a) The Report’s main points The report identifies the complexities that exist within the economic paradigms with relations to uncertainties and economic instability that have characterized the markets and businesses at large. The report analyzes the imperatives of organizations identifying efficient approaches to governance‚ risk and compliance (GRC). This is a sensitization on the part of various business organizations and entities about business environment that involves a number of risks and
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1. a. To the Board of Directors and Shareholders of L Inc.: We have audited L Inc.’s internal control over financial reporting as of December 31‚ 2012‚ based on control criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of Treadway Commission (COSO). L Inc.’s management is responsible for maintaining effective internal control over financial reporting‚ and for its assessment of the effectiveness of internal control over financial
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Contents Executive Summary 2 Methodology 3 Introduction 4 Findings 5 A. Inventory balances and purchases transactions 5 B. Trade receivables and credit sales system 5 C. Property‚ Plant and equipment (PPE) 6 D. Trade payables transactions and balances 6 Implications 8 A. Inventory balances and purchases transactions 8 B. Trade receivables and credit sales system. 10 C. Property‚ Plant and equipment (PPE) 12 D. Trade payables transactions and balances 15 Conclusion The following conclusions
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Q1 (a) Highlight four control objectives that would be essential in a sales cycle (b) Outline three tests of control that should be performed by an auditor in each of the following areas: i. Cash receipts ii. Cash payments iii. Bank reconciliations (c) Summarize seven sources of internal control risks that have an impact on the financial reporting framework in an organization. Q2 (a) Outline four audit procedures you would carry out to verify the following items: i. Leased property
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control framework used to conduct its assessment of internal controls. Discuss the options in selecting a control framework. Regarding the control framework‚ the SEC has made specific reference to COSO as a recommended model. Furthermore‚ the PCAOB Auditing Standard No. 5 endorses the use of COSO as the framework for control assessment. Although other suitable frameworks have been published‚ any framework used should encompass all of COSO’s general themes 24. Prior to SOX‚ external auditors were required
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be straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with the existing auditing firm has been changed. Objective An auditor has to be objective and fair. Auditor has to be fairness and objective to provide financial report. The client’s point of view must not affect auditor’s objective. In this case‚ Games Ltd has been
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Chapter 1- Demand for Audit and Assurance Services Assurance Services- Are the independent professional services that improve the quality of information for decision makers. Individuals who are responsible for making business decisions seek assurance services to help improve the reliability and relevance of the information used as the basis for their decisions. Assurance services are valued because the assurance provider is independent and perceived as being unbiased with respect to the information
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Qiong Wu Instructor James Dutra ACC 412 March 26‚ 2014 Case 3.1 Dodgers Trolley Summary The Dodgers Trolley case is a simple problem related the internal control in auditing. Dodgers Trolley was original funded in New York‚ but Yankees performed much better. After nearly seven decades of mostly frustration on and off the baseball field‚ the Dodgers shocked the sports world by moving to Los Angeles in 1958‚ because Walter O’Malley saw the opportunity to introduce baseball to the increasing
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AUDITING IN A CIS ENVORONMENT With the introduction of computers‚ conventional accounting systems and methods using papers‚ pens and abacuses have undergone drastic changes‚ therefore exerting a great impact on internal control and audit trails in following audit procedures. Also‚ the introduction of computer has brought an immense increase in the availability of electronic resources. My topic is entitled auditing in a Computerized Information System (CIS). One purpose why this topic is included
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Audit Documentation Purpose: 1. Main evidence of procedures‚ work performed on audit 2. Prepare sufficient & appropriate audit documentation on timely basis 3. enhance audit quality 4. facilitate effective review 5. evaluate audit evidence obtained & conclusions reached before finalizing auditor’s report 6. assisting audit team plan & perform for audit 7. assist audit team members’ supervise & direct audit work‚ discharge responsibilities (Quality Control
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