An Inconvenient Truth? More Like a Convenient Lie. Scientific method states that any given hypothesis must be tested and predictions that it makes must be valid in order to be considered a theory. “Data tests hypothetical concepts and predictions. If they don’t hold up‚ then the hypothesis requires modification.” (Gerhard12) Anthropogenic global warming (AGW) does not meet these criteria. The AGW hypothesis states that temperature increases are the result of CO2 increases produced
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nothing wrong. Fear is common when the auditors are being brought in because most people don ’t know what to expect. This is also true when audits are being done for businesses. I know from personal experience that the auditors are not always greeter with kindness. I currently working in an accounting firm and have had the privilege to go on audits with my company even though I do not yet have my degree. People need to understand that the auditors do not need to be fear but need to be respected
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A review may bring to the accountant’s attention significant matters affecting the financial statements‚ but it does not provide assurance that the accountant will become aware of all significant matters that would be disclosed in an audit. Q2 Auditors decompose these broad assertions into a detailed set of statements referred to as management assertions‚ separated into three categories: Transactions‚ Accounts balances‚ and Presentation and disclosure. Financial statement assertions are the representations
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Examining the proposed client to determine if there is any reason to reject the engagement (acceptance of the client). To do so‚ the auditor obtains a preliminary understanding of the client‚ in order to both evaluate the client’s background and the risks associated with accepting the engagement. b) Convincing the client to hire the auditor (acceptance by the client). The auditor must thus understand his relationship to the client to enable him consider if the ethical and professional requirements (independence
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Summary of SA http://wirc-icai.org/wirc_referencer/Acconting & Auditing/Summary of S... SUMMARY OF STANDARDS OF AUDITING (SA) APPLICABLE FOR THE FINANCIAL YEAR 2011-12 STANDARDS ON QUALITY CONTROL (SQCS) SQC 1: Quality control for firms that perform audits and reviews of historical financial information‚ and other assurance and related services engagements Objective of SQC–1 is to provide the firm with reasonable assurance that its personnel comply with applicable professional standards as
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CASE STUDY: THE TROLLEY DODGERS 1. Identify the key audit objectives for a client’s payroll function. Comment on both objectives related to tests of control and those related to tests of control s and those related to substantive audit procedure. The key audit objectives for client’s payroll function in this Trolley Dodgers Case are: i. Occurrence ii. Completeness iii. Accuracy iv. Posting & Summarization v. Classification vi. Timing i. Key Audit Objective : Occurrence Dodgers
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Worldwide Express‚ United Parcel Services (UPS)‚ Nationwide Express‚ Citylink‚ Bax Global‚ Nippon Express‚ Cargo Malaysia Services and Bangor Berhad. FCB had appointed Kenchana& Associates as its external auditor. The Protagonist Mr Chuah Mun Soong is the main character in this case. He is an auditor for FCB. He needs to present the financial report of Flat Cargo Berhad to the audit committee of FCB in two weeks. However‚ there are several inconsistencies reported by his subordinates in the accounts
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3. a) 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)
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Types of audits • Development of auditing • Qualities of an auditor • Auditing process Objectives : Students should be able to : • Describe the definition and the objectives of auditing. • Distinguish between different types of audits. • Briefly describe the development of auditing. • List and explain the qualities of an auditor. • State the auditing process. 1. DEFINITION AND OBJECTIVES OF AUDITING
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Yes/Yes B. No/No C. Yes/No D. No/Yes 2. A Which of the following statements is true? A) Auditors have generally found that the most effective and efficient way to conduct an audit is to obtain some assurance for each class of transaction and for the ending balance of the related account. B) Management ’s assertions follow and are closely related to the audit objectives. C) The auditor ’s primary responsibility is to find and disclose fraudulent management assertions. D) Assertions
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