AUDIT EXPECTATIONS GAP Definition i) Liggio (1974a) defines it as the difference between the levels of expected performance as envisioned by the independent accountant and by the user of financial statements. The Cohen Commission (1978) on auditors’ responsibility extended this definition by considering whether a gap may exist between what the public expects or needs and what auditors can and should reasonably expect to accomplish. ii) According to Guy and Sullivan (1988)‚ there is a
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We do not believe that the auditors from Friehling & Horowitz exercised due care and maintained professional skepticism throughout the audit. According to the AICPA website‚ “due professional care imposes a responsibility upon each professional within an independent auditor’s organization to observe the standards of field work and reporting” (AICPA). This is because the auditors should have been skeptical of Madoff’s bank account and Chase and should have looked into what that bank account was
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AUDIT PLANNING AND CONTROL 1.0 LEARNING OBJECTIVES After studying this chapter‚ readers should be able to understand: ! The general concept of audit strategy. ! The Importance of audit strategy as an effective plan for an audit. ! Internal control systems‚ evaluation and assessment. ! Audit documentation. ! Relationship with experts. ! Audit risks and its relative importance to audit. ! Components of audit risks. ! How to assess audit risks. 1.1 INTRODUCTION Auditing has developed over many years
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Case Study on Apollo Tyres Ltd. Investment Decision Dilemma Submitted to : Submitted By : Dr. L Ramani Shahina Zia (14DM190) Shakti Mishra (14DM192) Srikanth Thakkolam (14DM219) Surabhi Kachhawah (14DM224) Vivek Sethia (14DM250) Yatin Gupta (14DM253) Question 1 Explain and evaluate the future implication of company’s capital budgeting decision. Sol. From the case study‚ we can calculate the cost of equity capital as under Ke = Rf +β (Rm – Rf) = 0.0853+0.928(0.05) = 13.17%
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average d. median average 3. easy d Auditors are responsible for determining whether financial statements are materially misstated‚ so upon discovering a material misstatement they must bring it to the attention of: a. regulators. b. the audit firm’s managing partner. c. no one in particular. d. the client’s management. 4. easy c The FASB definition of materiality emphasizes what class of financial statement users? a. Regulators. b. Informed investors. c. Reasonable persons
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A Walk in Another’s Shoes Often humans get caught up in how they see things‚ they think that the way they view the world is the only way. However that’s not the case‚ not everything is what it seems. In order to succeed in life‚ it is important to step back and try to understand experiences through the eyes of others. In Harper Lee’s classic novel To Kill a Mockingbird‚ one of the valuable themes taught is you can’t judge others until you place yourself in their shoes and look at things from their
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2014 [ VALUE STREAM MAPPING ] At APOLLO TYRES‚ PERAMBRA‚ KERALA PREPARED BY: SHAHIN MOHAMED shahin.mohamed15@bimtech.ac.in 13DM169-BIMTECH VALUE STREAM MAPPING 2014 CONTENTS 1. List of Tables…………………………………………………………………………4 2. List of Graphs . .……………………………….............................................................4 3. List of Figures………………………… ‚ ‚……………………………………………4 4. Faculty Mentor Certificate…. . ……………………………………………………….5 5. Industry Mentor Certificate……………………………………………………………6
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solution is called “The Apollo Beam.” The Apollo Beam is a remote controlled high powered beam of light that
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Apollo 11 took three astronauts on an extraordinary adventure to the moon. Their primary goal was set by John F. Kennedy to land on the moon and come back to Earth. All three astronauts had went into space before. Neil Armstrong‚ Edwin Buzz Aldrin Jr.‚ and Michael Collins. They where all main parts and important to this mission. The men were sent off in space on July 16‚ 1969 at the Kennedy Space Center in Florida. The place they landed in was the Sea of Tranquility. A camera in the eagle watched
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The Shoes That Were Danced To Pieces Analysis Although this story has been made into several other movies and books‚ including a Barbie Movie (The 12 Dancing Princesses)‚ the original Grimm version will be the subject of this analysis. The original story was published in 1857 in the Kinder und Hausmarchen book. The tale both enforces and disputes several stereotypes ad contains one violent part. The stereotypes and violence help enhance the story by increasing and bringing to life the imaginative
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