is to confirm our understanding of the terms of our engagement as the auditors of Oceanview Marine Company for the year ended December 31‚ 2012. We will audit the company’s balance sheet for December 31‚ 2012‚ and the related statements of income‚ retained earnings‚ and cash flows for the year then ended. The purpose of our audit is to form an opinion as to whether these statements are fairly presented. We will review the company’s federal and state income tax returns for the fiscal year
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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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SAMSON PROPERTIES ADDRESS PHONE DATE WHY I SWITCHED TO SAMSON PROPERTIES? Hi (name) As an employee of a large real estate company(name). I recently made a bold move by switching company and working for an even bigger company(Samson properties). The justification for this‚ more money; well yes‚ but also better services for you‚ my client. We’re talking about a company of over 1‚000 employees and 11 offices serving Virginia‚ Maryland and the District of Columbia.. Samson Companies LLC is a wholly-owned
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Community Property July 1994 #1 California (CA) is a community property state. All property acquired by spouses during marriage is presumptively the spouses’ community property (CP)‚ while all property acquired before marriage or upon divorce or after permanent separation is presumed to be the acquiring spouse’s separate property (SP). In addition all property acquired by a gift‚ devise‚ and descent or through inheritance is presumed to be the acquiring spouse’s SP. However‚ the spouses may change
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Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing
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1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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CHAPTER 20 Audit of Cash Balances Copyright 2003 Pearson Education Canada Inc. 20 - 1 What are the auditor’s primary concerns with regard to cash? Copyright 2003 Pearson Education Canada Inc. 20 - 2 What are the auditor’s primary concerns with regard to cash? - existence Copyright 2003 Pearson Education Canada Inc. 20 - 3 What are the auditor’s primary concerns with regard to cash? - existence - completeness Copyright 2003 Pearson Education Canada Inc
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AUDITING THEORY 1. Which of the following activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that
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marriage in Property‚ by Valerie Martin is ultimately connected with the institution of slavery in America. The aristocratic life of the early 19th century is defined in the use of these themes through the pictures they create. Not only do the themes cause the novel to become so gripping‚ but the characters help in the suspense as well. Each character is presented to be believable and very developed‚ adding to the excellent sense of reality that the novel gives off overall. Property captivates its
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approved the sale of two properties on Feb. 23. First‚ they sold about 9 acres of undeveloped land near Highway 288 and MacGregor to the City of Houston for $13.8 million. Second‚ they sold three parking spaces at the West Loop campus to the Texas Department of Transportation for $32 thousand. MacGregor Property. The property was originally purchased to be HCC’s medical center campus‚ but with the development of the Coleman campus‚ HCC no longer needs this property. The City of Houston will
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