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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1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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CHAPTER 20 Audit of Cash Balances Copyright 2003 Pearson Education Canada Inc. 20 - 1 What are the auditor’s primary concerns with regard to cash? Copyright 2003 Pearson Education Canada Inc. 20 - 2 What are the auditor’s primary concerns with regard to cash? - existence Copyright 2003 Pearson Education Canada Inc. 20 - 3 What are the auditor’s primary concerns with regard to cash? - existence - completeness Copyright 2003 Pearson Education Canada Inc
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AUDITING THEORY 1. Which of the following 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
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Medical Equipment Introduction Mexico imported medical equipment‚ instruments‚ disposable and dental products worth US $3.5 billion in 2010. This represented 90 percent of the medical equipment and instrument market and 2 percent of the disposables. Of these imports 57 %‚ or US$ 2 billion‚ were of U.S. origin. The main foreign suppliers of medical devices are Belgium‚ Brazil‚ Canada‚ China‚ France‚ Germany‚ Israel‚ Italy‚ Japan‚ Netherlands‚ South Korea and UK. U.S. medical products are highly
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SEMESTER 1‚ 2013 SEMINAR 9 - PROBLEM QUESTIONS PROBLEM 9.1 While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Ace Computers Ltd (Ace) for the year ended 30 June 2011 audit‚ you become aware of the following information: 1. The best-selling computer presentation package has been experiencing a high level of returns owing to suspected software problems. 2. Based on closing inventory‚ inventory turned over
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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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DeLL Inc. | Strategic Audit | MAN 4720 – Strategic Management | | Group 7 | 3/31/2012 | Dell‚ Inc. Dell‚ Inc. is an American multinational computer technology corporation based in Texas‚ United States. The company develops‚ sells‚ and supports computers and related products and services. Dell Inc. is one of the largest technological corporations in the world‚ employing more than 103‚300 people worldwide. Dell is listed at number 41 in the Fortune 500 list (2011). It is the third largest
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marriage in Property‚ by Valerie Martin is ultimately connected with the institution of slavery in America. The aristocratic life of the early 19th century is defined in the use of these themes through the pictures they create. Not only do the themes cause the novel to become so gripping‚ but the characters help in the suspense as well. Each character is presented to be believable and very developed‚ adding to the excellent sense of reality that the novel gives off overall. Property captivates its
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PLANTS Plants in Our Daily Life A plant(also called green plants) is a multi-cellular living organism‚member of kingdom Plantae.It is at the base of the food web and are Autotrophs.Plants are considered as backbone of all life on Earth and essential resource for living oragnisms.Plants can be reffered as a factory which processes light into energy and manufactures food for it ownself as well as for other living things.Scientists have foundmore than 270‚000 spieces of plants They include a host of
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