Ethics Joe Metros Director Seminar 7.1: Ethics‚ Fraud Risk and Communication Libby Jones – Chief Accountant Group 6 Marsee Weston – Fixed Asset Manager Overview Scott Smyth – Cash/Debt & Investment Manager Scenario 1 Cathy Elgin – Accounting Assistant (A/R) Scenario 2 Bob Thomas – Accounting Assistant (A/P) Scenario 3 Nora Stewart – Accounting
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The development of fraud examiner/forensic accounting profession since the 2001 Enron Fraud After the Enron and WorldCom business climate‚ there came a new US federal law called Sarbanes – Oxley Act. The SOX contains 11 titles that describe specific mandates and requirements for financial reporting. It makes corporate executives more accountable for their actions. Companies invested a tremendous amount of resources‚ time‚ and effort in order to comply with the requirements. It clearly improved the
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Briefing Research Paper Scenario #5 Table of Contents Executive Summary i Introduction 1 Identified Fraud and Corruption Risks 1 Red Flags and Lessons Learned 1 Risk Analysis 1 Fraud Theories 1 Best Practices in Fraud Corruption Prevention 1 Action Plan 1 Conclusion 1 References 2 Executive Summary Many experts believe that the majority of frauds within an organization involve employees and executives‚ with a desire from a combination of selfish greed‚ quests for power and disregard for
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that reason‚ the impediment of accidental falls is essential. The aim is to describe the design of a study that assesses the effectiveness of prevention and intervention strategies implemented to lessen multiple fall risk factors in independently living older persons with a high risk of falling. For decades‚ hospitals and other health care organizations have integrated to understand the contributing causes of falls‚ to minimize their occurrence and resulting injuries or deaths. Today‚ organizations
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bone fracture that occurs much more easily than expected. Osteoporosis occurs in many people who have few or no risk factors for this condition. Often‚ patients do not report symptoms that would alert the clinician to suspect a diagnosis of osteoporosis; thus‚ this disease is a "silent thief" that generally does not become clinically apparent until a fracture occurs. Screening at-risk populations is‚ therefore‚ essential; unfortunately‚ many women are not receiving
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KEY RISK FACTORS Real estate sector growth would be driven due to a large unmet demand for housing and commercial spaces in the country. Demand side factors are unlikely to act as a key risk to real estate growth‚ unless serious economic downturn occurs. The factors that may hinder the pace of development would most likely be supply side related. Rising construction costs‚ skilled labor‚ shortages‚ project delays and excessive speculation resulting in demand destruction may result in revaluating
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Risk Factors are actions or conditions that an individual or group of individuals do that increases their risk of developing a disease. The disease isn’t just limited to infectious diseases but can also include chronic disease such as obesity. Risk Factors can either be modifiable‚ non modifiable‚ and also social/environmental risk factors. Modifiable risk factors mean you can take measures by altering ones life to remove the potential risk of developing a disease. Non modifiable works in the opposite
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Cardiovascular risk factors There are many risk factors associated with coronary heart disease and stroke. Some risk factors such as family history‚ ethnicity and age‚ cannot be changed. Other risk factors that can be treated or changed include tobacco exposure‚ high blood pressure (hypertension)‚ high cholesterol‚ obesity‚ physical inactivity‚ diabetes‚ unhealthy diets‚ and harmful use of alcohol. Of particular significance in developing countries is the fact that while they are grappling with
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RISK FACTORS Following risk factors have been recognised for NSTIs - [10] Immunosuppression Diabetes Chronic disease Drugs e.g. steroids Malnutrition Age > 60 I.V. drug misuse Peripheral vascular disease Renal failure Underlying malignancy Obesity Blunt or penetrating trauma Surgery Childbirth CLASSIFICATION OF SOFT TISSUE INFECTIONS ANATOMICAL CLASSIFICATION 1. Skin Epidermis- Impetigo‚ folliculitis‚ furunculosis‚ carbunculosis. Dermis- Cellulitis. 2.Subcutaneous tissue and Superficial
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