Identifying relevant Malaysian Financial Reporting Standard with Inventory Cycle Referring to have been stated above‚ the selected company was a small sized entity and therefore‚ the processes under its inventory cycle was not complex like those in retailers as well as manufacturers. Figure 1.1 Inventory cycle with shaded area for activities related to MFRS Principally‚ the fundamental issue in accounting for inventories is to define the amount to be recognized as asset as well as amount
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1. The majority of people lie to their employers from time to time. | | | | | Completely true | | | Mostly true | | | Somewhat true/false | | | Mostly false | | | Completely false | | | 2. | How much time per day do you think the average employee with Internet access at their desk surfs the net in an unauthorized manner? | | | | | 0-15 minutes | | | 15-30 minutes | | | 30-60 minutes | | | 60-90 minutes | | | 90-120
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1. In this situation I would tell the cashier I was given too much money. I typically look at my change before leaving the counter and in this case it would be immediately obvious that I had received too much. When I was a teenager I worked in a cash register environment and I know people can lose their jobs over having a short register. It was an honest mistake made by the cashier and I wouldn’t want anyone to lose their job. If I can prevent that from happening‚ I will gladly speak up and give
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identify and analyze its accompanying risks. The various types of internal audits and the relationship between internal auditing and performance measurement are explained. Finally‚ you study the role of professional ethical standards in internal auditing and review case analysis‚ a technique used frequently throughout this course. Test your knowledge Begin your work on this module with a set of Test-your-knowledge questions designed to help you gauge the depth of study required. Learning objectives
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Project on Ethics Case_FALL 2014 Attached Files to the blackboard for Project 1: 1. 2. 3. 4. NSPE codes of ethics for engineers Example Ethics Cases (total 12 examples) Rubric f for evaluation Template for submission and one assign case Instructor got the permission from National Society of Professional Engineers to review their case studies. Materials can be found at following web site www.nspe.org Reminders for Project 1: • • • • • • • Review the engineering code of ethics. Review the example
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Solutions for Chapter 1 Auditing: Integral to the Economy Review Questions: 1-1. The special function performed by the public accounting profession is the attestation to the fairness of the financial statements of clients. The special function ensures the reliability and integrity of the financial reporting system. Judge Burger described the special function as "certifying the public reports that collectively depict a corporation’s financial status‚" which involves "a public responsibility
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Personhood: The central question in Medical Ethics A patient is lying on a hospital bed hooked up to several machines regulating his bodily functions. The doctor has informed the family that the patient is brain dead. His spouse makes the decision to pull the plug but his mother argues against it. It is the mothers opinion that her son is still alive‚ and deserves to be treated like a person‚ even though his brain is no longer functioning. The spouse holds the opinion that any trace of her
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AUDIT QUALITY A BRIEF DISCUSSION REGARDING THE QUALITY OF ASSURANCE AND AUDIT Student ID: 1204335 Xiaoyu ZHENG AUDIT QUALITY A BR IEF D ISC US SI ON R EGAR D IN G THE QUAL IT Y OF A S SUR A N CE AN D A UD IT A INTRODUCTION uditing has inevitably become one of the essential activities in the current business world. It may be attributable to the fact that financial reports still remain the major criteria in evaluating the performance of the business. Audit quality refers to different
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AUDIT METHODOLOGY A systematic environmental audit consists of 3 main stages: Pre-Audit On-site Audit Post Audit All 3 stages need to be fulfil in order to complete the audit procedure on water quality management which to ensure clean water is to be preserved to be consumed by the end user. Pre-Audit Pre-audit is the first step in the audit procedure. During a pre-audit‚ a company or individual’s financial documents are examined to ensure that all information is correct before the company or individual
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The Strategic Audit Many companies begin their operation in different ways. Some companies start with a lot of capital and become successful‚ while others start with very little capital and still find success. However‚ once profitability has been achieved‚ it can be very difficult to maintain in the long run. One tool many managers use in order to keep operations running smoothly is the strategic audit. A strategic audit is used to compare current operations with ideal operating conditions.
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