Question 1 In 2001‚ The Soup Spoon incepted with partners Andrew Chan‚ Benedict Liew and Chef Anna Lim with a common goal in mind to create a sensational product that will bring The Soup Spoon to its maiden glories. Today‚ The Soup Spoon has come up with their sensational product to boast to all soup lovers. They believe that soup should not be just treated as an entrée‚ instead it should be worthy of being with the big meats like beef or mutton as a main dish. Aiming to cater innovative‚ fresh
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Audit case You are the engagement partner in a firm of chartered accountant and are reviewing the audit fire of a client ABC ltd. the audit manager has recommended that the audit option is qualified because he is in dispute with the directors of ABC ltd. The audit manager wishes the directors to create a large doubtful debts provision against a major debtor that is over six months old. The directors do not witch to alarm the public about the current liquidity problems of their major costumer because
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AUDIT EVIDENCE Audit Evidence Definition : All the information used by the auditor in arriving at the conclusions on which the audit opinion is based. This includes the information contained in the account records underlying the financial statements and other information. Additionally‚ audit evidence should be persuasive‚ rather than convincing. There are different levels of reliability of audit evidence‚ some providing more evidence than others. There are nine types of audit evidence
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Solutions for the Biltrite Bicycles Inc. Case Module I - Assessment of Inherent Risk 2 Module II – Assessment of Control Risk 16 Module III - Control Test: Sales Processing 28 Module IV - PPS Sampling: Factory Equipment Additions 30 Module V - Accounts Receivable Aging Analysis 34 Module VI - Sales and Purchases Cutoff Tests 41 Module VII - Search for Unrecorded Liabilities 46 Module VIII - Dallas Dollar Bank Reconciliation 48 Module IX- Analysis of Interbank Transfers 51 Module X -
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Campbell Soup Campbell Soup was founded in 1869 by Joseph Campbell and Abraham Anderson in Camden‚ New Jersey; where for over 140 years their headquarters has been located. With a company mission statement of: “Nourishing people’s lives everywhere‚ every day…[Campbell] inspires to produce high-quality‚ wholesome products that are trusted the world over and to make a positive difference in the world we live in” (Campbell 2012). Campbell Soup Company has continued to grow and flourish throughout
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“Accounting did not cause the recent corporate scandals‚ unreliable financial statements were the results of management decisions‚ fraudulent or otherwise”. (Lin & Wu‚ 2006‚ para. 5) Waste Management‚ HealthSouth‚ Enron‚ Satyam and Madoff are just a few names that come to my mind when I think of fraudulent accounting. Disguised loans‚ inflated income‚ improper accounting and misstated earnings‚ different words all describing the same thing‚ FRAUD. Fraud affects the company‚ the consumers
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Auditing Theory 1. A control which relates to all parts of the EDP system is called a(n) a. Systems control c. Applications control b. General control d. Universal control 2. Which of the following is not an output control? a. Proper authorization of transaction b. Control totals c. Check digits d. Adequate documents 3. Should the auditor feel‚ after obtaining an understanding of the EDP internal control structure‚ that control risk cannot be reduced‚ he or she will a. Issue a disclaimer b. Issue
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Chapter 8 Audit Planning and Analytical Procedures PLANNING Why auditor should properly plan engagements: a. To enable the auditor to obtain sufficient appropriate evidence for the circumstances b. To help keep audit costs reasonable c. To avoid misunderstanding with the clients Acceptable Audit Risk is a measure of how willing the auditor is to accept that the F/S may be materially misstated after the audit is completed and an unqualified opinion has been issued. When auditor decides on a lower
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Campbell ’s Soup Cans (sometimes referred to as 32 Campbell ’s Soup Cans)[1] is a work of art produced in 1962 by Andy Warhol. It consists of 32 canvases‚ each measuring 20 inches in height × 16 inches in width (50.8 × 40.6 cm) and each consisting of a painting of a Campbell ’s Soup can one of each of the canned soup varieties the company offered at the time.[2] The individual paintings were produced with a semi-mechanized silkscreen process‚ using a non-painterly style. Campbell ’s Soup Cans ’ reliance
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Ethical Dilemmas for Auditors Discussion Paper May 2006 1 The Institute of Certified Public Accountants in Ireland Ethical Dilemmas for Auditors Dilemma One – Non-Audit Services 3 Dilemma Two – Fee Levels 6 Dilemma Three – Ethics Partner 7 Dilemma Four – Long Association with the Audit Client 8 Dilemma Five – Commencement in Practice 9 Dilemma Six – Financial Interest in a Client 10 Dilemma Seven – Business relations with audit clients 11 Dilemma
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