udit 22-31 a. The audit program for the audit of Rakin Corporation’s capital stock account would include the following procedures: 1. Examine the articles of incorporation‚ the bylaws‚ and the minutes of the board of directors from the inception of the corporation to determine the provisions or decisions regarding the capital stock. the authorization for the sale of new issues or additional sales of unissued stock‚ declarations of stock splits and dividends in the form of cash
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Audit Objectives: a. Determining that cash on hand as shown in the general ledger is represented by currency and coins on hand. b. Determining ownership and proper accountabilities c. Ascertaining that cash balances are available without restrictions. Audit Procedures: a. Examination of cash proof sheets and tracing of their totals to the general ledger b. Test tracing of deposit or withdrawal slips to individual subsidiary ledgers and vice
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CASE 2 Shih Hong Lin A. What distinguishes management fraud from defalcation? Defalcation is misappropriation of assets such as employee fraud‚ embezzlement and larceny. Management fraud has deliberate intention that uses fraudulent financial statement to covey wrong messages to its investor‚ creditor and the public. The major difference is the intention that distinguishes management fraud from defalcation. In defalcation‚ people who commit such crime is out of greedy. However‚ in management fraud
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INTRODUCTION This case presents the actual family-business dilemma and identities have been changed to protect family privacy. The author’s opinions do not necessarily reflect the views of the Malaysian Institute of Accountants and this case was written for academic purpose only and the author disclaims any legal responsibilities. This report will be discussed more details about the issues that arise in the company. Those issues are about the leadership‚ management and also
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success 5 Planning Framework 1 • • • • • Where are we now? Where do we want to be? Which way is best? How might we get there? How can we ensure arrival? 6 Planning Framework 2 • • • • • • • • • Situational Analysis Objectives Strategy Targets Tactics Men Money Minutes Measurement 7 The Planning Models • • • • • • • • • S O S T T M M M M S O S T A C 8 Marketing Audit • A marketing audit is a comprehensive‚ systematic
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o i solutions limited Innovation Audit See the gaps in your innovation and develop plans for new products‚ services‚ processes and cost savings. Below is a summary of the Audit we recommend and can conduct. The full Audit varies dependent upon the organisation. Key Issues There are hard and soft factors that will determine how innovative an organisation is. Those key factors: • CEO and Board Commitment • A Learning Organisation ie being open‚ adaptive and forward thinking • A culture that encourages
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Chapter 1 – The demand for an Auditing and Assurance Profession Key Services for Public Accounting Firms Audits High Assurance (95% - 99%) Reviews Moderate Assurance (60% - 70%) Compilation Low to No Assurance (0% - 10%) Assurance Engagements (Triangle diagram based on the subject matter at hand) Practitioner (Auditor) Users Accountable Party (Management) Practitioners give the Users a written conclusion Accountable party must have an accountability relationship with the Users
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Audit exam 1 Study online at quizlet.com/_flu67 1. A Which is usually included in an engagement letter? (A reference to GAAP/A reference to GAAS) A. Yes/Yes B. No/No C. Yes/No D. No/Yes 2. A Which of the following statements is true? A) Auditors have generally found that the most effective and efficient way to conduct an audit is to obtain some assurance for each class of transaction and for the ending balance of the related account. B) Management ’s assertions follow and
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NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW 1 “AUDITING” In independent examination 2 NATURE AND DEVELOPMENT The word “audit” comes form the Latin word audire which means “to hear” because‚ in the middle Ages‚ accounts or revenue and expenditure were “heard” by the auditor. Statutory audits (i.e. carried out in accordance with statutory provisions) become mandatory for companies in 1900. At this time the purpose of an audit was to detect fraud‚ technical
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When you receive an IRS audit‚ it can be a scary event and it is difficult to find out what you should do next. For anybody who is not really an expert on taxes and audits‚ most of the tax terminology seems like it could be another language. Many people are unsure about how to safely proceed when they were selected for an IRS review. Should you simply go through the motions alone or do you require expert help? How can you properly evaluate your tax filings? Several such questions come up in your
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