Abstract Financial audit is about the opinion expressed by auditor with all material respects and any relevant legislation for instance corporation act 2001. A good financial audit should be provided with true and fair view. It is responsible for auditors to provide a truth and fairness opinion as well as information involved in a financial report (MORONEY‚ CSMPBRLL & HAMILTON 2011). Pre-consideration of develop audit strategy is the assessments of materiality‚ audit risk (the relationship
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In recent years‚ as the collapse of some renowned companies‚ the issue of audit independence turns to be more and more concerned by the international regulators. Independence is the cornerstone of the auditing profession‚ and auditor’s opinion is suspect if lack of independence. However‚ in some circumstances‚ some potential threats of audit independence would be generated as jointly provision of non-audit and audit services to the audit client. Although it will create threats to independence‚ some
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Page 1 of 7 CPA REVIEW SCHOOL OF THE PHILIPPINES Manila AUDITING THEORY Professional Accounting Practice Related PSA : Preface to PSA and Related Services 1. The following statements relate to the accounting profession: I. To merit public trust and confidence‚ the professional person must convince the public that he will place public service ahead of personal reward. II. A CPA certificate is evidence of basic competence in the discipline of accounting at the time the certificate
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between sample size and other elements of auditing? A. If materiality increases‚ so will the sample size. B. If the desired level of assurance increases‚ sample sizes can be smaller. C. If materiality decreases‚ sample size will need to increase. D. There is no relationship between sample size and materiality or the desired level of assurance. 3. Which of the following statements about the study of auditing is NOT true? A. The study of auditing can be valuable to future accountants and
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explain how an auditor goes about the process of auditing financial statements and presents the five basic stages that the auditor performed during the financial statement audit at Maryward Primary School in Kwekwe for the year ending 31 December 2012. In order to be in a position to fulfil auditing responsibility to report on the client’s annual financial statements‚ the auditor followed a series of procedures and activities as required by the auditing profession. The auditor applied the following
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TESTING YOUR COMPREHENSION 1) Why are fossil fuels our most prevalent source of energy today? Why are they considered nonrenewable sources of energy? Today‚ the three main fossil fuels that are in demand are oil‚ coal and natural gas. These fossil fuels are prevalent because they are efficient to burn‚ ship‚ and store based on high energy content. Fossil fuels also provide for our daily needs such as transportation‚ heating‚ cooking and electricity. Based on our current rates of consumption‚ we
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MEANING OF AUDITING The word ‘Audit’ is originated from the Latin word ’Audire’ which means ’to hear’. In the earlier days‚ whenever there is suspected fraud in a business organization‚ the owner of the business would appoint a person to check the accounts and hear the explanations given by the person responsible for keeping the account and funds. In those days‚ the audit is done to find out whether the payments and receipt are properly accounted or not. The objective of modern day accounting
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Page 80 2-6 Statement of Retained Earnings In its most recent financial statements‚ Newhouse Inc. reported $50 million of net income and $810 million of retained earnings. The previous retained earnings were $780 million. How much in dividends was paid to shareholders during the year? In millions 780 Previous retained earnings 50 Net Income 830 810 Retained earnings 20 million in dividends was paid to shareholders during the year 2-7 Corporate
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University of XXXBUS 500B Fall 2014 Homework 2.2 Due Date: Sunday 09/28 Instructor: KittiTrade 1. Nation A’s production in 1 day Nation B’s production in 1 day Computers 100 Software 140 Computers 120 Software 150 Two nations can produce computers and software in the amounts given in the table above. Using the same amount of resources to produce two goods. Draw PPF curve and explain the reason of each question. a. Does either nation have an absolute advantage in producing
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Corporate Finance Homework #2 Prof. Qiao LIU Due date: April 27 1. Pellagia Inc. is a nationwide retail chain specializing in women’s apparel. The company’s most popular lines are Aura and Home. Aura offers executive wear for women in the middle to high-end markets‚ and Home features casual but stylish clothes‚ also targeted at women in the middle to high-end markets. The company has 135 million shares outstanding‚ 30 percent of which are publicly traded with a current market price
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