assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions‚ balances and presentation and disclosures - List out and describe general transaction related audit objectives‚ balance related audit objectives and presentation and disclosure audit objectives - Understand specific audit objectives and how they are linked to general audit objectives and management assertions Topic 4 – Audit evidence
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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 Accepted Auditing
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1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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CHAPTER 20 Audit of Cash Balances Copyright 2003 Pearson Education Canada Inc. 20 - 1 What are the auditor’s primary concerns with regard to cash? Copyright 2003 Pearson Education Canada Inc. 20 - 2 What are the auditor’s primary concerns with regard to cash? - existence Copyright 2003 Pearson Education Canada Inc. 20 - 3 What are the auditor’s primary concerns with regard to cash? - existence - completeness Copyright 2003 Pearson Education Canada Inc
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activities. We went to our place to prepare the food for the children. I saw several children sitting on the branches. I feel pity on them because they are too thin; in short some of them are malnourished. Our tribe prepared the ingredients for macaroni soup. Some of us chopped all the ingredients that need to be cut and some of us prepared the material to be used in cooking. It’s kind an awkward because don’t know where to start and how to approach them‚ but I still try my best. As I look for the other
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AUDITING THEORY 1. Which of the following activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that
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Campbell Tomato Soup Prepared by X -Executive Summary- The Campbell Soup Company is the world’s largest soup manufacturer in the world. In 1897‚ the Company created their first product‚ Campbell Condensed Tomato Soup. The White and Red cans are now the most famous brand of tomato soup in the United States and around the globe. Through this product‚ the Campbell Soup Company is targeting all kinds of populations‚ from families to the working people. With an average of 90 cents
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SEMESTER 1‚ 2013 SEMINAR 9 - PROBLEM QUESTIONS PROBLEM 9.1 While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Ace Computers Ltd (Ace) for the year ended 30 June 2011 audit‚ you become aware of the following information: 1. The best-selling computer presentation package has been experiencing a high level of returns owing to suspected software problems. 2. Based on closing inventory‚ inventory turned over
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Overview of the Soup Industry. Soups have always been very popular among Canadians. Recent study showed that level of consumption of soups in Canada has increased and is showing a steady growth. Calculations say that on average each Canadian consumes up to 85 soups a year (Stefanac). According to Canadian Grocer‚ soup consumption is very high among people over 45 years old (Stefanac). But recently‚ soup industry could see a growth of the consumption among so called Generation Y which represent group
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the film‚ referring primarily to the comedy film "Duck Soup".
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