Inherent Risk Inherent risk is the susceptibility of an account balance or class of transactions to misstatement that could be material either individually or when aggregated with misstatement in other balances or classes assuming that there were no related internal controls. This risk mainly arises at the level of management and the risk factor generally being high. Factors Affecting Inherent Risk: At the level of financial statement Integrity of management; Management’s experience and
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A.19 To perform an attestation engagement on prospective information or pro forma information‚ accountants must do all of the following except: B. Understand the internal controls used in the processes that generated the information A.20 If a nonissuer wants an accountant to perform an examination of its internal controls‚ the accountant should follow: B. AICPA AT 501‚ “An examination of an entity’s internal control over financial reporting that is integrated with an audit of its financial statements
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Week 1 Purpose of audit – enhance the degree of confidence of intended users in the financial report. Expression of an opinion by the auditor on whether – the FR is prepared‚ in all material respects‚ in accordance with applicable financial reporting framework. Opinion – whether the FR is presented fairly‚ in all material aspects‚ give a true and fair view in accordance with the framework. ASA require auditor to exercise professional judgment and maintain professional skepticism throughout
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and regulations. True False 10. Auditing is frequently only a small part of the practice of local CPA firms. True False Multiple Choice Questions 11. A summary of findings rather than assurance is most likely to be included in a(n): A. Agreed-upon procedures report. B. Compilation report. C. Examination report. D. Review report. 12. The Statements on Auditing Standards have been issued by the: A. Auditing Standards Board. B. Financial Accounting Standards
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Generally Accepted Auditing Standards Maxx Mayeux ACC/490 February 22nd‚ 2012 Linda Carr Generally Accepted Auditing Standard • Describe how these standards apply to financial‚ operational‚ and compliance audits. • Explain the effect that the Sarbanes-Oxley Act of 2002‚ and the Public Company Accounting Oversight Board (PCAOB)‚ will have on audits of publicly traded companies. • Discuss the additional requirements that are placed on auditors from this act and the actions
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MIT765801 AUDITING Individual Assignment HIH Insurance Report Student Name: Jinyun Wang Student ID: MIT122634 Lecturer Name: Susan Currie Tutor Name: Susan Currie Due Date: 29 / 1 / 2014 Submitted date: 7/ 2/ 2014 by email Executive Summary The auditing profession plays a significant role in industrialized economies for many years. In the insurance industry‚ the manner of auditing profession is regulated. The collapse of Health International Holdings (HIH) was recorded
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the 21st century‚ ‘contemporary’ is a huge topic in the society. Contemporary art which becomes a new type of art is also one of the main subjects for the study of art history. The definition of contemporary art can be quite different according to diverse aspect. This essay is going to define contemporary art in a historical trajectory and discuss how it is revealed in Cola Project which created by He Xiangyu‚ a young Chinese contemporary artist. The Definition of Contemporary Art With the development
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resources in the auditing procedures to achieve its desired
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BFA303 AUDITING THE FUTURE DIRECTIONS OF THE AUDIT PROFESSION Word Count: 1995 Executive Summary This report discusses the historical and current practices required by audit professionals. This is broken down into three main subject areas‚ being:- 1 The Monitoring of the Profession’s Quality Issue; 2 The Skills and Auditor Needs To Posses; and‚ 3 The Structure of an Audit and Non Audit Service Engagement. It is found from a comprehensive review of various literature available
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Many leading companies find Instagram‚ Twitter and other social media websites as a great platform to campaign for their existing products‚ new launches etc. Social Media Campaigning is a great way of reaching a large number of target audience. Leading firms who already have a huge number of existing customers also take help of social media websites to reach their target customers. Nowadays‚ Youtube has become a very popular way of capturing the attention of people. Videos are uploaded and they
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