Subject: Independent journalists vs. government censorship in internet age At the beginning of this year‚ the journalists from the newspaper Southern Weekly – a liberal Chinese newspaper- stood up to the government’s censorship. It appears that Chinese authorities cannot neglect people’s desire for the truth any longer since the awakened citizen will lean against draconian censorship. As social media1) explodes and online-based small media emerges‚ we have tremendous channels to access news and
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current issue and full text archive of this journal is available at www.emeraldinsight.com/0268-6902.htm Past control risk and current audit fees Past control risk Thomas G. Calderon‚ Li Wang and Thomas Klenotic George W. Daverio School of Accountancy‚ The University of Akron‚ Akron‚ Ohio‚ USA 693 Abstract Purpose – The authors posit that audit fees are driven by historical risk factors and risk encountered in the current period. The purpose of this paper is to focus on historical
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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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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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at the manufacturer level that Four Star has to keep safety stock as high as for two weeks. In the mattress industry‚ there is relatively low number of large dealers while there is increasing number of mattress makers‚ both locals and foreign companies. This favors the dealers in terms of both high bargaining power over suppliers and wide variety of choices. Thus‚ Four Star‚ in order not to lose customer loyalty‚ has to come up with new product designs and varieties according to their customers’
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Key Services for Public Accounting Firms Audits High Assurance (95% - 99%) Reviews Moderate Assurance (60% - 70%) Compilation Low to No Assurance (0% - 10%) Assurance Engagements (Triangle diagram based on the subject matter at hand) Practitioner (Auditor) Users Accountable Party (Management) Practitioners give the Users a written conclusion Accountable party must have an accountability relationship with the Users Auditors in an engagement must be independent because they would
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lacked sufficient knowledge of the client’s business or industry is evident in several scenarios. First‚ Gray did not perform an analysis of the industry. Paragraph five of AS No.9 states that “planning the audit includes establishing the overall audit strategy for the engagement and developing an audit plan‚ which includes‚ in particular‚ planned risk assessment procedures and planned responses to the risks of material misstatement.” Planned risk assessment procedures include performing analytical procedures
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The Role of Audit An audit is ‘an independent examination of‚ and the subsequent expression of opinion on‚ the financial statements of an organization’ (Hussey‚ 1999‚ p. 33). The audit can be viewed as an integral part of corporate financial reporting‚ where the assurance it provides stems from the trust placed in the judgement of the auditor. The audit is designed to demonstrate ‘the completeness‚ accuracy and validity of transactions which‚ when aggregated‚ make up the financial statements’ (Power
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Madison Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussing the audit fee‚ Allnet’s management suggests a fee range in which the amount depends on the reported profit of Allet. The higher its profit‚ the higher will be the audit fee paid to Thorne’s firms. Would you recommend that Thorne accept this audit fee arrangement? Why or why not? Describe
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identify the existence of audit committee and the practice of corporate governance in public sector entities. The requirement of audit committee and corporate governance has been increase in the corporate sector and also in public sector but there are small differences in the implementation between this two sector that has been discuss in this study. This study also discuss about the characteristic of audit committee‚ effectiveness of audit committee‚ the roles of audit committee and a few past studies
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