Chapter 5: Internal Control over Financial Reporting 1. Internal control is a process designed to guarantee the achievement of the objectives of reliable financial reporting‚ compliance with laws and regulations and ineffective and inefficient operations. FALSE 2. Auditing standards require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. TRUE 3. If internal controls are not enforced they are useless
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profession. The program also allows the monthly payroll schedule to be calculated accurately. Just by having all employees’ info like name‚ working hours‚ wages etc to enter in the database. Therefore‚ payroll can be done with the guide of the program. The system is good in for its specialty in the fields of accounting. It is easy to use‚ effective and efficient in organizing and calculating the payroll. In addition‚ this study aims to develop a reliable and manageable computerized payroll system for
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The Demand for Audit and Other Assurance Services Learning Objective 1-1 1) The Sarbanes-Oxley Act applies to which of the following companies? A) All companies. B) Privately held companies. C) Public companies. D) All public companies and privately held companies with assets greater than $500 million. Answer: C Terms: Sarbanes-Oxley Act Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills Topic: SOX 2) Which of the following is considered audit evidence? A) |Oral
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International Journal of Computer Applications Technology and Research Volume 2– Issue 2‚ 117 - 120‚ 2013 DESIGN OF AN INTELLIGENT AND EFFICIENT LIGHT CONTROL SYSTEM Arun Radhakrishnan‚ Department of ECE‚ Jimma Institute of Technology‚ Jimma University‚ Ethiopia Vuttaradi Anand‚ Department of ECE‚ Jimma Institute of Technology‚ Jimma University‚ Ethiopia Abstract: Recently‚ many researches has been carried out to save the energy in many aspects such as producing a device which consumes very
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What is an Environmental Audit Environmental auditing is a systematic‚ documented‚ periodic and objective process in assessing an organization ’s activities and services in relation to: • Assessing compliance with relevant statutory and internal requirements • Facilitating management control of environmental practices • Promoting good environmental management • Maintaining credibility with the public • Raising staff awareness and enforcing commitment to departmental environmental
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Description The following problems or opportunities listed below are organizational problems that the proponents discovered after analyzing the process of not having a system for employee’s payroll: Manual Payroll can’t handle large numbers of employees; Multiple works and positions of an employee makes the payroll more complicated; Searching of data (Data Mining) when particular data is needed due to an urgent matter can be very hard for both employees and owner of the business firm; Difficulty
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NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW 1 “AUDITING” In independent examination 2 NATURE AND DEVELOPMENT The word “audit” comes form the Latin word audire which means “to hear” because‚ in the middle Ages‚ accounts or revenue and expenditure were “heard” by the auditor. Statutory audits (i.e. carried out in accordance with statutory provisions) become mandatory for companies in 1900. At this time the purpose of an audit was to detect fraud‚ technical
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CHAPTER 6 Audit Evidence |Learning Check | 6-1. a. Audit evidence is all the information used by the auditor in arriving at the conclusion on which the audit opinion is based. Audit evidence includes (1) the accounting records underlying the financial statements and (2) other information that corroborates the accounting records and supports the auditor’s logical reasoning about fair presentation in the financial statements. b. Any information that is obtained
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Very simply put‚ strategic planning identifies where the organization wants to be at some point in the future and how it is going to get there. The "strategic" part of this planning process is the continual attention to current changes in the organization and its external environment‚ and how this effects the future of the organization. Skills in strategic planning are critical to the long-term success of your organization. This form of planning includes: a) Taking a wide look around at what
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Strategic Audit of a Corporation I. Current Situation A. Current Performance . How did the corporation perform the past year overall in terms of return on investment‚ market share‚ and profitability? B. Strategic Posture What are the corporation’s current mission‚ objectives‚ strategies‚ and policies? 1. Are they clearly stated or are they merely implied from performance? 2. Mission: What business(es) is the corporation in? Why? 3. Objectives: What are the corporate‚ business‚ and
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