Introduction This report aims to investigate the role Internal Auditors (IA) plays in certain aspects of corporate governance. The report also aims to investigate what is considered as good corporate governance. “Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between the constituent parts of a company - the directors‚ the board (and its sub-committees) and the shareholders” (Berr‚ 2008) Corporate governance is necessary
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Title: Report on the most appropriate marketing audit analysis tools for the X Group To: Marketing Director‚ X Group From: Marketing Consultant Date: January 4th‚ 2005 Purpose of report The X Group are undertaking a complex marketing audit and require assistance in evaluating the most appropriate analysis tools. This report will endeavour to fulfil the X Group’s requirements by critically explaining the components of micro
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Case Study # 3: Carter Cleaning‚ pp. 222-223 2 Abstract The format and form in which a job description should appear varies in semblance. There is no set format in which a job description should appear‚ however with technology ever increasing and the many changes in the way an organization completes a job analysis‚ long gone are the days of compiling a list of duties for positions that are forever changing. It is within the job specifications where an organization can show what human traits
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Resignation & Removal of Auditors Resignation of Auditors Resignation procedures Auditors deposit written notice together with statement of circumstances relevant to members & creditors or statement that no circumstances exist Notice of resignation Sent by company to Registrar of Companies within 14 days Statement of circumstances Sent by auditors to Registrar of Companies within 28 days Sent by company to everyone entitled to receive a copy of accounts within 14 days Convening of
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1. Summary of the report: Qualified Opinion In our opinion‚ except for the effects of the adjustments on the financial statements‚ if any‚ as mentioned in the preceeding paragraph‚ the financial statements have been properly drawn up in accordance with IFRS and the Companies Act‚ 1965 so as to give a true and fair view of the financial position of the Group and of the Company as at 30 June 2009 and of their financial performance and the cash flows for the financial year then ended. This is
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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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The Role of Audit An audit is ‘an independent examination of‚ and the subsequent expression of opinion on‚ the financial statements of an organization’ (Hussey‚ 1999‚ p. 33). The audit can be viewed as an integral part of corporate financial reporting‚ where the assurance it provides stems from the trust placed in the judgement of the auditor. The audit is designed to demonstrate ‘the completeness‚ accuracy and validity of transactions which‚ when aggregated‚ make up the financial statements’ (Power
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Background Quality Metal Service Center (QMSC) is a century old national distributor of metals with annual sales in 1991 of over $750 million. The company is in the middle of the value chain‚ purchasing metals in large lots from production mills and reselling the product to metal users in smaller lots on a short lead time basis. QMSC also sells inventory that has been altered through preproduction processing. To be competitive QMSC must have a shorter lead time and better customer service to cover
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ABCD 1234 AND COMPANY WLL Corporate Office | To: Head – Procurement & StoresCC: | From : Head – Internal Audit | Report No | Date : | * Subject: Audit Report on Operations of ABCD 1234 AND COMPANY WLL. We have done general operations audit of ABCD 1234 AND company WLL from 1.11.2012 to 20.11.2012 and submitting the draft audit report below.. Executive Summary: * There is no ABC analysis of the suppliers have been done by the company ( Refer finding # 1). The Purchasing Department
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Completing the Audit Concepts: Nature of a balance sheet approach to the audit & implications for auditing the income statement * Obtain sufficient‚ competent‚ evidential matter for all balance sheet accounts * Note that if all balances are fairly stated‚ and the balance sheet balances‚ then Retained Earnings must be correct * If Retained Earnings is correct‚ then the Income Statement’s net income cannot be materially in error * Therefore‚ less work is done auditing the income
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