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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David Garcia English III Mrs. Carroll A3 Accepting Others Accepting others is a very important part of life. Especially the way they are. If you can’t learn how to do that then you will miss out on a lot of friends in life. Life is hard enough and when people try to "fit in" with the cliques of life‚ it makes life much harder for them. When you go to school you always have to worry about the way you look or how you walk or who your friends are in order to "fit in". If you don’t
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New Health Medical Systems Memo Lu-Mariann Rodríguez Marti University of Phoenix Practica de contratación y retención - HRM/548 Dra. Zahira Banks 16 de marzo de 2010. memorandum PARA: Dra. ZAHAIRA Banks-ESPINOSA CEO New Health Medical Systems DE: LU-MARIANN RODRIGUEZ-MARTI TEMA: evaluation of the New Health Medical Systems staffing strategy FECHA: [ 3/23/2010 ] ------------------------------------------------- “El objetivo de la gestión estratégica en una organización es implementar
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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which exceeds materiality of $50‚000. c. The auditor should either propose an audit adjustment so that the unadjusted statement amount is less than materiality‚ and/or perform more testing to obtain a better estimate of the population misstatements. The additional testing will likely focus on receivables and inventory because they have the largest estimated misstatements. 9-28 a. The following terms are audit planning decisions requiring professional judgment: Preliminary judgment about materiality
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The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-2
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456 Chapter Eleven Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments
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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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Every reality poses problems‚ some people find ways of hiding from their problems or in other words escaping from reality. Each of the unique main characters‚ Amanda‚ Laura‚ and Tom‚ in Tennessee Williams play‚ The Glass Menagerie‚ have a difficulty accepting reality and have several ways of escaping from the problems. Laura is painfully shy which affects how she interacts with others in the real world. She was enrolled in Business College and her mother hoped for her to one day get a good job and
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