References: Gray‚ I and Mason‚ S (2008)‚ The Audit Process: Principles‚ Practice and Cases‚ (4th ed.)‚ London: Thomson Learning Ch 1 Millichamp & Taylor (2008) Auditing Thomson Learning; 9th Revised edition Ch 4 and Ch 13 - 15 Whittington‚ R and Pany‚ K (2009) Principles of Auditing and Other Assurance Services‚ London: McGraw-Hill Ch 6
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True/False Questions 1. Fraud is defined as failure to use reasonable care in the performance of services. Answer: False Difficulty: Easy 2. Most of the burden of affirmative proof is on the defendant under common law. Answer: False Difficulty: Medium 3. The Ultramares v. Touche case held that auditors could be held liable to any foreseen third party for ordinary negligence. Answer: False Difficulty: Medium 4. The Securities
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ACCG 340 group Assignment Reflective assay ACCG 340‚ auditing and assurance service is one of the subjects that interest me most among other units. One of the assessments of ACCG 340 is a group assignment for Qantas case study. Basically‚ we act like an auditor in determine and establishing any necessary control test to discover any potential financial risks associated with Qantas group. As an international student I have learned to appreciate the group working style more‚ even sometime I have
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actually quite simple. First‚ privity of contract. Privity of contract means that the contract only applys to the people involved with contract‚ thus making the bank an innocent third party. The second defense is that Yost followed the proper auditing standards when conducting an audit. This means that if Yost were to find nothing‚ they would not be responsible. c. She will most likely win due to negligence. The company is responsible for implementing internal controls‚ and the president’s
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materiality threshold for the engagement? 25. The Code of Professional Conduct derives its authority from the A) Securities and Exchange Commission. B) Bylaws of the American Institute of CPAs. C) Financial Accounting Standards Board. D) Auditing Standards Board. 26. The chief (internal) audit executive should have direct reporting access to the audit committee‚ and the committee should oversee the activities and budget of the internal audit function. A) True B) False 27. The AICPA Principles
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Arayawna Moore @02585360 Auditing I 09/20/10 CHAPTER 1 1-14 A. 3 B. 2 C. 2 D. 3 1-15 A. 2 B. 3 C. 4 D. 3 1-21 1) IRS‚ compliance audit 2) GAO‚ operational audit 3) CPA‚ operational audit 4) Internal‚ financial statement audit 5) GAO‚ operational audit 6) CPA‚ financial statement audit 7) GAO‚ financial statement audit 8) IRS‚ compliance audit 9) Internal‚ financial statement audit 10) IRS‚ compliance audit 11) Internal‚ financial statement audit 12) GAO‚ compliance
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STRATEGIC MANAGEMENT COURSE NOTES Pearce II and Robinson Jr (1997) define strategic management as “the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives”. Critical tasks: Formulate the company’s mission including broad statements about its purpose‚ philosophy and goals Develop a company profile that reflects its internal conditions and capabilities Assess the company’s external environment‚ including both the
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& Partners Re : Audit of Moss Green Ltd. Company structure Moss Green Ltd. is a wine grower and producer of medium to high quality wines‚ located in Western Australia’s Margaret River region. Tickit Associates was Moss Green’s previous auditing company and we were engaged immediately after it listed on the Australian Stock Exchange to take over as auditors. The company is successful in exporting internationally‚ especially in the United Kingdom supermarket chain‚ Safebury. Mr.Tom Green
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Auditing Theory 1. A control which relates to all parts of the EDP system is called a(n) a. Systems control c. Applications control b. General control d. Universal control 2. Which of the following is not an output control? a. Proper authorization of transaction b. Control totals c. Check digits d. Adequate documents 3. Should the auditor feel‚ after obtaining an understanding of the EDP internal control structure‚ that
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| |REGISTRATION NO. |3052 | |UNIT TITLE |Unit 11: Financial Systems and Auditing | |ASSIGNMENT TITLE |Accounting and Management Control Systems | |ASSIGNMENT NO |1 of 2
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