[pic]Accounting 408 Test 2 Review 1. An auditor obtains knowledge about a new client ’s business and its industry to a. Make constructive suggestions concerning improvements in the client ’s internal control structure. b. Develop an attitude of professional skepticism concerning management ’s financial statement assertions. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated
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services that are provided by CPAs There are two types: -Increase reliability of information -Putting information into a form or context that facilitates decision making Types of Services Assurance Services -Attestation Services Example: Audits of Financial Statements‚ Examinations of Internal Control -Other Assurance Services Example: CPA ElderCare Prime Plus Services Non Assurance Services -Tax Services -Management Consulting Services -Other Attestation Services -to attest to
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Romeo and juliet essay : who plays a tragedy Romeo and Juliet: Who is Responsible for the Tragedy? Does Fate play a role? Who is responsible? This question is always asked of any conflict‚ and usually no one wants to admit that it was his or her fault. It then must be determined what the conflict was‚ who is responsible‚ and to what extent. Shakespeare’s‚ Romeo and Juliet‚ is based on a conflict. In Romeo and Juliet the conflict turns into a tragedy. Now that we know what the conflict was‚ which
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I THE RED FLAGS and the Allegations by the SEC -1996‚ Ruttenberge family sold a large chunk of stocks for $49.6m on the second public offering while the financial statements continuously showed positive trends - The financial statements analysis - Cash flows were negative while profit was reported. Early 1999‚ liqutity problem arised‚ sold $200M of high-yield or Junk bonds in mid 1999. - Justice Department: Adam Gilburne: guilty to conspriracy to commit wire and securities fraud to inflate
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Who Is Responsible For Cleanup Under CERCLA? What is CERCLA? The Comprehensive Environmental Response‚ Compensation‚ and Liability Act ( CERCLA ) 1) The purpose of CERCLA is to make owners and operators of hazardous waste dump sites and contaminated areas‚ as well as their customers‚ responsible for cleanup costs and property damage. 2) CERCLA is also referred to as THE SUPERFUND. It is authorized to a level of 8.5 billion dollars. The funding for CERCLA comes 87% from taxes on the chemical
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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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Fundamentals of Internal Auditing September 5-7‚ 2007 A Three-Day Tutorial Philadelphia‚ PA on Internal Auditing September 19-21‚ 2007 Las Vegas‚ NV Basics October 15-17‚ 2007 Houston‚ TX • Get a well-grounded foundation in the concepts of traditional and operational auditing November 5-7‚ 2007 San Francisco‚ CA November 12-14‚ 2007 • Gain proven tools and techniques for performing value-added audits in the era of Sarbanes-Oxley and PCAOB Boston‚ MA December
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take responsibility for our actions and by doing so endeavour to create reasonable happy‚ contented lives for ourselves and our families. So‚ some questions must be asked. Where and how did Willy Loman lose track and focus? To what extent is he responsible for his own downfall? To enable us to understand Willy Loman’s
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The future of auditing Called to account The auditing industry has yet to recover from the damage inflicted by an era of corporate scandals Nov 18th 2004 |From the print edition * * NO ONE becomes an auditor because the job is adventurous. In recent years‚ however‚ the profession has been really rather racy. Auditors have been implicated in fraud after fraud. The Enron scandal brought down Arthur Andersen‚ which had been one of the profession ’s five giant firms. Now a scandal at
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Process Of Auditing‚Auditing Vs Investigation INTRODUCTION: Introduction to auditing: Economic decisions in every society must be based upon the information available at the time the decision is made. For example‚ the decision of a bank to make a loan to a business is based upon previous financial relationships with that business‚ the financial condition of the company as reflected by its financial statements and other factors.As a result the bank has lost both the principal and the interest
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