information given in this case and your knowledge of auditor’s reports‚ identify the deficiencies in the draft of the proposed report. Do not redraft the report‚ but provide justification or explanation for each of the deficiencies you identify” (Pany‚ Auditor’s Report‚ 2010). A. In the Introduction paragraph it states “As discussed in Note K to the financial statements‚ the Company has properly disclosed a subsequent event dated March 14‚ 20x9” (Pany‚ Auditor’s Report‚ 2010). This does not belong in this
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America‚ land of the free. America‚ a country based in many ways on the freedom of press‚ and the freedom of speech. But what would happen to this great country‚ tis of thee‚ if these precious rights had ceased to exist? America‚ the land of liberty and home of the brave‚ would hold a great stock of uninformed and uneducated community‚ ready to rise up to anarchy at any moment; a crowd of undiverse and ununified people; and a population of souls unwilling to create because of the ever looming presence
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Three parties that auditors might be held liable for negligence are : 1. Liability to client (Better Production & Co) 2. Liability to third party who use the information (Usahasama City Bank) 3. Liability to the foreseen user (who rely on the auditor’s financial statement) b) No. Aiman & Co can not be held liable to Usahasama & Co. The only action available for financial loss caused by a false financial statement was in the tort of deceit. In order to succeed‚ the claimant (Usahasama) had to
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financial statements because they inform users of the auditor’s opinion as to whether or not the financial statements are fairly stated or whether no conclusion can be made with regard to the fairness of their presentation. Users especially look for any deviation from the wording of the standard unqualified report and the reasons and implications of such deviations. Having standard wording improves communications for the benefit of users of the auditor’s report. When there are departures from the standard
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Telken Group‚ a reporting entity. Your firm did not act as auditor of either Telfast Ltd or Teldane Ltd – the entities controlled by Telken. You were unable to obtain the auditor’s report for Telfast‚ although you do have a copy of the final draft auditor’s report‚ and the other auditor’s verbal assurance that an unqualified auditor’s report was issued. In addition‚ despite receiving a copy of the audited report for Teldane‚ you do not believe the financial report is suitable for consolidation with the
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ISA ISA 570 November 2008 International Standard on Auditing Going Concern INTERNATIONAL STANDARD ON AUDITING 570 Going Concern Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in November 2008 for publication. This standard should be read in conjunction with the Preface to Malaysian Approved Standards on Auditing; Preface to International Standards on Quality Control‚ Auditing‚ Review‚ Other Assurance and Related Services; Glossary
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CHAPTER 1 AN INTRODUCTION TO ASSURANCE AND FINANCIAL STATEMENT AUDITING Answers to Review Questions 1-1 The study of auditing is more conceptual in nature compared to other accounting courses. Rather than focusing on learning the rules‚ techniques‚ and computations required to prepare financial statements‚ auditing emphasizes learning a framework of analytical and logical skills to evaluate the relevance and reliability of the systems and processes responsible for financial information‚
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University of New South Wales School of Accounting Auditing and Assurance Services 2013 LECTURE 1 Introduction to the Audit Function Assurance Framework Australian Corporate Audits Auditing Standards Lecture Overview • Announcements • Overview course requirements • Introduction to the course – Assurance – Auditing – Legal requirements – Auditing standards Announcements • 1. Tutorial Allocation – Once classes are full no more will be admitted – No new classes will be scheduled
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instances would it be appropriate for the auditor to refer to the work of an appraiser in the auditor’s report? An adverse opinion is expressed based on a difference of opinion between the client and the auditor’s external specialist about the value of certain assets. Ajax Company’s auditor concludes that the omission of an audit procedure considered necessary at the time of the prior audit impairs the auditor’s ability to support the previously expressed unmodified opinion. If the auditor believes
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from the 1.04.2011 Index Sr. No. 1 2 3 Name of the Standard SA 700 (Revised)- Forming an Opinion and Reporting on Financial Statements SA 705- Modifications to the Opinion in the Independent Auditor’s Report SA 706- Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 4 SA 710(Revised)- Comparative Information - Corresponding Figures and Comparative Financial Statements 5 SA 800- Special Considerations-Audits of Financial Statements Prepared
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