1. Jasmine is not violating the Code of Professional Conduct‚ as long as she keeping both of her jobs separated properly. She should not go and provide financial services to her audit clients‚ because that would be a violation of the Independence rule (rule 101). She should also be aware of rule 301. She is bringing her audit work to her financial services company‚ where other CPA are employed as well. She has to make sure that they don’t have access to the client’s information. 2. This depends
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Auditing Case study Answers to case study: 1. What are the auditor ’s primary objectives when he or she observes the client ’s annual physical inventory? Ans. The Primary Objective of auditor is to make sure the inventory reflected on the balance sheet actually exists and that the balance sheet includes all inventory owned by the company .This includes all raw material‚supplies‚inventory in transit.The company may have on consignment with another business and inventory stored off the
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used by various types of trade and industry Accounting Features : 1)Accounting without CODES 2)Unified Ledgers 3)Complete Book-keeping 4)Comprehensive Accounting 5)Multi-Currency Accounting 6)Receivables and Payables 7)Ratio Analysis 8)Budgeting‚ Auditing and Security Control 9)"Scenario" management 10)Unlimited Cost/Profit Centres 11)VAT and Sales Tax handling Inventory Features :: 1)Multi-location Stock Control 2)Comprehensive recording of stock movement 3)Variety
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Unit 7 Subnetting Lab 7 Read the lab details listed below‚ and then answer the questions listed in the lab exercise. CIDR (Classless InterDomain Routing) and VLSM CIDR (Classless Inter-Domain Routing) was introduced in 1993 (RCF 1517) replacing the previous generation of IP address syntax - classful networks. CIDR allowed for more efficient use of IPv4 address space and prefix aggregation‚ known as route summarization or supernetting. CIDR introduction allowed for: • More efficient use
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Solutions for Chapter 2 True/False Questions 2-1 F 2-2 F 2-3 T 2-4 F 2-5 T 2-6 T 2-7 F 2-8 T 2-9 F 2-10 T 2-11 T 2-12 F Multiple Choice Questions 2-13 B 2-14 B 2-15 B 2-16 E 2-17 D 2-18 C 2-19 C 2-20 D 2-21 A 2-22 D 2-23 E 2-24 B Review and Short Case Questions 2-25 Fraud is an intentional act involving the use of deception that results in a material misstatement of the financial statements. Two types of misstatements are relevant to auditors’ consideration
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Information Technology Auditing MGMT 550 Cassandra Rich April 28‚ 2014 Information technology auditing is important to the financial auditor and to the financial statement audit because IT is the foundation of today’s accounting systems. IT audits are crucial for ensuring that a company’s financial statements are a representation of the company’s position and that the system used to compile the statements is operating properly and producing accurate statements. IT auditing allows the auditors
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Content Executive summary 1. 0 Business operation of REX 1.1 Nature of revenue sources 1.2Conduct of operation 1.3 Products and services 1.4 Market conditions and competition 1.5 Regulatory environment 2.0 PEST analysis 2.1 Political 2.2 Economics 2.3 Social 2.4 Technical 3.0 Audit risks 3.1 Measurement risk of aircraft 3.2 Revenue manipulate risk 3.3 Derivative financial instruments risk 3.4 Employee benefit risk 4.0 Internal control Reference Executive summary
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informal financial sector in Africa: A proposal. Savings and Development‚ 1: 5–22. 95 Belay Kassa‚ 1998 Braverman‚ A. and J.L .Guasch. 1986. Rural credit markets and institutions in developing countries: Lessons for policy analysis from practice and modern theory. World Development‚ 14(10): 1253– 1267. http://www.thefreeonlinedictionary Getaneh Gobezie‚ 2005a 97 IPMS‚ 2005 Penchansky‚ R. and Thomas‚ W. J.‚ 1981. The Concept of Access: Definition and Relationship to Consumer Satisfaction. Medical Care
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External Auditing – Week 4 discussion What do following risk categories mean: planned detection risk‚ inherent risk‚ control risk‚ acceptable audit risk? Can you give some examples? How do we as auditors deal with them? DETECTION RISK Detection risk is the risk that auditor’s substantive procedures will not detect a misstatement that exist in an account balance or class of transactions that could be material‚ individually or when aggregated with misstatements in other balances or classes.
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Comment on the 10 major steps in the fraud risk model 1. Understand the nature of fraud by identifying the factors associated with fraud that are outlined in the fraud triangle. The factors include rationalization‚ opportunity‚ and incentive (ROI). Incentive/pressure to commit fraud Fraudulent financial reporting Management compensation schemes Financial pressures to improve company’s earnings and balance sheet Personal wealth tied to either financial results or survival of company Defalcation
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