DATE: March 6‚ 2013 SUBJECT: Goodner Brothers‚ Inc. The Goodner Brothers‚ Inc. audit case is based off the story of two men who have been friends since their childhood: Woody Robinson and Al Hunt. Now as adults‚ Mr. Hunt works for an auto supply store while Mr. Robinson works for Goodner Brothers‚ Inc.‚ a tire wholesaler in Huntington‚ West Virginia. In the Goodner case‚ internal auditors were conducting their annual inventory counts of Goodner Brothers‚ Inc. and determined that their numbers
Premium Internal control Audit
– Skills Module‚ Paper F8 (UK) Audit and Assurance (United Kingdom) 1 (a) (i) Importance of reporting to those charged with governance June 2013 Answers In accordance with ISA 260 (UK and Ireland) Communication with those charged with governance‚ it is important for the auditors to report to those charged with governance as it helps in the following ways: (1) It assists the auditor and those charged with governance in understanding matters related to the audit‚ and in developing a constructive
Premium Auditing Internal control Audit
Research Working Paper Can Factory List Disclosure Improve Labor Practices in the Apparel Industry?: A Case Study of Nike and Levi-Strauss David J. Doorey SAS-HR2008-01-Doorey www.atkinson.yorku.ca/Research Can Factory List Disclosure Improve Labor Practices in the Apparel Industry?: A Case Study of Nike and Levi-Strauss1 David J. Doorey* York University 4700 Keele Street Toronto‚ ON M3J 1P3 * Assistant Professor‚ York University‚ Toronto. This research is generously supported by a
Premium
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
Premium Auditing Risk Financial audit
expectations for revenue accounts Recognize factors that lead to precise expectations of account balances Appreciate the degree of professional judgment involved in evaluating differences between expected and reported account balances Understand the audit planning implications of using analytical procedures as substantive tests of account balances Burlington Bees‚ an independent‚ minor league baseball team‚ competes in the North-west Coast League. The team finished in second place in 200X with
Premium Financial audit Auditing Revenue
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
Premium Auditing Financial audit
Historically‚ the audit committee has always had the role of oversight and monitoring management and the outside auditor. Now‚ through recent listing requirements for the various stock exchanges and NASDAQ‚ the SEC has greatly strengthened the role of the audit committee. As a result of these changes‚ the audit committee is to be viewed as part of the formation of a "three-legged stool‚" consisting of the audit committee‚ management and the independent auditors‚ with the audit committee to be deemed
Premium Auditing Audit Internal control
there is a growing trend to fulfill needs‚ deal with responsibilities and secure one’s possessions‚ be it good health or worldly wealth. We shall now look specifically at the General Insurance category which includes the main topic of discussion – Marine Insurance. GENERAL INSURANCE Insurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire‚ burglary etc‚ personal insurance such as Accident
Premium Insurance
MARINE INSURANCE Marine insurance is the indemnity for the loss of cargo or damage to ships during the shipment. The risks that marine insurance covers are fire‚ seizures‚ wars‚ accidents or causalities which take place over the sea. The winds and waves are not included as risks in the marine insurance. The Indian Marine Insurance Act‚ 1963 is imbibed from the Marine Insurance Act‚ 1906. Though the Marine Insurance Act is deep in its insurance coverage‚ it does not provide for losses that occur
Premium Insurance Marine insurance
place. A business case is a narrative that describes a situation that has taken a decision. sometimes the case describes a managerial situation requiring Other times‚ it may portray what appears as a business success or a managerial mistake. e .trd.nt frequently studies theories as though they exist in isoi-ation‚ while all other activities are held constant or in abeyance- This constancy and isolation do not exist in real situations. The purpose of a case is to transclnd the process of learning
Premium Case study Decision making