Assignment 1 Name: Leung Hiu Ting Student no.10348622 Course : Auditing a. Outline the main reasons for a company requiring an external audit. Nowadays‚ a lot of company’s ownership and management is separated. It had major influences for auditing. Shareholders were concerned that their funds may not be used in proper ways to maximize the value of the company by appointed managers. For example‚ management may distort or withhold material information in their financial statements for personal
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of Transmile Group Bhd may have been aware of the overstatement of the group’s sales figures when the unaudited annual accounts for financial year ended Dec 31‚ 2006 (FY06) were released to Bursa Malaysia on Feb 15‚ sources say. Transmile’s external auditor Messrs Deloitte & Touche is said to have alerted the management‚ namely chief executive officer Gan Boon Aun‚ chief financial officer Lo Chok Ping and the audit committee on the inaccuracy of the substantially high revenue of RM989.2mil
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group have in common? Both groups receive intervention 7. What is internal validity? Addresses the question of whether the intervention‚ rather those other factors‚ is responsible for improvement in the client outcome variable 8. What is external validity? Addresses the issue of generalizing the results of a group design to other people 9. How is a pre-experimental design different from a quasi-experimental or experimental research design? Pre-experimental design collects data in only
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1. Why does Molex have to hire external auditors? The major reason for firms to hire external auditors is to help the control of conflict of interest between firm managers‚ investors and shareholders. External auditors help you determine whether companies are in compliance with all applicable Internal Revenue Service rules. Under the Sarbanes-Oxley Act‚ a public company must hire an external audit team to review their accounting procedures and their financial statements. While internal auditor checks
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Internal Control: Management Information System (MIS) The OLUS HOTEL is a 100% Filipino-owned corporation duly registered with the Securities and Exchange Commission since June 2009. It is a three-story building along Quezon Hi-way. Situated at the techno hub district of Quezon‚ its presence has helped spur the current thrust and development of other areas going farther north. This synergistic relationship has given several competitive advantages‚ which are translated into profits for the sustainable
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the products it sells as well as the place where customers purchase the products. For its communication process‚ and information systems process‚ Kudler Fine Foods will carry out a performance audit‚ for its financial system it will carry out an external and internal audit‚ for its marketing process it will carry out a performance audit‚ and for facilities‚ Kudler Fine Foods will carry out an internal audit. For its communications system‚ Kudler Fine Foods will carry out an operations audit. The
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M2: Analyse the legal‚ ethical and operational issues in relation to the use of business information‚ using appropriate examples. I will now below select a business and examine how effectively it deals with the legal requirements‚ ethical considerations and operational issues. I decided to pick Primark as this company seems to have many questions over its standards. Ethical ? Primark bases its Code of Conduct on the International Labour Organization’s (ILO) Code It brings together representatives
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financial reports provided by corporations. To achieve this purpose‚ the Act established the PCAOB to oversee external auditing and corporate governance issues that potentially affect the reliability of financial reports. Further‚ SOX increased the responsibilities of corporate managers for producing reliable financial reports and specified restrictions on the activities of external auditors to increase their independence from their audit clients. Though there are many provisions in the legislation
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validity‚ internal validity and external validity. Internal validity refers to an approximate truth about inferences regarding causal relationships. Internal validity is only necessary in circumstances where there is a need to establish a cause and effect relationship. External validity is closely related to generalizing‚ and the ability to generalize a particular study to other people and other situations. This short paper will discuss both internal and external validity‚ and the threats to the
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auditor together with the executives. This kind of false activity directly influences the liquidity and then the profit of inventors and creditors of Cardillo may be affected. The initial responsibility that accountants should do to both internal and external accounting information users is to do account by rules through serious accounting procedures and do not cook the books for the sake of their own profit or just dare to be sacked. And the fact is that the accountants in firm Cardillo are lack of responsibility
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