STATE AUDITING IN THE PHILIPPINES Reported by: MYRLA P. SEDENIO RUTH C. TACUJAN A. OBJECTIVES I. To Discuss the State Audit System 2. To Identify Issues and Limitations of Government Auditing 3. To Discuss the Measurement of Government Performance B. INTRODUCTION The Philippine Constitution emphasizes the importance of accountability in the government. Article XI simply and bluntly begins: “Public office is a public trust‚” before it adds that officials and employees
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the term ‘officer’ includes a director‚ secretary and certain people selected to insolvent corporations which they can not only make or take part in making decisions that bring certain impact‚ but also have
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Constitution does rule out corporations to be persons. Therefore‚ why would one think that corporations are persons entitled to Constitutional protection? Previously slaves were not considered persons in 1857 with the Dred Scott v. Sanford (Shultz‚ 2013). Also in 1971‚ Roe v. Wade‚ the Supreme Court did not define the fetus as a person (Shultz‚ 2013) . However‚ in 1886 in County of Santa Clara v. Southern Pacific Railroad Company‚ the Supreme Court accepted that corporations were persons for purpose
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Additional Cases for the Course The case readings have been developed solely as a basis for class discussion. The case readings are not intended to serve as a source of primary data or as an illustration of effective or ineffective auditing. Reprinted by permission from Jay C. Thibodeau and Deborah Freier. Copyright © Jay C. Thibodeau and Deborah Freier; all rights reserved. 1••• ( Case 61 ® Enron Enrori’s First Few Years hi~ 1985 Enron had assets along the three major stages of the supply
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Audit case You are the engagement partner in a firm of chartered accountant and are reviewing the audit fire of a client ABC ltd. the audit manager has recommended that the audit option is qualified because he is in dispute with the directors of ABC ltd. The audit manager wishes the directors to create a large doubtful debts provision against a major debtor that is over six months old. The directors do not witch to alarm the public about the current liquidity problems of their major costumer because
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University of Chicago Booth School of Business Accounting and Financial Analysis I (B30016) Case 1: Acme United Corporation Selected Computations Prof. L. Soffer The journal entry summarizing the 2008 activity in the first table in the tax footnote is: Income tax provision $2‚209‚030 Deferred income tax asset/liability - net $224‚277 Cash or income taxes payable $2‚433‚307 The journal entries summarizing the pretax effect of the charge to AOCI for the pension plan and the related tax effect are:
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MBA OPERATIONS Meditech Surgical Case Group III Ankur Verma Arvinderpal Singh Balvinder Singh Bhavya Pabby Bhupesh Singh Bhupinder Kumar Jasdeep Bedi Ishwar Devgan Introduction Meditech is a leader in the endoscopic surgical instrument market. The company manufactures and market low cost endoscopy surgical equipment to hospitals and independent surgeons. The company’s distribution operation is arranged and managed from a central storage warehouse that ships its products to domestic
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Estime Chapter 10 Critical Thinking Cases. 10.1. Was there a contract between the Mesaros and the United States? Answer: Yes. There was a contract between Mesaros and the United States. Above on the customers signature form it stated‚ “Yes‚ please accept my order for the U.S. Liberty Coins I have indicated.” This made it a contract between Mesaros and the United States. 10.2. Did a contract to convey real property exist between Heikkila’ and McLaughlin? Answer: No. A contract to convey real
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Case 1.2 1. Revenue recognition principle under GAAP determines the specific conditions under which income becomes realized as revenue. Generally‚ revenue is recognized only when a specific critical event has occurred and the amount of revenue is measurable. For public company‚ performance of financial statement can have significant impact on stock price. It is essential for the users of financial statements to know that the real revenues are recorded and disclosed and not fraudulent revenues.
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Are You proud of your country? I am very proud of my country. I am very lucky to be living in these United States. We have many rights and freedoms. We are all equal here. We are all lucky to have all the privileges and rights that we do have. We have freedom of speech. This means we can say and act however we feel whenever we want. In some countries‚ you are not allowed to. We also have freedom of the press. Our printing press can inform us in all the news that’s going on around the world
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