Case Study 3 a) What events or condition above may cause substantial doubt about the entity’s ability to continue as a going concern? Events or condition that may cause substantial doubt about the entity’s ability to continue as a going concern are the first one‚ because of the high competition in the industry‚ it has affected the sales of the Fast Go. The effect of vigorous competition in the markets has makes it difficult for Fast Go to attract and retain customers and to grow their customer
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show that the loss suffered by the claimant was reasonably foreseeable. In the case of Hedly Byrne and Co vs Hedler and Partners Ltd‚ where there was a special relationship between parties‚ there could be a duty of care for financial loss caused by a negligent misstatement. However‚ there was a valid disclaimer as the advice given by Heller was headed without responsibility and the defendant was not liable. In this case‚ Aiman & Co were not liable since there is no special relationship between parties
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a going concern audit issue. Participants in Experiment One involve 92 auditor from multiple offices of three Big 4 audit firm which is 48 seniors‚ 29 managers and 15 senior managers. The range of audit experience are 3 to 13 years with a mean experience of 5.4 years. Overall‚ 80 percent of participants reported being involved in audit engagements where substantial doubt existed about the client’s going concern aassumption. While two-thirds of participants shown at least one audit engagement where
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loyalty. She wanted to know how the Company could build an Asia-specific CRM process blueprint for their internal customer management process and transfer that knowledge to its clients. The strategy team had a four-week deadline to present its solutions. Grey Global Group was a full communications enterprise with 16 global partner companies focused on distinct communications disciplines and engaged in a wide range of marketing and
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time to see if they are reasonable. Most auditors should have detected this kind of material misstatement in company’s financial results‚ because this defalcation is caused by a personal factor. c) We should forecast its audit procedure in order to eliminate the risks in audit progress. Thus‚ control procedure would have been effective in preventing or detecting the defalcation could have been a separation of duties. 2. a) Since the purchasing agent usually set up wrong purchase orders to factious
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Abstract: The audit function creates several important relationships among the various parties. One of the most significant and potentially problematic relationships is between the audit firm and the audit client. The decision by the audit firm to accept or retain a client is crucial because of the potential risk of being associated with certain clients. Engagement risk is considered to be composed of three components: client’s business risk‚ audit risk‚ and auditor’s business risk. Client’s
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(negligently) runs over another while driving carelessly has committed a tort of battery based on negligence Duty of Care The reasonable person standard The law does not require perfection‚ only what is reasonable under the circumstances In the case of a professional such as a doctor‚ engineer or accountant‚ that standard is a reasonable doctor‚ engineer or accountant. SQUISH LA FISH v. THOMCO Issue Did the defendant fail to take reasonable care that the information it provided was correct
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WorldCom The Story of a Whistleblower . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Hollinger International . . . . . . . . . . . . . . . . . . . . . . . Realities of Audit-Related Litigation instructor resource Manual — do not coPy or redistribute instructor resource Manual — do not coPy or redistribute a day in the life of brent dorsey staff auditor Professional Pressures inS tr uc t ional o b je c t ive
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Business Blogging Toolset: 100 Resources for Entrepreneur-Writers In the past few years‚ blogs have become a big part of business on the internet. Everything from anthropomorphized cats to celebrity gossip can bring millions of visitors and a steady stream of revenue. It can be hard to figure of where to start with your own money-making blog‚ but we’ve tried to make it a little easier by condensing the essential resources you’ll need to start blogging profitably into this list. Check out these sources
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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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