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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Comment on the 10 major steps in the fraud risk model 1. Understand the nature of fraud by identifying the factors associated with fraud that are outlined in the fraud triangle. The factors include rationalization‚ opportunity‚ and incentive (ROI). Incentive/pressure to commit fraud Fraudulent financial reporting Management compensation schemes Financial pressures to improve company’s earnings and balance sheet Personal wealth tied to either financial results or survival of company Defalcation
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Cold Feet or Burnt Feet? Have you ever done something as a child that was so irresponsible that it gets brought up at almost every family gathering? Most people probably have‚ and I most definitely have. There’s an old saying‚ to “have cold feet‚” which means to be fearful of completing a certain action or task. When someone gets cold feet they tend to lose all of their confidence and they start to doubt their own beliefs or capabilities. Now burnt feet on the other hand is just that—burnt feet
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5) a) Evidence supporting USSC’s claim that the costs in question involved tooling modifications: * Collected invoices/purchase orders‚ obviously labelled accordingly * USSC executives’ explanations * Explanations of Mr. More and guided tour at Lacey Manufacturing Company b) Evidence supporting USSC’s claim that the costs in question involved generic production expenses: * Information provided by Mr. Yamont of Barden Corporation * Confusing nature of explanations provided
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I love everything about the military. I could imagine myself walking with a platoon of people carrying a pack full of gear. The most important decision in my life would be to join the military or not after high school graduation. I grew up liking the military. I would attain massive benefits for enlistment. I took all the steps I could before making my final decision. I was ready to enlist and serve my country in the best way possible. First of all‚ the military has always been very appealing
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BF3394 – AUDITING AND PROFESSIONAL ETHICS Module Number: Module Title: BF3394 AUDITING & PROFESSIONAL ETHICS 10 credits Number of Aston Credits: Total Number of ECTS Credits: 5 credits (European Credit Transfer) Staff Member Responsible for the Module: Dr Melina Manochin Finance and Accounting Group ABS Building‚ Room 410‚ Extension 3732 m.m.manochin@aston.ac.uk Availability: Please see office hours on door or group administrator‚ Ms Rosaleen Shirley‚ ABS 404‚ Extension 3238 Other Staff
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decent job stinking up a pair of shoes by running a few miles in them. So what’s going on here? Why do your feet have a stronger odor than the rest of you does? The main thing that feeds foot smell is sweat. With more than 250‚000 sweat glands each‚ your feet are among the most perspiring parts of the body. In one day‚ each foot can produce more than a pint of sweat! Sweat is basically just salt and water‚ though‚ so it doesn’t have a distinctive smell of its own. The smell is actually caused by
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(E-Comm. Sem-VI) STRUCTURE Subject Code Name Marks E 6.1 Auditing 100 E 6.2 Information System Audit 100 E 6.3 Competitive Skills 100 E 6.4 JAVA Programming 100 E 6.5 Practical 100 E 6.6 Project 100 North Maharashtra University‚ Jalgaon (NACC Re-Accredited ‘B’ Grade University) FACULTY OF COMMERCE & MANAGEMENT B.B.M.(E-Comm.) Semester VI E – 6.1 Auditing 80 + 20 Pattern: External Marks 80 + Internal Marks 20 = Maximum Total
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and retained. The Professional Practices Framework for Internal Auditing (PPF) was designed by The IIA Board of Directors’ Guidance Task Force to appropriately organize the full range of existing and developing practice guidance for the profession. Based on the definition of internal auditing‚ the PPF comprises Ethics and Standards‚ Practice Advisories‚ and Development and Practice Aids‚ and paves the way to world-class internal auditing. This guidance fits into the Framework under the heading Development
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studying this chapter‚ you should be able to 8-1 Discuss why adequate audit planning is essential. Make client acceptance decisions and perform initial audit planning. Gain an understanding of the client’s business and industry. Assess client business risk. Perform preliminary analytical procedures. State the purposes of analytical procedures and the timing of each purpose. Select the most appropriate analytical procedure from among the five major types. Compute common financial ratios. 8-2 8-3 The
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