Introduction: Audit emerges because society needed. Auditing has been a regular feature of organized human activity from the earliest times. Indeed evidence suggests that formal audit procedures existed in the economic activities of the most of the early civilization. With the advancement of development‚ audit emerges as a separate discipline & contributes to the economic & social advancement. Audits serve a vital economic purpose and play an important role in serving the public interest to strengthen
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Audit Committee Quality‚ Auditor Independence‚ and Internal Control Weaknesses Yan Zhang‚ Jian Zhou‚ and Nan Zhou* * All authors are from SUNY – Binghamton. We thank two anonymous reviewers for detailed and insightful suggestions that have significantly improved the paper. We also thank workshop participants at the 2006 American Accounting Association Auditing Midyear Meeting and the 2006 American Accounting Association Annual Meeting for comments‚ and Raj Addepalli‚ Shanshan Chen‚ Yujing
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What is a Knowledge Audit? What is an Audit? “The most general definition of an audit is an evaluation of a person‚ organization‚ system‚ process‚ project or product. Audits are performed to ascertain the validity and reliability of information‚ and also provide an assessment of a system’s internal control. The goal of an audit is to express an opinion on the person/organization/system etc. under evaluation based on work done on a test basis. Due to practical constraints‚ an audit seeks to provide
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cause the audit team to have substantial doubt about Fast Go ability to continue as a going concern‚ what is the next step the audit team needs to perform? The next step that the audit needs to perform are‚ the audit team must seek information about management’s plans to mitigate all the problem that Fast Go suffer for example the debt‚ the competition and etc. Besides‚ the audit team also must assess the likelihood that such plans can be successfully implemented. Furthermore‚ the audit team also
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ASSERTION -Audit assertion are those charged with governance of an entity are responsible for ensuring the financial report gives true and fair view of entity and the operation of its. -Management make assertions abt each account and related disclosures in the notes. -Assertion statement made by management regarding the recognition‚ measurement‚ presentation and disclosure of items include in the financial report. auditor use assertion for transaction‚ account balance and presentation and disclosure
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misappropriation and fraud. They‚ therefore‚ need to establish formal operating procedures‚ well-define limits for individual discretion and rigorous systems of internal control. 2. Complexity: They engage in a large volume and variety of transactions in terms of both number and value. This necessarily requires complex accounting and internal control systems. 3. Branch-Network: They normally operate through a wide network of branches and departments which are geographically dispersed. Of accounting
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SEMESTER 1‚ 2013 SEMINAR 9 - PROBLEM QUESTIONS PROBLEM 9.1 While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Ace Computers Ltd (Ace) for the year ended 30 June 2011 audit‚ you become aware of the following information: 1. The best-selling computer presentation package has been experiencing a high level of returns owing to suspected software problems. 2. Based on closing inventory‚ inventory turned over
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related party have been properly recorded by a client‚ an auditor should review info that provided by the management regarding the related party transactions. The auditor has to conduct audit procedure to ensure that information provided can be reviewed for completeness. If the availability regarding related party audit evidence is limited‚ the auditor may discuss with the management regarding the transaction amount and term‚ the nature of the relationship of client and related party and inspect the
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The Auditors’ Objectives in Audit of Inventories and Cost of Goods Sold are to: 1. Consider internal control over inventories and cost of goods sold. 2. Determine the existences of inventories and the occurrence of transactions affecting cost of goods sold. 3. Establish the completeness of inventories. 4. Establish that the client has rights to the recorded inventories. 5. Establish the clerical accuracy of records and supporting schedules for inventories and cost of goods sold
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Corporate Social Responsibility The process of building a corporate social responsibility: Corporations while they need to conduct a strategy to become socially responsible‚ they usually passes through a process that leads it at the end to achieve what is called by “Civil learning”. In order to achieve this level –which is the highest level of a corporate social responsibility- ‚ they are two dimensions: • The organizational level • The societal level The case of Nike as famous corporate
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