In recent years‚ as the collapse of some renowned companies‚ the issue of audit independence turns to be more and more concerned by the international regulators. Independence is the cornerstone of the auditing profession‚ and auditor’s opinion is suspect if lack of independence. However‚ in some circumstances‚ some potential threats of audit independence would be generated as jointly provision of non-audit and audit services to the audit client. Although it will create threats to independence‚ some
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Accounting Professions Report In the field of accounting‚ there are three main professions that are highly in demand. The professions are 1) Chartered Accountants (CA) 2) Certified General Accountants (CGA) 3) Certified Management Accountants (CMA) Each of these professions requires special practice sessions‚ education‚ training‚ and loads of experience. Nationally and internationally these jobs are highly in demand for its standards and for its stature. Overall‚ this report will inform
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Group Assignment – HBC614B Company Auditing PART 1 THE INTERNATIONAL AUDITING STANDARDS BOARD AND ITS IMPORTANCE TO THE DEVELOPMENT OF AUDITING STANDARDS IN AUSTRALIA AND NEW ZEALAND The International Auditing and Assurance Standards Board (IAASB) is an independent standard setting body within the International Federation of Accountants (IFAC). Established in 1978‚ originally known as International Auditing Practices Committee (IAPC)‚ it changed its name to IAASB in early 2001 and was then
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Unit 11639 Assessment Apply Consumer legislation to a given fact situation Navi Student ID: Due Date: 5th Aug 2013 Assessment Part 1: Apply selected provisions of the Fair Trading Act 1986 to a given fact situation. 1a) The fair trading act in 1986 defend consumers by prohibiting dishonest or deceptive conduct in trade. It requires that all trading activities are based on right and true information. In this case‚ under the defences available in the act‚ he was not
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In terms of technology being used‚ Philippine banks are at par with other banks in the Asia-Pacific region‚ according to one of the top business solutions provider in the United States. “In two to three years’ time‚ the Philippines may become among the countries that have a topnotch banking industry‚” said Francois Denimal‚ Sungard director for sales said. Sungard operates in 30 countries including the Philippines. Denimal said that at the rate the banks are growing‚ financial institutions
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Question 1 Incentives: Financial pressures from changes in the market and industry intense competition (national‚ regional‚ local) under cut prices from municipalities that could offer lower prices by using tax revenue. Pressure to meet earnings expectations Stock ownership benefits Retirement benefits Performance based bonuses Maintain growing stock price Maintain industry leadership Maintain reputation Opportunities: Able to use a lot of estimates in depreciation of PPE (over 1/2 of assets)
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decision which answers why I want to become a CPA and how I can become a CPA. “Never call an accountant a credit to his profession; a good accountant is a debit to his profession” (Charles Lyell). Accountancy is one of the most respected careers and CAP’s are considered as one of the highest paid professionals. It is not just the income which attracts people towards this profession‚ but also the respect attached to it. Certified Public Accountant (CPA) is the statutory title of qualified accountants
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certifications is no easy task; however‚ earning and maintaining your certification can increase your chances for advancement and promotion‚ enhance your reputation among colleagues and within the profession‚ and result in salaries that are higher than your non-certified peers as long as you remain ethical. The Profession of Accounting When most people go to college they think of what major would be the most interesting‚ and most exciting. However there are a few brave souls who want to learn the language
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AUDITING – ACC5604 – SEMESTER 1‚ 2014 SEMINAR 2 - PROBLEM QUESTIONS PROBLEM 2.1 Your text identifies three of the early approaches to auditing‚ namely the Balance Sheet‚ Transaction Cycle and Financial Risk Analysis approach. Required: (a) Provide a brief description of each approach. (b) Define the term “Transaction Cycle” and provide two examples of common transaction cycles‚ together with the account balances arising from the identified cycles. (c) If an auditor adopts
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ACC 3401 Audit and Professional Ethics │LECTURE 1│ Concepts of Auditing Learning Objectives After the lecture‚ students should be able to: describe the nature‚ purpose and scope of an audit; describe various basic principles and concepts of auditing and explain their importance in the actual audit procedures; and describe the professional framework within which auditors must operate. 1. Accounting vs. Auditing Accounting - the process of recording‚ classifying‚ summarizing and
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