TYPES OF AUDITS Operational PURPOSE: To evaluate whether operating procedures are efficient and effective USERS: Management of the organization NATURE: Highly non-standard; often subjective FREQUENCY: PAs: Frequently AGs: Frequently CRA: Never Internal: Frequently Compliance PURPOSE: To determine whether the client is following specific procedures set by higher authority USERS: Authority setting down procedures‚ internal or external NATURE: Highly non-standard; often subjective FREQUENCY: PAs:
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activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that a representation letter signed by management
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documents might be drafted by the company’s lawyer. Financial Documents - A business uses financial documents to stay within its budget‚ prepare budget proposals and file tax returns. These documents include receipt records‚ payroll reports‚ paid bills‚ bank statements‚ income statements‚ balance sheets and tax reporting forms. These documents may be prepared by the company’s accountant. A business owner uses these documents to determine the financial success of the company and to identify areas that
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Wal-Mart Ethics and Compliance University of Phoenix August 24‚ 2009 Wal-Mart started as a single store in 1962 and since then has expanded to over 3‚600 stores in the United States and operates in 15 international markets. This paper will discuss the role of ethics and compliance in the Wal-Mart organization as it relates to the financial environment. We will describe the procedures in place to ensure ethical behavior and identify the processes used to comply with SEC regulations. Using the annual
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ASSIGNMENT Year Programme Title Unit Title Unit No. Unit Code Assignment No. Level Credit value Deliverer Handout Date Hand in Date 2013/2014 Edexcel Pearson BTEC HNC Certificate in Business and HND Diploma in Business (QCF) Operations Management in Business. Unit 34 F/601/1092 01 Level 4 – HNC and Level 5 - HND 15 credits Dr Joy ‚ Mr Solomon ‚Mr Natesan ‚Mr Hamim‚ Mr Kennedy ‚Mr Richard‚ Mr Nawaz‚ Ms Samar 18/11/2013 18/12/2013 Assignment title Using the Principle
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It is imperative that commanders and leaders possess a thorough understanding of their respective dynamic Operational Environment (OE) in order to efficiently utilize available resources to achieve the desired end state. Understanding the physical environment‚ the state of governance‚ technology‚ local resources and the culture of the local populace is absolutely vital and failure to do so leaves little chance for success. When considering the OE the following factors need to be examined; ideology
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Audit Proposal By: Catherine Chase Instructor: Khatrina Higgs‚ CPA ACC/542 Audit Proposal Abstract Understanding the audit process and how auditors operate is vital since it informs IT managers how to develop an environment that is compliant. More importantly‚ this brief will discuss the role of the auditor and its responsibilities as well as expand on the role and responsibilities of management during and after the audit. This brief will also focus on the methodologies of how
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2318 Information System Audit Outline: 1) Introduction to IT audit‚ purpose Types of IT audits‚ history of IT audit‚ major events that have prompted the use of and been solved using IT audit techniques. IT Audit process outline; process and phases. Planning the audit‚ materiality‚ risk assessment. 2) Effective information system audit. Evaluation of controls‚ types and tests of controls. Audit sampling‚ sampling methods‚ sample evaluation. 3) Audit automation and system
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balances Understand the audit planning implications of using analytical procedures as substantive tests of account balances Burlington Bees‚ an independent‚ minor league baseball team‚ competes in the North-west Coast League. The team finished in second place in 200X with an 87—57 record. The Bees’ 200X cumulative season attendance of 434‚348 spectators set a new record high for the team‚ up from 390‚000 in 200W. Bank-loan covenants require the Bees to submit audited financial statements annually
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Operational Planning What is it? The organisation has an operational plan that clearly states the actions to implement goals and strategies identified in the strategic plan. Your organisation has completed the strategic planning process. An operational plan details the actions required to implement each strategy‚ assigning responsibilities‚ setting timeframes‚ identifying resources required and indicating what difference the specific actions will make. When developing your operational
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