phones in examination halls‚ confidential rooms‚ etc. It is also useful for detecting the use of mobile phone for spying and unauthorized video transmission. The circuit can detect the incoming and outgoing calls‚ SMS and video transmission even if the mobile phone is kept in the silent mode. The moment the bug detects RF transmission signal from an activated mobile phone‚ it starts sounding a beep alarm and the LED blinks. The alarm continues until the signal transmission ceases. An ordinary
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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
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Each sales order should be approved by authorized personnel. C. Sales journal entries should be reconciled to daily sales summaries. D. Each sales invoice should be supported by a shipping document. 11. If the objective of a test of details is to detect overstatements of sales‚ the auditor should trace transactions from the A. Cash receipts journal to the sales journal. B. Sales journal to the cash receipts journal. C. Source documents to the accounting records. D. Accounting records to the source
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METU © 2014 IS 501 Information Management Systems ASSIGNMENT 1 Answers 1. a) Explain and discuss the strategic business objectives that the information systems of Dollar General address. Goodlettsville‚ Tenn.-based Dollar General Corporation is the US nation’s largest small-box discount retailer. Dollar General(DG) offers a carefully edited assortment of the most popular brands at low everyday prices in small‚ convenient locations. DG ranks among the largest retailers of top-quality brands
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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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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
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Daniel Speech 10 My research topic focuses on how people who work in the field of law enforcement detect deception. Whether it be through interrogations or consensual encounters. I have a really strong interest in this topic because I am currently working towards a degree in Administration of Justice. I want to work as a police officer and eventually work my way into the DEA (Drug Enforcement Administration). I also have a couple of family members working in law enforcement
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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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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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did not perform an analysis of the industry. Paragraph five of AS No.9 states that “planning the audit includes establishing the overall audit strategy for the engagement and developing an audit plan‚ which includes‚ in particular‚ planned risk assessment procedures and planned responses to the risks of material misstatement.” Planned risk assessment procedures include performing analytical procedures to determine whether the company’s key financial ratios were consistent with industry averages.
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