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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1Chapter 26 Internal and Governmental Financial Auditing and Operational Auditing Review Questions 26-1 Internal auditors who perform financial auditing are responsible for evaluating whether their company’s internal controls are designed and operating effectively and whether the financial statements are fairly presented. This responsibility is essentially the same as the responsibility of external auditors who perform financial audits. The two types of auditors are also similar in that
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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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What problems does Robin Hood have? Robin’s problems are many. First the band of Merrymen has gained so much fame that the size is ever increasing. The “vigilance was on the decline and discipline was becoming harder to enforce.” Resources to feed them are becoming scarce and there was not enough game in the forest. “The cost of buying food is beginning to drain the bands financial reserves.” Which brings us to the second problem: revenues are down because word has spread of the band robbing travelers
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Mt. Nyiragongo is a very interesting and explosive volcano‚ even though it isn’t especially world renown. It is on the continent of Africa‚ near the Uganda and Rwanda border. Though it is near those borders‚ the volcano is in the Democratic Republic of the Congo. The latitude and longitude of Mt. Nyiragongo is 1.5167° S‚ 29.2500° E. Those are the introductory facts to exploring Mt. Nyiragongo; it is very much more than that though. Mt. Nyiragongo is a stratovolcano‚ a composite-cone volcano. It
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are departures from the standard wording‚ users are more likely to recognize and consider situations requiring a modification or qualification to the auditor’s report or opinion. 3-2 The unqualified audit report consists of: 1. Report title Auditing standards require that the report be titled and that the title includes the word independent. 2. Audit report address The report is usually addressed to the company‚ its stockholders‚ or the board of directors. 3. Introductory paragraph The introductory
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Definitions (2) 1. An examination and verification of a company’s financial and accounting records and supporting documents by a professional‚ such as a Certified Public Accountant. 2. An audit is an IRS examination of an individual or corporation’s tax return‚ to verify its accuracy. There are three types of audits: correspondence audits (the IRS mails a request for additional information)‚ office audits (an interview is conducted at a local IRS office)‚ and field audits (an interview is conducted
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Is the demand for auditing a regulatory artifact or market driven? Pre SEC era: There is evidence that before legislation on auditing existed there were still forms of auditing. In the medieval times there were the guilds‚ later audits were conducted by directors or shareholders of a company. In the 19th century US companies voluntarily contracted for audits. Current data on non-SEC companies In 1977‚ 80% of corporate audit clients of PwC are non-SEC-registrants (Biegler 1977). Privately owned
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Memo To: John Doe From: Team C Date: February 20‚ 2012 Subject: Auditing‚ share-based payment and SPE reporting A publically traded company offers challenges to auditing when it comes to shared-based payment reporting and special-purpose entities (SPE) reporting individually. The most basic principle of GAAP at risk is the qualitative characteristic of reliability. Shared-based payment and SPE reporting individually has been broken down to better equip the audit for our client. It is important
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How Mt. St. Helens eruption affected Washington State’s Economy On Sunday‚ May 18‚ 1980‚ at 8:32am‚ Mt. St. Helen’s erupted. Most people don’t realize how the eruption affected our economy. It affected Washington’s forestry / forest production‚ trade‚ transportation‚ topography‚ fisheries‚ and wildlife. Our Economy lost millions of dollars. Let’s see how it affected our economy. First‚ let’s start with forestry/forest production. This affected companies which had been logging. The companies
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