RELEVANT TO ACCA QUALIFICATION PAPER F8 Subsequent events Students of financial reporting and auditing papers will have to gain an understanding of how subsequent events (also known as ‘events after the reporting period’) affect the financial statements of an entity. This article will consider the financial reporting aspects concerning subsequent events using a case study type scenario‚ and will then discuss the auditing requirements that candidates of Paper F8‚ Audit and Assurance need
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functioning of the committee includes the following: 1. To oversee the Company’s financial reporting process and to ensure correct disclosure of financial information in the financial statement; 2. To recommend the appointment and removal of external auditor‚ fix audit fees and approval the payment for any other services; 3. To review‚ discuss with the Management and pre-approve the annual audited financial statements‚ and quarterly/half-yearly financial statements before submission to the Board
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CPA firm perform the annual audit? The reason that there needs to be an independent auditor is so that they can remain unbiased. It could potentially make them less independent if they are auditing both Lakeside and the bank in which Lakeside is taking loans from. The auditing firm needs to stay independent in mind and appearance and this may be an issue when auditing both. 2. This case implies that no auditor with the firm of Abernethy and Chapman has an in-depth understanding of the consumer
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A Study on the Recently Redrafted Philippine Standard on Auditing 570 “Going Concern” Armedilla‚ Princess Kate Jordan‚ Michael Llanes‚ Janice Roxas‚ Michelle Sulit‚ Elaine Introduction Being one of the bedrocks in accounting assumptions‚ going concern contributes a big role in an entity’s existence. This assumption covers the views of an entity’s ability to continue in business for the foreseeable future‚ with neither the intention nor the necessity
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FIVE TYPES OF ANALYTICAL PROCEDURES The auditor typically compares the client’s balances and ratios with expected balances and ratios using one or more of the following types of analytical procedures: a. Compare client and industry data b. Compare client data with similar prior-period data c. Compare client data with client-determined expected results d. Compare client data with auditor-determined expected results e. Compare client data with expected results‚ using non-financial
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relevant theories and concepts. The second part begins with accounting aspect which illustrates the motivations behind the insurance industry and the application of finite reinsurance. Regarding the auditing issues‚ the essay seeks to examine if external auditor PwC bewared‚ recognized and modified the real “problem” in AIG. Later the symptoms of the corporate governance will be analyzed by looking at agency-principal problem‚ organization culture‚ dysfunctional board and unprotected shareholders’ rights
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cooperate in the investigation‚ it was uncovered how rudimentary their fraud was despite the enormity in which it occurred. Parmalat‚ under the direction of Fausto Tonna‚ forged documents as well as created fake transactions that any reasonable auditor should have been able to uncover. The forgeries were not considered sophisticated at all. The forgieries were done merely with scissors and a scanner. Official stamps were also "clearly tampered with". Grant Thornton‚ the auditor’s in charge of
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manipulations. The accounting software also allowed Livent’s executives to more readily conceal the fraud from the company’s Deloitte auditors. The second troubling feature of the Livent fraud was the matter-of-fact manner in which the company’s executives organized and carried out the fraud. Following the collapse of Livent‚ the company’s independent auditors were criticized for failing to discover that the company’s financial statements had been grossly misstated. Much of this criticism stemmed
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(February 26‚ 1990) at Algiers and registered in Bahrain on Ramadan 11‚ 1411 Hijri (March 27‚ 1991) has so far (April‚ 2004) set the following Financial Accounting Standards‚ Auditing Standards‚ Governance Standards & Code of Ethics for Accountants & Auditors of Islamic Financial Institutions: □ Financial Accounting Standard: FAS Number Title 1. General Presentation and Disclosure in the Financial Statements of Islamic Banks and Financial Institututions 2. Murabaha and Murabaha to the Purchase
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responsibilities of management and the auditors” (Pany‚ Professional Standards‚ 2010). B. In the opinion paragraph it states‚ “except for the matters discussed in the first and the final paragraphs of this report” (Pany‚ Auditor’s Report‚ 2010). In the auditor report they do not refer back to the exception of the report. The opinion paragraph is to consist of only one sentence which is a restatement from previous paragraphs and includes the opinion of the auditors. C. In the opinion paragraph it states
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