Page 1 of 7 CPA REVIEW SCHOOL OF THE PHILIPPINES Manila AUDITING THEORY Professional Accounting Practice Related PSA : Preface to PSA and Related Services 1. The following statements relate to the accounting profession: I. To merit public trust and confidence‚ the professional person must convince the public that he will place public service ahead of personal reward. II. A CPA certificate is evidence of basic competence in the discipline of accounting at the time the certificate
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AUDITING – ACC5604 – SEMESTER 1‚ 2014 SEMINAR 2 - PROBLEM QUESTIONS PROBLEM 2.1 Your text identifies three of the early approaches to auditing‚ namely the Balance Sheet‚ Transaction Cycle and Financial Risk Analysis approach. Required: (a) Provide a brief description of each approach. (b) Define the term “Transaction Cycle” and provide two examples of common transaction cycles‚ together with the account balances arising from the identified cycles. (c) If an auditor adopts
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vanity acts of such. Those very acts are responsible for deaths of innocent and selfish‚ vain acts from the people imposing them. The second passage i felt was significant from Emerson was. "No kernel of nourishing corn can come to him but through his toil bestowed on that plot of ground which is given to him to till. The power which resides in him is new in nature‚ and none but he knows what that is which he can do‚ nor does he know until he has
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Prevent Abortion Killing a tender life in the embryo is a crime. Regardless of many attempts of the government to stop such illegal activity‚ many cases of abortion come up. Nearly millions of women undergo abortion every year; forcefully or with their own desire. There are many alternatives to prevent pregnancy‚ instead of aborting the child. Proper guidance will be very helpful in this case. Here are some important suggestions that will help you know how to prevent abortion. Ways to prevent
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ratio can be below 9‚ is the client’s ability to manipulate net profit through interest expense. The CFO who has responsibility on financial issue is able to increase sales revenue or reduce interest expense in the record and manipulate the sale in order to meet the interest coverage ratio even though cost has been incur so this affect the profit to decrease. Because Banks are only able to identify interest coverage ratios through the client’s financial report‚ lack of management’s integrity or intentionally
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Is the demand for auditing a regulatory artifact or market driven? Pre SEC era: There is evidence that before legislation on auditing existed there were still forms of auditing. In the medieval times there were the guilds‚ later audits were conducted by directors or shareholders of a company. In the 19th century US companies voluntarily contracted for audits. Current data on non-SEC companies In 1977‚ 80% of corporate audit clients of PwC are non-SEC-registrants (Biegler 1977). Privately owned
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AP Language Self-Reliance Part I Author- The author of this document is Ralph Waldo Emerson. Emerson was an American essayist‚ lecturer‚ and poet‚ who led the Transcendentalist movement of the mid-19th century. Audience- The audience of Self-reliance would be people reading Emerson’s literary works around the year 1841. Also‚ Self-reliance was a speech before it became an essay so many people listening to Emerson speak at events would have most likely heard it. He is targeting his audience
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Chapter 1 Auditing and Internal Control Review Questions 1. What is the purpose of an IT audit? Response: The purpose of an IT audit is to provide an independent assessment of some technology- or systems-related object‚ such as proper IT implementation‚ or controls over computer resources. Because most modern accounting information systems use IT‚ IT plays a significant role in a financial (external audit)‚ where the purpose is to determine the fairness and accuracy of the financial statements
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BAL ANCE SHEET AS AT 31ST MARCH‚ 2004 As at 31-3-2004 Schedule I. SOURCES OF FUNDS (1) Shareholders’ Funds (a) Share Capital (b) Share Application Money @ [Rs. 5‚250 (Rs. 5‚250 )] (c) Reserves and Surplus (2) Loan Funds (a) Secured Loans (b) Unsecured Loans (3) Deferred Tax Liability (net) (Refer Note 9) (4) Service Line Deposits from Consumers Rs.Crore Rs.Crore As at 31-3-2003 Rs.Crore Rs.Crore 1 175.26 @ 4‚935.71 5‚110.97 137.83 @ 2‚425.67 2‚563.50 60.00 571.94 2‚030.83 236.55 17.74 7
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Chapter – 1 Introduction - Company Profile The name Reliance is synonymous with success‚ a story as unique as its founder Dhirubhai H. Ambani‚ who built the Reliance empire from an initial capital of just $300. It is a story of dreams becoming reality‚ of vision igniting passion‚ and an Indian enterprise transforming itself into a global conglomerate. Today‚ Reliance Industries Limited‚ led by its Chairman and Managing Director Mukesh D. Ambani is India’s largest private sector company in all
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