DQ 18. Explain how an IT environment affects independent verification. Independent Verification. Verification procedures are independent checks of the accounting system to identify errors and misrepresentations. Information technology drives the financial reporting processes of modern organizations. Automated systems initiate‚ authorize‚ record‚ and report the effects of financial transactions. The completed and stable IT environment can affects independent verification more effective. 20. Discuss
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Contents Executive Summary 2 Methodology 3 Introduction 4 Findings 5 A. Inventory balances and purchases transactions 5 B. Trade receivables and credit sales system 5 C. Property‚ Plant and equipment (PPE) 6 D. Trade payables transactions and balances 6 Implications 8 A. Inventory balances and purchases transactions 8 B. Trade receivables and credit sales system. 10 C. Property‚ Plant and equipment (PPE) 12 D. Trade payables transactions and balances 15 Conclusion The following conclusions
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following areas: i. Cash receipts ii. Cash payments iii. Bank reconciliations (c) Summarize seven sources of internal control risks that have an impact on the financial reporting framework in an organization. Q2 (a) Outline four audit procedures you would carry out to verify the following items: i. Leased property ii. Goodwill (b) Makau and Associates‚ an accounting firm‚ are the auditors of Eastview Petroleum Ltd. For the year ended 31 December 2012. You are a member of the audit
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Shipping KPI Project Past‚ present and future Today’s topic • Shipping KPI Project Goals • Shipping KPI Project Methodology • Shipping KPI Project Achievements Current industry situation • Too many different indicators (KPIs) • Comparison of performance between companies is difficult due to lack of standardization • Difficult to mobilize organizational focus on quality improvement • Additional manpower required to present the same information in many different ways (onboard‚ in office
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any breaches (under what section) and why. You should also consider any remedy or alternative course of action that should have been considered for each where appropriate. There is no word limit set for this assignment but it is expected that each question will be well-covered and considered. Guidelines would be that each question should be of between 400-600 words 1) Rodney Brick is completing a Master of Accounting part-time and has taken on a role as an auditing assistant with an audit/accounting
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be straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with the existing auditing firm has been changed. Objective An auditor has to be objective and fair. Auditor has to be fairness and objective to provide financial report. The client’s point of view must not affect auditor’s objective. In this case‚ Games Ltd has been
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Example 5.4: Producing and Shipping Tomato Products at RedBrand The RedBrand Company produces a tomato product at three plants. This product can be shipped directly to the company’s two customers‚ or it can first be shipped to the company’s two warehouses and then to the customers. Figure 5.17 is a network representing RedBrand’s problem. Nodes 1‚ 2‚ and 3 represent the plants (suppliers denoted by S)‚ nodes 4 and 5 represent the warehouses (transshipments nodes denoted by T)‚ and nodes 6 and
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Case Title: The Shipping Industry Accounting Team Case summaries must be submitted before class‚ on the days they are called in‚ to receive marks. 1) What type of team was formed here? Was it necessary‚ in your opinion? A virtual team was formed here. I think it was necessary‚ because all of the three firms made a decision together to not focus the whole business on only one office. Teams were put together with members from different areas of the country and had to communicate
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Qiong Wu Instructor James Dutra ACC 412 March 26‚ 2014 Case 3.1 Dodgers Trolley Summary The Dodgers Trolley case is a simple problem related the internal control in auditing. Dodgers Trolley was original funded in New York‚ but Yankees performed much better. After nearly seven decades of mostly frustration on and off the baseball field‚ the Dodgers shocked the sports world by moving to Los Angeles in 1958‚ because Walter O’Malley saw the opportunity to introduce baseball to the increasing
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exploration and whether their impact is long- or short-lived. The LNG tanker market is a market highly specialized and sophisticated with some of the most complex and expensive vessels on its hands. As is the case with most transport modes‚ also LNG shipping is derived from the demand and supply of its underlying commodity: natural gas. Natural gas is one of the major energy sources and looking at increasing crude oil prices and emission control regulations in both the US and Europe‚ it might become
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