ACTUAL PRACTICE & PROBLEMS OF AUDIT PROCEDURE REPORT ON: AMTRANET GROUP UNDER SUPERVATION: Shah Ridwan Chowdhury Lecturer‚ Dept. of Management Studies. Jagannath University‚ Dhaka. PREPARED BY: Group Name: Knowledge Fighter. Section-A‚ B.B.A (3rd Batch) Department of Management Jagannath
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Case Study 3 a) What events or condition above may cause substantial doubt about the entity’s ability to continue as a going concern? Events or condition that may cause substantial doubt about the entity’s ability to continue as a going concern are the first one‚ because of the high competition in the industry‚ it has affected the sales of the Fast Go. The effect of vigorous competition in the markets has makes it difficult for Fast Go to attract and retain customers and to grow their customer
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Internal Audit Report for ABC Company Abstract The purpose of this report is to notify the accounting department about an accounting error that was discovered in a recent audit. Because of a weak internal control system‚ an adjusting entry for prepaid insurance was not recorded for the first three months in the amount of $500 per month. This report will identify three limitations of the internal control system‚ it will identify and explain two examples of internal control procedures‚ find symptoms
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the Stockholders Oceanview Marine Company We have audited the accompanying balance sheet of Oceanview Marine Company as of December 31‚ 2007‚ and the related statements of income‚ retained earnings‚ and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We did not audit the financial statement
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TUTORIAL 2 MEETINGS 1. What is special notice? Give the circumstances for which the notice is required. Special notice is a notice of a proposal to be distributed to all shareholders before a meeting of a company. This notice required if company want to make announce the meeting which is made less than 28 days before the meeting. Circumstances warrant for an adjournment: * When the accounts are not ready for submission at AGM * When it is impossible to maintain order of the
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registered with the SEC; the partner still has to follow the professional code of conduct that is integral to his profession and the public’s trust in it. 2. There are numerous procedures that an audit firm must perform before accepting an audit client: a. Firstly‚ review the reason why the company is looking for a new auditor or why it needs to start being audited. b. Review business structure of the client (look for red flags) c. Review client’s past history‚ including its legal history‚
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Chapter 01 An Introduction to Assurance and Financial Statement Auditing True / False Questions 1. Independence standards are required for audits of public companies‚ but not for audits of private companies. True False 2. Decision makers demand reliable information that is provided by accountants. True False 3. Information asymmetry seldom occurs. True False 4. Conflicts of interest often occur between absentee owners and managers. True False
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show that the loss suffered by the claimant was reasonably foreseeable. In the case of Hedly Byrne and Co vs Hedler and Partners Ltd‚ where there was a special relationship between parties‚ there could be a duty of care for financial loss caused by a negligent misstatement. However‚ there was a valid disclaimer as the advice given by Heller was headed without responsibility and the defendant was not liable. In this case‚ Aiman & Co were not liable since there is no special relationship between parties
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Global Perspectives on Accounting Education Volume 5‚ 2008‚ 1-16 ESTABLISHING AN INTERNAL AUDIT DEPARTMENT: THE CASE OF THE SCHWAN FOOD COMPANY Hugh Pforsich College of Business Administration California State University - Sacramento Sacramento‚ California USA Bonita K. Peterson Kramer College of Business Montana State University Bozeman‚ Montana USA G. Randolph Just* ABSTRACT An effective internal audit department adds value to its organization in numerous ways. It helps the organization to achieve
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Case 1.9 Zzzz Best Company Case 1.9 ZZZZ Best Company‚ Inc. 1. A review is similar to an audit but is less in scope and only provides limited assurance in regards to the presentation of the financial statement. This differs with an audit that gives reasonable assurance that no material errors or illegal acts are detected. The objective of an audit is to provide a reasonable basis for expressing an opinion regarding the financial statements taken as a whole. A review does not provide a basis
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