Jane Doe‚ CPA CC: CPAs Forever‚ Inc. Date: February 1‚ 2010 Re: Summary of CPA Responsibilities On Monday‚ January 25‚ 2010‚ you requested that I provide the external CPAs answers to questions about deferred taxes‚ accounting changes and error corrections‚ and establishing the subsidiary as a corporation. The attached brief contains answers to those questions. Additionally‚ you requested information about my professional responsibilities as a CPA and the difference
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com/dividedpcaob-presses-for-names-in-audit-report/article/323604/). The current proposal to disclose of the engagement partner in the audit report stemmed‚ at least in part‚ from the 2008 Final Report of the Advisory Committee on the Auditing Profession (ACAP) (PCAOB Release 2011-007‚ “Improving the Transparency of Audits: Proposed Amendments to PCAOB Auditing Standards and Form 2‚” http://pcaobus.org/ Rules/Rulemaking/Docket029/PCAOB_ Release_2011-007.pdf). That report con- 44 tained seven recommendations that the ACAP believed contained “room
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of deception that results in a material misstatement of the financial statements. The two types of misstatements that are relevant to auditors are: The misstatement arising from misappropriation- this occurs when someone steals or misuses an organizations assets. Perpetrators are usually employees and occur when they gain access to cash or cash disbursement accounts and can manipulate them. Misstatement arising from fraudulent financial reporting- the perpetrators generally doesn’t seek personal
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Campbell Soup Company 1. Identify legitimate business practices that corporate executives can use for the primary purpose of manipulating or “managing” their company’s reported operating results. Are such practices ethical? Defend your answer. Some examples of legitimate business practices that executives can use to manage their company’s reported operating results include: offering customers extended payment terms at the end of the a period to accelerate sales‚ recording generous reserves
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receive some fine because when the Fair Trading Act is breached by a staff employee on its behalf‚ the organisation they work for can be held liable. The staff employees‚ or anyone else‚ cannot simply say ’they did it without approval’‚ even if that statement is correct. 1b) In this case‚ when Sam book a holiday trip with “The Easy as ABC to travel Co Ltd”‚ he is entering into an agreement. The information that is provided in the advertising in all local newspapers must not be false or misleading.
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document‚ except as permitted by law. Contact permissions@ifac.org. ISBN: 978-1-934779-92-7 HANDBOOK OF INTERNATIONAL STANDARDS ON AUDITING AND QUALITY CONTROL 2009 EDITION Scope of this Handbook This handbook brings together all the International Standards on Auditing and the International Standard on Quality Control that have been redrafted by the International Auditing and Assurance Standards Board (IAASB) to improve their clarity (Clarity
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Ann Taylor (based on an earlier version of the case) 1. Consider the performance of A nn Taylor. How well is the present strategy working? Ann Taylor compared to the industry: I n fiscal year 2005‚ Ann Taylor was number six in the Women’s Wear Daily’s top twenty of the publicly traded retailers specializing in women ’s wear. ANN maintained this position from the previou s fiscal year 2004. Ann Taylor compared to key rivals: Several retailers that target the same or similar demographic
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Financial Control Auditing in an Electronic Environment (e-Auditing) Presented to Dr. Marwa Tarek Presented By: Pierre Guirguis 9104428 Rimon Abd El-Meseih 9104386 Mahmoud Mohamed Refaat Auditing in an Electronic Environment (e-Auditing) * What is e-Auditing? Electronic auditing‚ or e-Auditing‚ is computer-assisted auditing that uses electronic records to complete all or part of the audit. If you use a computer to record your business activity and maintain this data electronically
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Final Project: Analyzing Financial Statements Calculating Ratios 2003 2004 Current $82‚058.00 $302‚902.00 $389‚863.00 = 0.21 $699‚004.00 = 0.43 Long Term Solvency Ratio $359‚863.00 $699‚004.00 $259‚979.00 = 1.38 $338‚937.00 = 0.62 Contribution Ratio $632‚889.00 $1‚078‚837.00 $1‚244‚261.00 = 0.51 $2‚191‚243.00 = 0.49 Program/Expense Ratio $945‚580.00 $1‚526‚312.00 $1‚316‚681.00 = 0.72 $1‚972‚131.00 = 0.77 General Management / Expense Ratio
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to errors and fraud and the categories of fraud affecting financial reporting. Identify misstatement in financial report is the major task of auditor. Regardless the result of error or fraud‚ plan and perform audit engagements are being required by auditors to ensure financial statements are free from material misstatement by reasonable assurance instead of total responsibilities to the fair and true reports due to the limitation of auditing. When there is a high likelihood of fraud through evaluating
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