from past cases to prevent reoccurrences of similar detrimental activities. Do you believe that Andersen’s partners would have adopted a different management philosophy if they had recently studied the Laventhol & Horwath case? 3. Although audit reports should provide assurance to investors and creditors that
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3. a) Three parties that auditors might be held liable for negligence are : 1. Liability to client (Better Production & Co) 2. Liability to third party who use the information (Usahasama City Bank) 3. Liability to the foreseen user (who rely on the auditor’s financial statement) b) No. Aiman & Co can not be held liable to Usahasama & Co. The only action available for financial loss caused by a false financial statement was in the tort of deceit. In order to succeed‚ the claimant (Usahasama)
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the annual report at DTCC”‚ Goldstein (2005) points out the reason why communication opportunity and unique marketing should be seized. This article is related to the report of efficiently communicating of the annual report; however‚ it is not a useful source for its limited relevance and potential bias. This article is about marketing process and communication. Goldstein (2005) argues that annual report cannot reach readers whatever in which form‚ online or printed‚ if the report is not modern
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QUESTION 1 (16 marks) Cash is the most vulnerable asset to audit. Answer the following questions; a) What are the three assertions an audit needs to establish? (6 marks) SOLUTION: Cash balances include cash on hand and at bank. Cash on hand includes undeposited receipts and petty cash. Cash at bank includes cash held in current and savings accounts which is available on demand. Unlike any other account balance‚ cash may be either an asset or a liability. The latter arises where the bank with
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ISA ISA 570 November 2008 International Standard on Auditing Going Concern INTERNATIONAL STANDARD ON AUDITING 570 Going Concern Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in November 2008 for publication. This standard should be read in conjunction with the Preface to Malaysian Approved Standards on Auditing; Preface to International Standards on Quality Control‚ Auditing‚ Review‚ Other Assurance and Related Services; Glossary
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and objectives. Video Episodes View the videos in the weekly Video Episodes section. Team Assignments Team Video Analysis Report In preparation for preparing and submitting the team’s Final Project‚ each week you will create your own consultant’s notes as you observe various CanGo meetings (via the video episodes/cases). For the week 4 Team report you are to list 6 issues facing CanGo that you gleaned from the week 3 and 4 videos. They should be prioritized in order of importance
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of the auditor’s report”. Those rules distinguish between situations in which a client cooperates with the auditor in making all necessary disclosures and situations involving uncooperative clients. Briefly summarize the differing responsibilities that auditors have in those two sets of circumstances. Answer: International Standard of Auditing (ISA) Section 560 Subsequent Events paragraph 15 defined that “Subsequent discovery of facts existing at the date of the auditor’s report” is where the condition
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communities including children living with HIV/AIDS. As mandated by the Securities and Exchange Board of India (SEBI)‚ a standalone Business Responsibility Report (BRR) forms part of the Annual Report and is available on the Company’’s website http://www.cipla.com/Home/About-Us/Caring- for-the-Enviroment.aspx. The BRR contains a detailed report on Business Responsibilities vis-a-vis the nine principles of the National Voluntary Guidelines on Social‚ Environmental and Economic Responsibilities of
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food services company‚ based in Finland‚ that seeks to grow with an optimistic view on it’s already firm grasp on the food service industry ("Frazer‚" n.d.). This paper will discuss the accounting standards‚ external auditing standards‚ and annual reports of the Caribou Company and Frazier Group. A brief comparative analysis will be conducted between select data from the financial statements of these two companies‚ including profitability and financial position. Accounting Standards. For Caribou
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company processes 2. Site plan 1916 3. Site plan 1939 4. Extract from Widnes weekly news of death of J. B. Aitkin 1934 5. Sketch of works muriate (ammonium chloride) plant 1916 6. Information on titles to land Albright and Wilson‚ Oldbury 1. Report on visit to works by museum staff 1986 2. Letter regarding 1. 3. Reprint Chem. And Ind. August 31st 1963 regarding Research Department 4. Job assessment scheme at works 1969 5. Sales leaflet / article regarding Holmes Marine Life protection Association
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