MEMO: From: Learning Team B Date: October 28‚ 2013 Re: Revenue Cycle Reasoning for this memo is to explain with detail the qualitative features of importance that identifies the deviations seen in the auditing process at Apollo Shoes. During the audit process there were none compliances found in the records of Apollo Shoes Inc.’s revenue process‚ cycle of test ending 12/31/2007 and in the receivable aged trial balance sheet. In the following you will see a step listed that was taken during
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Materiality is assigned on a company by company basis when the company is audited. In this paper the subject to explain will be why certain accounts have to be audited 100% and why is materiality allocated only to the accounts that are sampled. Also this paper will answer if any component of the audit risk is within the auditors control and how the three risks that make up audit risk inter-relate. Auditors make a decision on whether the information provided by the company should be used for the
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Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing
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Marian Maguire‚ Medium and Materiality Marian Maguire’s framed lithograph on paper‚ Virago (1990)‚ can be found on the fifth floor of the James Hight Library by room 542D. Print dimensions are 720mm x 430mm. The work has been exhibited at the Canterbury Gallery in the 1991 exhibition “Life Cycle in Lithographs” and was purchased for the University of Canterbury by the now defunct Library Art Acquisitions Committee in 1995. Lithography by its very method of production with the flat stone printing
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Accounting Education: an international journal Vol. 20‚ No. 2‚ 203– 222‚ April 2011 Adding Value to Audit Education through ‘Living’ Cases JULIE DRAKE University of Huddersfield‚ UK Received: November 2009 Revised: July 2010 Accepted: September 2010 ABSTRACT This paper seeks to address the perceived failure of university teaching to foster critical understanding of audit practice and to identify a potential remedy. It contributes to the debate (Maltby‚ 2001‚ “Second thoughts about ‘Cases in
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Flash Technologies‚ Inc Memo to the Planning File by Audit Manager – General Information 12/31/2008 General Background Information Emanuel “Manny” Schwimez‚ is the CEO and chairman of the board of Flash. Mr. Schwimez is originally from Tel Aviv. He has an impressive resume‚ including a master’s degree from the London School of Economics and many years of eexecutive-level experience. He has led several high technology companies in the U.S and abroad since the early 1970’s. In 1990 he became president
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Directive & Informative Memos Review Worksheet This is a review of directive & informative memos that you learned about in Module 3. Activity 1 1. What are the 5 parts of the header of an informative memo? __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ 2. The ‘Subject:’ line should be _____________________________________________________
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Assessing Materiality and Risk Simulation Debbie Griffis‚ Christie Maday‚ Ashley Ralph‚ Tonya Reinholdt‚ Tony Rauda ACC 490 February 6‚ 2012 Kelly O’Leary Assessing Materiality and Risk Simulation In this paper we are going to look at four questions that deal with the assessing materiality and risk simulation. The first question that we will be looking at is why certain accounts have to be audited 100%. Then after that we will look at why materiality is only allocated to those accounts
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INTERNATIONAL STANDARD ON AUDITING 320 AUDIT MATERIALITY (This Standard is effective‚ but contains conforming amendments that become effective at a future date)* CONTENTS Paragraph Introduction ................................................................................................... Materiality ..................................................................................................... The Relationship Between Materiality and Audit Risk ................................. Evaluating
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market. You believe that increased demand will more than offset productivity gains‚ and may even require hiring more employees. Naturally‚ you cannot guarantee this‚ although you are optimistic about the chances that this will occur. Write a one-page memo to employees that covers these points. OPTION 2 2. Assume the role of vice president of manufacturing of Eastern Products‚ Philadelphia. You are thinking about the forthcoming annual retreat of top-level managers of manufacturing‚ engineering‚
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