Case 4 and Case 6 Studies Low Company – Standards on Auditing Disclosures Memo –Low Company List of Relevant Authorities AU 504‚ AU 9504: Association with Financial Statements Purpose Should a CPA audit major fluctuations in the fourth quarter of the financial statement made by a publicly traded company after they are disclosed in the company’s annual financial statement notes? Issue Aaron Jones‚ CPA‚ is auditing the current year’s financial statements of Low Company‚ a publicly
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Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria (Arens‚ Elder‚ & Beasley‚ 2010). Auditing should be done by a competent‚ independent person. Accounting is the recording‚ classifying‚ and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making (Arens‚ Elder‚ & Beasley‚ 2010). Many people confuse auditing
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BUSINESS SCHOOL Unit of Study Outline Unit Code ACCT3014 Unit Title Auditing and Assurance Semester 2‚ 2013 Pre-requisite Units: ACCT3011 or ACCT3001 Co-requisite Units: n/a Prohibited Units: ACCT3004 Assumed Knowledge and/or Skills: You are assumed to understand the key principles and rules of specified accounting standards and be able to apply them in the context of business scenarios. Students are expected to comprehend the form and content of published financial statements and be able to
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Prevent Child Abuse America Every year‚ nearly 1 million cases of child abuse are confirmed‚ not to mention the cases that go unnoticed or unreported. Of the reported cases‚ most are children 3 years of age or younger. There is another staggering truth‚ and that is that by the time today is over‚ 4 children will have died because their little bodies can no longer handle the abuse. (Guillaro‚ 2012) These facts are horrifying and need to be changed‚ that is the goal of Prevent Child Abuse America
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What is Mgt Accounting? Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning‚ controlling and decision making. Management accounting combines accounting‚ finance and management with the leading edge techniques needed to drive successful businesses. Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations‚ to provide
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RELIANCE INDUSTRIES LIMITED Reliance Industries Limited (RIL) is an Indian conglomerate holding company headquartered in Mumbai‚ Maharashtra‚ India. Reliance owns businesses across India engaged in energy‚ petrochemicals‚ textiles‚ natural resources‚ retail‚ and telecommunications. Reliance is the third most profitable company in India‚ the second-largest publicly traded company in India by market capitalization‚ and the second largest company in India as measured by revenue after the government-controlled
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Theresa Golding BA 418 – Auditing Dr. Charles Pineno April 25‚ 2010 PART 1: “Small Firms May Face Audit Music” (published in The Wall Street Journal on April 19‚ 2007) addresses the ending of the delay in applying portions of the Sarbanes-Oxley Act of 2002 to smaller companies. At the time of the article‚ some 6‚000 smaller public companies had yet to be required to “make an annual assessment of their internal financial-reporting controls with further review by the company’s outside auditor of
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Example auditing case 1)” Based on the information given in this case and your knowledge of auditor’s reports‚ identify the deficiencies in the draft of the proposed report. Do not redraft the report‚ but provide justification or explanation for each of the deficiencies you identify” (Pany‚ Auditor’s Report‚ 2010). A. In the Introduction paragraph it states “As discussed in Note K to the financial statements‚ the Company has properly disclosed a subsequent event dated March 14‚ 20x9” (Pany‚ Auditor’s
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Auditing Introduction Letter Kelly Garner ACC/546 December 15‚ 2014 Mr. Michael De Marco Anderson‚ Olds‚ and Watershed Certified Public Accountants Shoetown‚ ME 00001 December 15‚ 2014 Mr. Eric Unum Vice President of Finance Apollo Shoes‚ Inc. 100 Shoe Plaza Shoetown‚ ME 00001 Dear Mr. Unum‚ Thank you for taking the time to meet with Arnold Anderson‚ CPA (lead auditor); Darlene Wardlaw‚ CPA (engagement manager) and me last week. During our meeting‚ you and your team informed us that your “old
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balances are appropriately disclosed. Therefore of the 5 assertions and audit objectives listed above the 3 assertions applicable to direct test of cash balances are Existence‚ Completeness and Valuation. b) List 4 audit procedures to use in auditing cash. (4 marks) SOLUTION: Because of the large volume of transactions and the small account balance‚ the audit strategy is invariably to concentrate on verifying the account balance rather than the transactions. Moreover‚ because of the significance
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