on the lines of Enron and Worldcom. 1.0 ABSTRACT 2.0 ENRON-CORPORATE FIASCOS 3.0 HOW DID THE AUDITORS FAIL TO CATCH PROBLEMS AT ENRON? 4.0 HOW TO PREVENT RECURRENCE OF ENRON? 5.0 NEW RESPONSIBILITIES OF AUDITORS ACCORDING TO SARBANES-OXLEY ACT 2002 6.0 CONCLUSION 7.0 REFERENCES 1.0 ABSTRACT The responsibility of an auditor is to express an opinion on the financial statements based on his audit which means verification or check in accordance with International Standards on Auditing. These
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Burlington Bees[1] Using Analytical Procedures as Substantive Tests OBJECTIVES Use analytical procedures to develop expectations for revenue accounts Recognize factors that lead to 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
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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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errors are $58‚000‚ 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
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effective internal audit function plays a key role in assisting the board to discharge its governance responsibilities. Yet how does the board – and its audit committee – satisfy itself that internal audit is functioning effectively and efficiently? The board’s responsibility for internal controls Through working with a broad range of organisations in Hong Kong and internationally‚ KPMG has identified a number of best practices in relation to the role played by the board audit and/or risk management
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Audit Evidence This chapter deals with the types of evidence decisions auditors make‚ the evidence available to auditors‚ and the use of that evidence in performing audits. NATURE OF EVIDENCE • Evidence is any information used by the auditor to determine whether the information being audited is stated in accordance with the established criteria. • Evidence includes information that is highly persuasive‚ such as the auditor ’s count of marketable securities‚ and less persuasive information
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Science End Of Year Revision: Biology 1. Animal and Plant cells 2. Specialized animal and plant cells 3. The 7 life processes: 4. A group of SIMILAR CELLS is called a TISSUE. A group of DIFFERENT TISSUES forms an ORGAN. A GROUP OF ORGANS working together from an ORGAN SYSTEM‚ or even a WHOLE ORGANISM. CELLS TISSUE ORGAN ORGAN SYSTEM 5. Example of this sequence in plants. …which‚ with other tissues make up a leaf (an ORGAN)… …which‚ with other tissues
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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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9/1/2014 How to Accomplish a Goal: 24 Steps (with Pictures) - wikiHow How to Accomplish a Goal Warnings 691‚844 views 98 Editors Three Parts: Edited 4 days ago Setting Goals Getting Started Accomplishing Your Goal Everyone has dreams. Whether they are big or small‚ they have vast importance in our lives. The procrastinator in all of us doesn’t have to win. The Little Engine That Could was on to something with the whole "I think I can" mentality. With just a little
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is to account for resources and to match costs to their related sales as closely as possible. Management Accounting is more concerned with the details of inventory management but for Financial Accounting‚ when inventory is purchased or sold‚ the objective is to satisfy the Matching Principle and to accurately represent the financial position of the entity. The Matching Principle requires that revenues and their related costs be matched up and posted into the same accounting period. When Inventory
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