functioning of the committee includes the following: 1. To oversee the Company’s financial reporting process and to ensure correct disclosure of financial information in the financial statement; 2. To recommend the appointment and removal of external auditor‚ fix audit fees and approval the payment for any other services; 3. To review‚ discuss with the Management and pre-approve the annual audited financial statements‚ and quarterly/half-yearly financial statements before submission to the Board
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System Integrity and Validation ACC/542 March‚ 2 2014 Prof: Edgar Coronel Preface Kudler Fine Food is a specialty food store that caters their service to a variety of special clients. Providing great service has been a calling card for Kudler Fine Food. Since their first store was open back in 1998‚ they have enjoyed great success. This has also allowed them to open a few more locations. Having the ability to have a strong accounting information system and great
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2: Professional Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally
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outcome (increased class participation). Validity is in four types and these are: Conclusion‚ Construct‚ Internal and external validity. Conclusion validity tries to find out the relationship between a program and the observed outcome. For instance‚ a connection between Re-entry policy and increased failure rate in schools. Construct validity looks at the extent to which a test measures what it claims or intend to measure. Internal validity refers to how well an experiment has been done and the extent
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Questions 1) Identify specific financial statements auditing concepts and procedures that could be applied in determining whether an Islamic bank has been Shari’a compliant during a given financial reporting period? * Cultural differences across countries and regions of the world have complicated efforts to develop a common set of international accounting and auditing standards. * Islam accepts the fact that accounting is a social construction and itself constructs social reality but
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Puan Hashimah- Principal shareholders-Chief Operating Officer 3. Puan Balqis- Operations Manager 4. Encik Salam- Human Resource and Administration Manager 5. Cik Amy- Finance Executive (from May 2006)-no working experience 6. External Auditor- Auditor Aziz & Co- to perform statuary audit (2003-2006) 2.0 OVERVIEW OF THE PROBLEMS: ❖ May 2006-they secured contract worth RM 750‚000 to be implemented over 6 months. Due to shortage of funds‚ they applied loan from banks
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Examples of Improper conduct. A. Proposal Increase of the audit of fee by 25% • BS indicated that Real Education(Pty) Ltd pays the least fees in terms of audit fees compared to Marx & Co Inc’s other clients and therefore making the increase necessary • This reason given by BS is not a proper basis upon which audit fees should be determined. • The Code of professional conduct requires that audit fees must be based on Resources to be used on the audit‚ the level of Expertise needed and the time
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Crazy Eddie 1. 2 . If better‚ more complete audit procedures were performed‚ it is likely that many of the major accounting irregularities and fraudulent practices could have been uncovered. a) The falsification of inventory count sheets: The auditors could have conducted full physical inventory counts‚ or performed random inventory counts at warehouses or stores undisclosed to the management at Crazy Eddie prior to the tests. This would have prevented the management from strategically
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Summary Phar-Mor‚ Inc. was a deep-discount store that had substantial growth in a short period of time. It started with 15 stores and grew to over 310 stores in thirty two states between 1985 and 1992. At first Phar-Mor was seen as a major prospect in the retail market. With sales of over $3 billion and growing‚ Phar-Mor’s success even worried some of the biggest retail giant‚ including Wal-mart. The president‚ founder‚ and COO of Phar-Mor was Mickey Monus‚ who became quite extravagant with
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CHAPTER 4 Engagement Planning LEARNING OBJECTIVES | Review Checkpoints | Exercises‚ Problems and Simulations | 1. List and describe the activities auditors undertake before beginning an engagement. | 1‚ 2‚ 3‚ 4 | 53‚ 54‚ 55‚ 62‚ 66 | 2. Identify the procedures and sources of information auditors can use to obtain knowledge of a client’s business and industry. | 5‚ 6‚ 7‚ 8‚ 9 | 52‚ 56‚ 59‚ 65 | 3. Perform analytical procedures to
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