Contents What’s new 2 About this publication 3 Independent auditors’ report on consolidated financial statements 5 Consolidated financial statements 7 Consolidated statement of financial position 9 Consolidated statement of comprehensive income – single-statement approach 13 Consolidated statement of changes in equity 17 Consolidated statement of cash flows 21 Notes to the consolidated financial statements 25 Appendices I New standards or amendments
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Question 1 – Develop an awareness of the client situation (a) List five (5) topics you would discuss with Sarah and Stan at your first meeting. Why are these topics important? Give a brief reason for the need to discuss each topic. (Each discussion topic: 1 mark each ‚ Reason: 1 mark each) 10 marks 1. Personal Details As a financial planning organisation we are subject to certain legislative and regulatory requirements which necessitate us to obtain personal information about Sarah
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Ludnie Rene February 3‚ 2016 Throughout Sophocles’ “Oedipus Rex”‚ there are examples of an individual who denies his fate and suffers for not accepting it. Sophocles demonstrates this through Oedipus’ late realization in his racing battle against fate. Even with the best of intentions to avoid his tragedy‚ Oedipus is lead directly to his end. But‚ by choosing to run away and defy the gods‚ he is condemned to a suffering like no other. Furthermore‚ the Greeks believed that fate should be accepted
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Trouble Accepting Change? One thing known about the world is that there will always be change‚ even though it can be hard to accept. Acceptance of change is a theme widely shown in ‘Death of a Salesman’ written my Arthur Miller. The smart person knows how to accept change in stride by adjusting. Doing so‚ can reap many benefits and make life much easier. However‚ if one cannot accept change‚ disaster may strike his/her life. This is especially true for the character of Willy Loman as his failure
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Analysis and Resolution of Client Issues Group Assignment Mark S. Beasley‚ Frank A. Buckless‚ Steven M. Glover‚ Douglas F. Prawitt INSTRUCTIONAL OBJECTIVES • • • • • • To provide students with an opportunity to learn (by doing) how auditors identify various client and audit risks. The case also provides students with insight into how a risk analysis ties in to the strategic audit planning process. To provide students with hands-on experience responding to client concerns and issues. Often
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CONTENTS CHAPTER 4; CLIENT ACCEPTANCE 4.1 INTRODUCTION The client acceptance stage has two objectives; a) Examining the proposed client to determine if there is any reason to reject the engagement (acceptance of the client). To do so‚ the auditor obtains a preliminary understanding of the client‚ in order to both evaluate the client’s background and the risks associated with accepting the engagement. b) Convincing the client to hire the auditor (acceptance by the client). The auditor must thus
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not-for-profit reporting requirements The purpose of this memo is to explain why increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and governmental entities. State and federal regulators are reviewing‚ audit reports of agencies like ours that receive federal grants and loan monies. Their purpose is to “ensure that independent audit firms are in compliance with Generally Accepted Audit Standards (GAAS) and recently added requirements under Generally
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Audit Objectives: a. Determining that cash on hand as shown in the general ledger is represented by currency and coins on hand. b. Determining ownership and proper accountabilities c. Ascertaining that cash balances are available without restrictions. Audit Procedures: a. Examination of cash proof sheets and tracing of their totals to the general ledger b. Test tracing of deposit or withdrawal slips to individual subsidiary ledgers and vice
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CONTROLS IN AN EDP ENVIRONMENT The second standard of field work requires that we obtain a sufficient understanding of the client’s internal controls (I/C) to plan the audit and assess control risk. We hope that our assessment of control risk shows it to be low so that we can reduce substantive testing‚ thereby reducing audit costs. When EDP is used in significant accounting applications‚ then you must consider the effects the computer has when evaluating the internal controls. The auditor’s
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Germeroth‚ CarrieHein‚ Heather. "Stopping Childhood Obesity Before It Begins." Phi Delta Kappan 93.7 (2012): 10. MasterFILE Premier. Web. 26 Sept. 2012. Ornes‚ Stephen. "Obesity Linked To Location." Science News For Kids(2012): 1. MasterFILE Premier. Web. 26 Sept. 2012. Park‚ Alice. "Goodbye‚ Big Soda: New York Become Fist City to Ban Large-Sized Soft Drink." Time Magazine 13 Sept. 2012: 1-2. Web.
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