– Skills Module‚ Paper F8 (UK) Audit and Assurance (United Kingdom) 1 (a) (i) Importance of reporting to those charged with governance June 2013 Answers In accordance with ISA 260 (UK and Ireland) Communication with those charged with governance‚ it is important for the auditors to report to those charged with governance as it helps in the following ways: (1) It assists the auditor and those charged with governance in understanding matters related to the audit‚ and in developing a constructive
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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 independent‚ minor league baseball team‚ competes in the North-west Coast League. The team finished in second place in 200X with
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Question 1 - Risks surrounding the identified accounts The Audit of TNO Ltd has highlighted number of risks. The risks highlighted in the audit are discussed throughout the report. Below is a table of the risks and tests to carry out‚ based on the five accounts highlighted as being of risk. The common assertion that is common to the five accounts is valuation and allocation. Account Assessment of Risk Substantive audit procedure Accounts Receivable Account Receivable has increased while sales
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Page number Executive summary 4 Introduction 5 Audit in brief: 6 History of auditing profession in Bangladesh 6-10 Ending summary 10-11 conclusion 11 Executive summary: The development of auditing profession in an emerging economy Bangladesh is analyzed here. This report aims to discuss the historical background and evolution of auditing. It is found that auditing has evolved through a number of stages. In the mid 1800s to early 1900s‚ the audit practice was considered as traditional conformance
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DATE: March 6‚ 2013 SUBJECT: Goodner Brothers‚ Inc. The Goodner Brothers‚ Inc. audit case is based off the story of two men who have been friends since their childhood: Woody Robinson and Al Hunt. Now as adults‚ Mr. Hunt works for an auto supply store while Mr. Robinson works for Goodner Brothers‚ Inc.‚ a tire wholesaler in Huntington‚ West Virginia. In the Goodner case‚ internal auditors were conducting their annual inventory counts of Goodner Brothers‚ Inc. and determined that their numbers
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Recovery Audit Contract Prior Government Accountability Office work has helped identify problems with Centers for Medicare and Medicaid Service’s actions to address improper payment vulnerabilities‚ and Department of Health and Human Service states that “prior Office of Inspector General(OIG) work identified problems with CMS’s inability to address referrals of potential fraud” (URL 2011). Hence‚ Congress created the Recovery Audit Contractor Program that was designed specifically to protect Medicare
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ACL ADMINISTRATION PAYCHECK FILE How many records are there in database? There are 147 records in the paycheck file. How many data validity errors are there in the database? There were no validity errors in the database; all records are entered into the system‚ thus makes it all valid. What are the following totals? Gross Pay (TOTAL_GROS) = 178‚831 Taxes withheld (TOTAL_TAXE) = 36‚584 Deductions withheld (TOTAL_DEDU) = 24‚947 Net Pay (NET_PAY) = 117‚292 EMPLOYEE FILE How
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you on the Altamesa audit engagement. Would you handle this situation any differently than Tommy did? Explain We would begin the audit engagement the same as Tommy‚ but after realizing that Carl’s work might not uphold the auditing standards of the engagement‚ bring it to the attention of Morrison. According to the AS 10 p.5 (b)- Supervision Of Engagement Team Member- direct engagement team members to bring significant accounting and auditing issues arising during the audit to the attention of
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in London‚ has run into a recurring issue dealing with his customers. Runners’ Choice is a shoe store that sells products specifically to regular runners. They sell products such as running shoes‚ walking shoes‚ cross-training shoes‚ shirts‚ shorts‚ jackets‚ hats‚ gloves‚ watches‚ running tights and pants‚ water bottle belts‚ concentrated carbohydrate gels and bars‚ heart-rate monitors‚ sunglasses‚ books and magazines for runners. Roberts realized that customers were confusing his store with The
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is to confirm our understanding of the terms of our engagement as the auditors of Oceanview Marine Company for the year ended December 31‚ 2012. We will audit the company’s balance sheet for December 31‚ 2012‚ and the related statements of income‚ retained earnings‚ and cash flows for the year then ended. The purpose of our audit is to form an opinion as to whether these statements are fairly presented. We will review the company’s federal and state income tax returns for the fiscal year
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