Jurgen Skembi Homework5 Internal Control Audit Standards a. For what purposes should an auditors’ understanding of the internal control components be used in planning an audit? An auditors’ understanding of the internal control components should be used for 3 reasons: a) To identify the potential misstatement that might occurs b) To identify the factors that affect the risk of material misstatement c) To influence the design of substantive procedures b. What is required
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| |This report has been prepared to cover the assessment requirements of AAT Learning and Assessment Area ‘Internal Control and Accounting Systems.’ | |The objectives of this report are to: | |a)analyse accounting system and effectiveness of its internal control | |b) to identify the strengths and weaknesses
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PPL Corporation v. Commissioner of Internal Revenue Business Income Tax‚ Northwestern Oklahoma State University ShaLyn Schaefer March 7‚ 2013 I chose this court case because the decision will have effects on many businesses in the United States who own foreign companies. A holding for the Commissioner of Internal Revenue may subject taxpayers in PPL’s position to double taxation. However‚ a holding for PPL threatens to undermine the consistency and uniformity of the U
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knowingly damaged the ring‚ then it would become an entirely different scenario as there would be gross or willful negligence. However‚ if the Carpenters truly had no control over the event‚ then‚ in my response‚ casualty loss deductions would be allowed. I would also like to mention that there is a section in the Internal Revenue Code in regards to deductions and it would be IRC Section 165. It states approximately the same information with Topic 515‚ but it also mentions “or other casualty…” These
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that it was appropriate for Ernst & Young to decide not to rely on AA Capital’s internal control during 2004. The E&Y took the required (Sarbanes-Oxley) precaution of conducting and audit of the internal control system over financial reporting which led to the discovery of the $1.92 million of cash transfer made to Orecchio; even though it did not stop the fraud. Auditors can choose not to rely on a client internal control after obtaining and understanding the client’s system and the auditors determine
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Task 3: Internal control 1. What do you think is the primary problem at the Sunshine Center? There where no financial reports or summaries of the cash flows. Probably‚ Barb wasn’t fare about the payments. Because there was no financial report it was not clear where all the money went to. 2. Why is accountability important to the Sunshine Center Committee? The director? Cli ents of the Sunshine Center? Church members? It is so important to the committee so they can check if the
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utline each internal control violation‚ which includes identifying each violation and identifying responsible party(-ies)‚ respectively. - Establishment of Responsibilities - Utilizing separation of duties for cash handling‚ which can be achieved by assigning different individuals to duties such as making payments‚ maintaining documentation‚ preparing deposits‚ reconciling records‚ etc. An essential characteristic of internal control is the assignment of responsibility to specific individuals.
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Internal Control and Accounting Systems – Standards ICAS (Level 4) - Standards 1 Title (and reference number) Level Credit value Principles of Internal Control (Knowledge) 4 3 Assessment criteria – learners can: Describe the purpose‚ structure and organisation of the accounting function and its 1.1 relationships with other functions within the organisation. Explain the various business purposes for which the following financial information is required • income statement (profit and loss
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Internal Control Being that LJB Company is still a small company with faith in their long term employees puts LJB in an advantage over competitors. Having long term employees show and express the loyalty towards the company. There is one advantage of LJB Company being a small firm as we are approaching our initial public offering. Because of some small issues that will need to be resolved as per internal control requirements‚ LJB being a small firm it should be easier to bring change with implementation
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Audit Program Design Part III for Apollo Shoes Crystal Spencer ACC/546 September 24‚ 2012 Deborah Fitzgerald Thomas Sloan and Spencer Auditing Firm during phase III of Apollo Shoes audit plan‚ we will focus in two key cycles‚ which are the following: inventory and warehouse cycle and cash cycle. It is important to understand that are six types of transactions in the inventory and warehouse cycles which are: receive raw materials‚ store raw
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