Auditing is an examination and verification of a company’s financial and accounting records and supporting documents by a professional‚ such as a Certified Public Accountant. According to AlBaraka‚ Islamic bank is an institution that mobilizes financial resources and invests that money in an attempt to achieve pre-determined islamically - acceptable social and financial objectives. Both mobilization and investment of money should be conducted in accordance with the principles of Islamic Sha’riah
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the sample drawn is random and representative. 6. One cause of nonsampling risk is: easy a. ineffective use of audit procedures. a b. testing less than the entire population. c. use of extensive tests of controls. d. any of the above. 7. An auditor can increase the likelihood that a sample is representative by using care in: easy a. designing the sampling process. d b. designing the sample selection. c. evaluating the sample results. d. performing all of the above. 8
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An Investigation of the Therac-25 Accidents -- Part III Nancy Leveson‚ University of Washington Clark S. Turner‚ University of California‚ Irvine Reprinted with permission‚ IEEE Computer‚ Vol. 26‚ No. 7‚ July 1993‚ pp. 18-41. Recall that the Tyler error occurred when the operator made an entry indicating the mode/energy‚ went to the command line‚ then moved the cursor up to change the mode/energy‚ and returned to the command line all within 8 seconds. Since the magnet setting takes about 8 seconds
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INTERNATIONAL STANDARD ON AUDITING 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT (Effective for audits of financial statements for periods beginning on or after December 15‚ 2009) CONTENTS Paragraph Introduction Scope of this ISA .................................................................................. 1 Effective Date ....................................................................................... 2
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REVISION LECTURE PAST EXAMS QUESTIONS: These questions are for practice only. They are not at all an indication of the questions on the actual exams. All topics need to be revised from topic 4 onwards for the exam. These questions and possible answers will be discussed during revision lecture. Solution will not be provided on the learning hub. Section A (Short answer) 1. List and briefly explain four factors that contribute to the need for financial report audits. Increasing reliability
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(accuracy)Acquisitions are properly classified (classification)Acquisition transactions are properly included in the master files‚ and are properly summarized (posting and summarization) | Examine document package for indication of internal verification | 7. | Review of supporting documents and signing checks by an independent‚ authorized person | Recorded cash disbursements are for goods and services actually received(existence) | Examine checks for signature | 8. | Cancellation of documents prior to
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accepted accounting principles in the recording of its leases. 7 2. A company has not followed generally accepted accounting principles in the recording of its leases. The amounts involved are immaterial. 1 3. A company valued its inventory at current replacement cost. While the auditor believes that the inventory costs do approximate replacement costs‚ these costs do not approximate any GAAP inventory valuation method. 7 4. A client changed its depreciation method for production
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An Overview of Auditing Services Auditing services are very important for the business owners to get the valuable information and assurance that reports are correctly presented. Further‚ the auditing services provide an opportunity to the business persons to know more about their businesses and its various aspects. It also provides sound base to business persons to communicate properly with investors‚ their partners and banks. Above all‚ auditing services provide ideas of the objective presentation
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Case Study A Case Study in Corporate Governance & Ethical Auditing Satyam Fiasco & Role of PwC as an Auditor Group I Submitted By: Aditya Zutshi Ambrish Mani Piyush Anandani Ravinder Pal Singh Dhillon Abstract & Approach On Dec 16‚ 2008‚ Satyam declared to buy entire stakes in Maytas Properties for $1.3 Billion & 51% stakes in Maytas Infra for another $300 Million. By this action‚ the investors were furious. This was because of the move to invest in a promoter-related
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(TCO 4) To succeed in an action against the auditor‚ the client must be able to show that: Student Answer: the auditor was fraudulent. the auditor was grossly negligent. there was a written contract. there is a close causal connection between the auditor’s behavior and the damages suffered by the client. Instructor Explanation: Page 121 Points Received: 2 of 2 Comments: 2. Question : (TCO 4) The principal issue to be resolved
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