Solutions for Chapter 1 Auditing: Integral to the Economy Review Questions: 1-1. The special function performed by the public accounting profession is the attestation to the fairness of the financial statements of clients. The special function ensures the reliability and integrity of the financial reporting system. Judge Burger described the special function as "certifying the public reports that collectively depict a corporation’s financial status‚" which involves "a public responsibility transcending
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Summary Boral Limited is construction and building material supplier having its operations in Australia‚ Asia and USA. Company has been performing well and it is expected to perform well as it has been performing well in previously. Though it has been performing well it needs to concentrate on improving its some key ratios as it has been showing negative trends over time. Company needs to convert the high gross profit margins into high net profit margins. Though it is performing well but it need to
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BSA 700: The Auditor’s Report on Financial Statements Prepared By Abdullah-Al- Mamun The auditor should review and assess the conclusions drawn from the audit evidence as obtained as the basis for the expression of an opinion on the financial statements. Basic Elements of the Auditor’s Report The auditor’s report includes the following basic elements ordinarily in the following layout: a) Title b) Addressee c) Opening or Introductory Paragraph- i) Identification
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COIS20077 Assessment Item: Submission Date: Word Count: 2 26th May‚ 2011 3600 Knowledge Management Audit Report Student Name Page EXECUTIVE SUMMARY Hewlett Packard (HP) is a leading multinational organization providing products and services in many IT related technologies such as computer hardware and software‚ printers‚ scanners‚ storage devices etc. In 1995‚ the company decided to introduce knowledge management in its organization that will make its systems‚ processes‚ outcomes superior with
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(misstatements/amount) sampled x population value. ($10‚000/$1‚000‚000) x $2‚500‚000 = $25‚000 b. No‚ the overall financial statements are not acceptable. Including the projected error for inventory‚ the total overstatement errors are $58‚000‚ 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
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liability company means the: I. company’s members are liable for only a limited amount of business debts II. company has a legal existence distinct from its owners III. company may raise large amounts of funds by issuing shares. | I only | | I and II only | | II and III only | | I‚ II and III | 2. The two main types of companies permitted to be registered under the Corporations Act are: | a private company‚ and a proprietary company | | a public company‚ and a
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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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1. Company Information (a) Name: TABCORP HOLDINGS LIMITED (b) ASX Code: TAH (c) Address: 5 Bowen Crescent‚ MELBOURNE‚ VIC‚ AUSTRALIA‚ 3004 (d) Website: http://www.tabcorp.com.au/ (e) GICs Industry Group: Consumer Services Reference: asx.com.au‚ company information for TABCORP HOLDINGS LIMITED 2. News Article: Tabcorp meets profit expectations From: smh.com.au Date: 9th August 2012 Summary: The newspaper article posted on the Sydney morning herald
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Financial Analysis | Best Buy | FINC 5000 | Luis G Zapata Jr 12/1/2011 | Abstract Best Buy started in Minnesota in 1966 as Sound of Music‚ Inc. and began as an audio components retailer‚ but with the introduction of the videocassette recorder in the early 1980’s it expanded into video products. In 1983 Sound of Music officially changed their name to Best Buy and began using mass-merchandising techniques‚ which included offering a wide variety of products under a “superstore” concept
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Billabong Financial Review over 2012 & 2013 A. Current Ratio Part 1: ! ! ! ! ! ! Current ratio = Current assets Current liabilities 2012 Current ratio = 898.92 611.44 = $1.47 2013 Current ratio = 622.37 612.50 = $1.02 Part 2: The current ratio is a measure of a business’ liquidity‚ calculated by taking total current assets and dividing by total current liabilities. The 2013 current ratio for Billabong has dropped $0.45 since 2012. It is generally unwise for a business
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