Business Case: Phillips Foods‚ Inc. 1) Problem statement: Phillips Foods Inc. just launched its new product called King Crab. It is a brand new product with a key innovation: a pasteurizing process which allows the product to stay fresh. The product therefore enjoys an 18 month shelf life. Management has decided to split the launch into two phases. Phase I is done; the company targeted foodservice buyers thanks to an advertising campaign through restaurant and institutional foodservice magazines
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Interim An audit which conducted in between the two annual audits with a view to find out interim profits to enable the company to declare an interim dividend is known as Interim Audit. It is a kind of audit which is conducted between the two periodical or balance sheet audits. Objectives Of Interim Audit 1. To know profit or loss of interim period. 2. To distribute interim dividend. 3. To get loan on the basis of interim account. 4. To get information about the financial position
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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Unhealthy diets are the main cause of the many diseases that affect the lives of many Americans. Unhealthy foods had been discussed many times‚ which has brought up many ideas to remove unhealthy foods from people’s diets’. There are many ideas to remove unhealthy foods from being one of the main sources of food‚ which is to use taxes which would take the unhealthy food‚ so unhealthy foods aren’t so accessible. There were many claims to leave those to eat what they want because they believe it’s
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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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assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions‚ balances and presentation and disclosures - List out and describe general transaction related audit objectives‚ balance related audit objectives and presentation and disclosure audit objectives - Understand specific audit objectives and how they are linked to general audit objectives and management assertions Topic 4 – Audit evidence
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theft. D. Expected effectiveness of controls. 13. The risk that an auditor’s procedures will lead to the conclusion that a material misstatement does not exist in an account balance when‚ in fact‚ such misstatement does exist is referred to as A. Audit risk B. Inherent risk C. Control risk D. Detection risk 14. Evidential matter concerning proper segregation of duties ordinarily is best obtained by A. Preparation of a flowchart of duties performed by available personnel. B. Inquiring whether
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The Food Inc. documentary shows how good quality foods are really expensive‚ and bad quality food is really cheap. Food industries are using cheap quality food in the market making us the consumer to think is healthy for our system. Food industries mass-produce many foods that we consume in our diets; some of these foods are animals‚ vegetables‚ and grains. Using chemicals and hormones‚ thousands of people are getting sick from these foods and even more serious death. The Food Inc. documentary shows
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supposed to work‚ earn money and eventually spend some time with childrean over the weekend. Wife’s role was to cook‚ clean and take care of childrean every day. Nowadays that kind of family model would be rather unacceptable‚ becouse relationships between the sexes have changed their character. Until the end of former century‚ woman’s role was to please the man‚ who provided her in money‚ so she was dependent on him. It has greatly changed‚ since the big technology progress started and much more
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Human Influences in a Food Web The temperate rainforest biome (specific to America) is most commonly recognised by its large and tall trees‚ non-seasonal vegetation‚ heavy rainfall and dense humidity. Temperatures rarely drop below freezing and irregularly exceed 27o C. Rainfall usually ranges from 127-165cm a year‚ with some rainforests occasionally receiving more [1]. At the first trophic level the producers are found‚ including: plants‚ flowers‚ seeds‚ nuts and fruit. The first order consumers
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