Beginning the Audit Report ACC/546 Auditing January 12‚ 2015 Beginning the Audit Report January 12‚ 2015 Mr. Arnold Anderson Anderson‚ Old‚ and Watershed‚ CPAs‚ LLC Shoetown‚ ME 00001 Dear Mr. Anderson: This is letter is to inform you of the plans for the beginning of the audit process that we plan to take to complete the audit of Apollo Shoes. There are many parts to the process and we will discuss each within this letter. The beginning of the audit process is to describe the objectives
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Evidence of accomplice: An Introduction Section 133 of the Indian Evidence Act‚ 1872 is the only absolute rule of law dealing with accomplice evidence. However it is the opinion of some that this section is redundant as Section 118 makes all persons competent to testify except those persons which the section specifically bars. Moreover there is no rule which requires that the evidence of an accomplice should be corroborated. But Section 133 might lead persons to suppose that the Legislature desired
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UNIVERSITY OF NAIROBI FACULTY OF LAW TAPE RECORDED LECTURES THE LAW OF EVIDENCE LLB II 2003 LAW OF EVIDENCE Lesson 2 RELEVANCE & ADMISSIBILITY RES GESTAE ‘Res Gestae’‚ it has been said‚ is a phrase adopted to provide a respectable legal cloak for a variety of cases to which no formula of precision can be applied’. The words themselves simply mean a transaction. Under the inclusionary common law doctrine of Res Gestae‚ a fact or opinion which is so closely associated in time‚ place
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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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physical examination 13. (4) analytical procedures 14. (3) documentation 15. (5) inquiry of client 16. (4) analytical procedures 17. (3) documentation 18. (6) reperformance 19. (1) physical examination 20. (2) confirmation 7-33 Examples of audit evidence the auditor can use to support each of the functions are: a. Examine invoice from vendor Direct confirmation with vendor b. Physical examination Direct confirmation with custodian c. Direct confirmation with customer Examine cash receipts
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determine the effectiveness of their design and operation. 5. Evaluate the evidence and make the assessment. 10-3. In identifying both potential misstatements and necessary controls‚ the auditor typically uses either (1) computer software that analyzes responses to specific questions input for computerized internal control questionnaires or (2) checklists developed for the same purpose. 10-4. a. Evidence obtained from procedures to obtain an understanding should be used by the auditor
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evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users” (cited in Turney et al p. 108). From that definition‚ it is evident that the auditing process consists of three elements: evidence collection and evaluation; comparison of collected evidence with established criteria and; results-sharing with interested parties. In obtaining evidence for auditing
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for carrying out an Audit. Before an audit is assigned to staff‚ there are few matters that should be considered such as: - The size of the company to be audited. (If it is a private limited co .i.e. Sdn.Bhd. 2 or 3 staff will be required. If it is a Public Listed Company 3 or 4 staff and if it’s a Group audit 6 or 7 staff depending on the number of subsidiaries.) - The budget is very important as we are always advised to stay within the budget so that the audit fees is sufficient to
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The firm of Anderson‚ Olds‚ and Watershed is pleased to receive your notification to proceed with the audit and look forward to working with you. From the Audit Committee meeting minutes‚ we understand that Apollo Shoes requires help with the yearly audit because the former CPA firm withdrew unexpectedly (University of Phoenix‚ n.d.). Anderson‚ Olds‚ and Watershed will conduct the audit and “prepare the state franchise tax returns as well as the federal tax returns” (University of Phoenix‚ n
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Semester 3 MF0013 – Internal Audit and Control - 4 Credits (Book ID: B1211) Assignment Set- 1 (60 Marks) Note: Each Question carries 10 marks. Answer all the questions. Q1. Explain the use of Sampling technique in Internal Audit ( SA500) Q2. Discuss‚ in brief‚ the advantages and limitations of auditing. Q3. Discuss the main scope and objects of internal audit? Q4. As a senior audit assistant of M/s. Asutosh Associates‚ you are in charge of internal audit team of M/s Rajesh Technologies
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