The Auditors’ Objectives in Audit of Inventories and Cost of Goods Sold are to: 1. Consider internal control over inventories and cost of goods sold. 2. Determine the existences of inventories and the occurrence of transactions affecting cost of goods sold. 3. Establish the completeness of inventories. 4. Establish that the client has rights to the recorded inventories. 5. Establish the clerical accuracy of records and supporting schedules for inventories and cost of goods sold
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Audit Working Papers Presented By: Kanza Masood Presented To: Miss Iram Butt Semester: Semester 6 Date: 18th Feb’13 Course: Audit Internal Control ------------------------------------------------- Audit working papers Audit working papers are the documents which record all audit evidence obtained during financial statements auditing‚ internal management auditing‚ information systems auditing‚ and investigations. Audit working papers are used to support the audit work done in order to provide assurance
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Audit Planning Name: Course: Tutor: Date: Audit Planning Introduction Auditing is a vital activity‚ in every business activity. The International Auditing and Assurance Standards Board (IAASB) is the overall organization that sets international standards for assurance‚ auditing and other related fields‚ globally. The organization ensures that there is the harmonization of all international and national auditing and assurance standards to enhance uniformity‚ in accounting
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company has no internal audit function‚ its internal control systems is very basic. 1) The internal audit evaluates the all kinds of business and control to organization. It makes sure the organization whether compliance with the police and procedures‚ whether it meet a regulations and a criterion‚ whether use the sources effectively and economically as well as whether or not it achieves the organizations goals. But this company of AL and MO‚ they have no internal audit function. They cannot
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Weaknesses in an Internal Audit Control System by Osmond Vitez‚ Demand Media An internal audit control system is a common safeguard found in business today. This safeguard is broken down into two parts: internal audits and internal controls. Internal audits are informal reviews by the business owner or employees. They provide information on internal operations in employee performance. Internal controls represent the specific policies the business owner‚ manager and employees must follow in the
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marks) THE INTERNAL AUDIT DEPARTMENT Purpose To conduct independent‚ objective assurance and consulting activities created to add value and improve the operation of Newlands Networks Corporation via systematic‚ disciplined approach to assess and improve the capability of risk management‚ control‚ and governance practices. Slide #1 Speaker’s notes The role and significance on internal auditing has grown extremely and the____ expectations continue to enlarge. Internal audit tasks have an extensive
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Non-Audit Services and Knowledge Spillovers: An Investigation of the Audit Report Lag Angela Walker and David Hay1 University of Auckland Acknowledgements: We gratefully acknowledge helpful comments by Robert Knechel‚ Yi-Hsing Liao‚ and participants at the International Symposium on Audit Research in Maastricht and the Australian National Centre for Audit and Assurance Research workshop at Australian National University. This research was supported by a grant from the University of Auckland under
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A Computerized Audit Practice Case Description of the Practice Case This case has two learning objectives. First‚ it provides the student an opportunity to apply auditing concepts to a “real-life” audit client. The client‚ Biltrite Bicycles‚ Inc.‚ operates within a unique business climate and internal control environment‚ and the student must assess inherent risk and control risk accordingly. The case contains modules involving sampling applications‚ risk assessment‚ audit documentation‚ analysis
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Management of Diversity in Organization Abstract Organizations have been becoming increasingly diverse in terms of gender‚ race‚ ethnicity‚ and nationality. This diversity brings substantial potential benefits such as better decision making‚ greater creativity and innovation‚ and more successful marketing to different types of customers. But‚ increasing cultural differences within a workforce also bring potential costs in higher turnovers‚ interpersonal conflicts‚ and communicational breakdowns.
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Cultural Diversity in an Organization 1 Cultural Diversity in an Organization Henry Jerkins Industrial Organizational Psychology Professor Withen April 5‚ 2011 Cultural Diversity in an Organization 2 There is no single definition to define cultural diversity in an organization. This topic has been studied from a variety of perspectives ranging from disciplines such as anthropology and sociology‚ to the applied disciplines of organizational behavior‚ management science‚ and organizational
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