the circumstances and opinion expressed by an auditor‚ where he is unable to obtain sufficient audit evidence. 2. Auditors of M/s Santa Banta (P) Ltd. were changed for the accounting year 2010-11. However there was no change in the position of closing stock which remained at ` 400 lacs . The auditors of the company propose to exclude the audit of closing stock of ` 400 lacs from their audit programme on the understanding that it pertains to the preceding year which was audited by another
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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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insight into the Lagos carnival‚ which I recently engaged in as an active observer. LAGOS CARNIVAL Lagos is dynamic port city in the heart of Nigeria‚ West Africa; evidence affirms her to be the most populous port city in Nigeria and the second faster growing city in Africa In 2010‚ Babatunde Raji Fashola the newly elected governor of Lagos state announced plans to modernise the Fanti carnival‚ one of Lagos oldest cultural and traditional celebrations. The Fanti carnival dates back to the late 19th
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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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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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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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Name Instructor Course Date Music Assignment: Manha De Carnival Introduction Musical pieces contain specific elements regardless of genre and style. The two most important elements in any musical piece are Variety and Unity‚ and they apply to every musical composition. Unity in music is basically the togetherness expressed in the theme of the music‚ while variety as an element suggests different components and factors (Paynter‚ 12). They may seem to be contradictory in nature‚ but both co-exist
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Content Review notes “Dressing up for the carnival” by: Carol Shields Setting Late 20th-21st century Small town(pine street) Sense of community ‚ representation Character(s) Citizen “X” Strengths: Observant‚ Imaginative‚ able to see things for more than they are.”…he observes cycles of consolation and enhancement..” Weakness: Fears rejection and judgment‚ can’t be himself. ”in the privacy of his own home‚ in the embrace of happiness” Lives a double life‚ anonyms. Wanda Strengths: Devoted
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Flash Technologies‚ Inc Memo to the Planning File by Audit Manager – General Information 12/31/2008 General Background Information Emanuel “Manny” Schwimez‚ is the CEO and chairman of the board of Flash. Mr. Schwimez is originally from Tel Aviv. He has an impressive resume‚ including a master’s degree from the London School of Economics and many years of eexecutive-level experience. He has led several high technology companies in the U.S and abroad since the early 1970’s. In 1990 he became president
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Strategic management is important to the success and expansion in most businesses. What is Strategic management? It is the art and science of formulating‚ implementing‚ and evaluating cross-functional decisions that enable an organization to achieve its objectives (slide 1-4‚ chapter one of The Nature of Strategic management). Why would this information be vital to Carnival Cruise? The annual revenue for just the U.S economy was 37.85 billion dollars and the annual increase for the company is
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