on the quality and quantity of audit evidence to be obtained when auditing financial statements and the procedures for obtaining that audit evidence. Audit Evidence (AE) "Audit evidence" means the information obtained by the auditor which includes source documents and accounting records underlying the financial statements and corroborating1 information from other sources. The auditor should obtain sufficient appropriate audit evidence to be able to draw reasonable
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Ch. 2. Professional Standards 2-1. Generally Accepted Auditing standards (GAAS) -Audit procedure -Audit standard 2-2. Fundamental Principle: Responsibilities -Competence and Capabilities -Independence and Due care --Independence in fact --Independence in appearance -Professional Skepticism and Professional Judgment 2-3. Fundamental Principle: Performance -Reasonable Assurance -Planning and Supervision --Audit plan -Materiality -Risk Assessment --Internal Control --Risk of Material misstatement --Inherent
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Independent Auditor ’s Report To the Stockholders Apollo Shoes‚ Inc. 1235 Winner ’s Road Write City‚ IN 12354 LCC has conducted an audit of Apollo Shoes‚ Inc. balance sheets‚ the retained earnings‚ cash flows‚ and other related statements of income for the year ended December 31‚ 2006/2007. Apollo Shoes Inc management is responsible for maintaining the effective internal controls that goes along with the financial statements and how well the accuracy is going to be. LLC has evaluated the
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THE FINANCIAL AUDIT – THE GUARANTOR OF THE TRUE AND FAIR VIEW SUPPLIED BY THE FINANCIAL STATEMENTS Boa-Avram Florin Babe-Bolyai University‚ Cluj-Napoca‚ Faculty of Economical Science and Business Administration‚ St. Teodor Mihali‚ No. 58-60‚ 400591‚ Romania‚ botaavramflorin@yahoo.com‚ Tel: 0740-886491 Mati Dumitru Babe-Bolyai University‚ Cluj-Napoca‚ Faculty of Economical Science and Business Administration‚ St. Teodor Mihali‚ No. 58-60‚ 400591‚ Romania‚ dmatis@econ.ubbcluj.ro‚ Tel:
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What is a marketing audit? A marketing audit is a detailed analysis of the elements that constitute or influence a company’s efforts to profitably market its products- today and in future when both market and products may undergo radical change (John‚ Alexander‚ & Theodore‚ 1969). The marketing audit helps to understand the fundamentals of a company’s marketing planning process. Auditing is not only conducted not only at the planning stage and also conducted during various stages until the implementation
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Softlogic Holding Ltd. • Auditors role in Corporate Governance • Audit Committee of Softlogic Holding Ltd. • Audit Committee’s influence in Corporate Governance protocols at Softlogic Holdings • The Cadbury Committee and Softlogic’s Corporate Governance Strategy • Analysis • Recommendations Introduction • International Standard on Auditing (ISA) 260: “Communications of Audit Matters with Those Charged with Governance” • Governance is the term used
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1965 so as to give a true and fair view of the financial position of the Group and of the Company as at 30 June 2009 and of their financial performance and the cash flows for the financial year then ended. This is a qualified audit report. 2. The qualified audit opinion was based on two immaterial circumstances i.e. • one of the subsidiary’s books and records were destroyed by fire‚ • auditors of other subsidiaries did not allow the auditor of the group to have access to their files
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Audit Process Typically an audit flows through a series of logical steps culminating in the ‘Audit Report’. Background Research Preparation of the Audit Plan Accounting Systems review Internal Control System review Substantive Testing Analytical review techniques Analytical review of financial statements Preparation and signing of the Audit Report Background Research 1. Present condition and future prospects for the industry 2. History‚ present and future prospects
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Overview of Audit Closure & Reporting The audit report should serve the fundamental purpose of informing‚ persuading‚ & getting the desired improvements implemented. ◆ Inform the audience with required background‚ evidence‚ and conclusions of the issues. ◆ Persuade the audience on the impact of risks & concerns on the business in case adequate mitigation / control measures are not implemented. ◆ Obtain feedback from the management in the form of agreed corrective action plan with target
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Audit Planning Name: Course: Tutor: Date: Audit Planning Introduction Auditing is a vital activity‚ in every business activity. The International Auditing and Assurance Standards Board (IAASB) is the overall organization that sets international standards for assurance‚ auditing and other related fields‚ globally. The organization ensures that there is the harmonization of all international and national auditing and assurance standards to enhance uniformity‚ in accounting
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