456 Chapter Eleven Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments
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Eddie is the main character of the book Buried Onion. Eddie is 19 years old who had been in trouble some many times. However the death of some many love ones has make him realized that he need to change he life for good. Even though Eddie is a college drop off he is try to do whatever is possible to make out of Fresno‚ California. Eddie can be described a hardworking‚ fun‚ and smart young adult. Eddie is very hard working person because even since he drops out of college he is always looking
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which exceeds materiality of $50‚000. c. The auditor should either propose an audit adjustment so that the unadjusted statement amount is less than materiality‚ and/or perform more testing to obtain a better estimate of the population misstatements. The additional testing will likely focus on receivables and inventory because they have the largest estimated misstatements. 9-28 a. The following terms are audit planning decisions requiring professional judgment: Preliminary judgment about materiality
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– Skills Module‚ Paper F8 (UK) Audit and Assurance (United Kingdom) 1 (a) (i) Importance of reporting to those charged with governance June 2013 Answers In accordance with ISA 260 (UK and Ireland) Communication with those charged with governance‚ it is important for the auditors to report to those charged with governance as it helps in the following ways: (1) It assists the auditor and those charged with governance in understanding matters related to the audit‚ and in developing a constructive
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The open door policy with china was created by John Milton Hay‚ the US Secretary of State‚ the "Open Door" was to create powerful countries to trade freely and equally. The open door policy stated that all European nations‚ and the United States‚ could trade with China .In reply‚ each nation tried to evade Hay’s request‚ taking the position that it could not commit itself until the other nations had complied. However‚ by July 1900‚ Hay announced that each of the powers had granted consent in principle
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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One big change is the full implementation of the ACA and that by 2016‚ almost all Americans who quality for healthcare must have avail it or sanctions would be given to those‚ this implies that the future of healthcare could be affected by accessibility and quality. Accessibility because more Americas are able to avail it‚ and quality because with more people the quality of care and service could be affected by immediate procedures and using const effective alternatives in some case especially for
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The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-2
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A View from the bridge Characterisation: Eddie Carbone Explore the ways a central character is presented in the drama text. Use examples from the text in your response. Eddie Carbone‚ a 40 year old Italian American Citizen from Sicily‚ is the tragic protagonist of A view from the Bridge by Arthur Miller. Alfieri‚ the chorus in the story‚ first introduces Eddie as a good‚ hard working man who does normal things like raising a family‚ eating‚ getting old‚ etc. However as Alfieri states‚ no one
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Accounting Education: an international journal Vol. 20‚ No. 2‚ 203– 222‚ April 2011 Adding Value to Audit Education through ‘Living’ Cases JULIE DRAKE University of Huddersfield‚ UK Received: November 2009 Revised: July 2010 Accepted: September 2010 ABSTRACT This paper seeks to address the perceived failure of university teaching to foster critical understanding of audit practice and to identify a potential remedy. It contributes to the debate (Maltby‚ 2001‚ “Second thoughts about ‘Cases in
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