Case 4.2 Comptronix Corporation identifying inherent risk and control risk factors Mark S. Beasley Frank A. Buckless Steven M. Glover Douglas F. Prawitt it was 9:30 A.M. on a monday morning when the call came through. "hi dr mitchell‚ do you have a minute? "sure" the professor replied "i am on of your former students‚ but if you don ’t mind‚ i would prefer to remain anymous. i think it is best for both us if i not reveal my name or my company to you. i am concerned that the
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2006 when Encik Zayed engaged the external auditor Aziz & Co(Chartered Accountant) introduced by his friend to perform the statutory audit for the period of 2003 to 2006. That was the first audit experience for Encik Zayed and Puan Hashimah and it was a difficult learning experience. The Auditors expressed their intention to qualify the Financial Statements due to several unresolved issues. However‚ Encik Zayed and Puan Hashimah tried to negotiate with the Auditor to not qualify the Financial Statements
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CASE 1 : A DELIMA (SOURCE: ANSWERS FROM ALL GROUP PRESENTATION AC2208E MARCH-JULY 2012) |PROBLEM |SOLUTION | |- TIMESHEET ARE MANUALLY PREPARED BY EMPLOYEES |Use punch card | |Employees record their time in & out themselves.) |Use eyes recognition
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potential problem. They are unable to evaluate the risk management processes and give the recommendations for reaching the objective of organization. Improve: The company should establish the internal auditing organization or the full-time internal auditor. For example‚ the internal audit can control and supervise MO in operational activities. It can evaluate the all procurement whether satisfy the regulations‚ whether meet the requirement of company‚ and the quote with the sales staff whether confirm
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audit helps provide credible and reliable information. Creditors requires reliable FS in order to assess the financial status of the company in order to identify its ability to satisfy their claims. 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
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Auditor’s responsibility is to express an opinion on the financial statements based on the audit‚ and the auditors are required to conduct their auditing process in accordance with auditing standards. During all auditing stages‚ it is important to pay extra attention to obtained information and evidence in relation to the disclosures and footnotes made in the notes to the financial statements. If there are any changes in the loan agreement‚ dividend policy‚ manufacturing plant building and a line
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| | In reporting the results of a performance audit‚ it is appropriate for the auditors toAnswer | | | | | | | Correct Answer: | all of the above. | | | | | Question 3 4 out of 4 points | | | Which of the following is a Yellow Book standard in respect to independence?Answer | | | | | Selected Answer: | auditors should not audit their own work | Correct Answer: | auditors should not audit their own work | | | | | Question 4 4 out of 4 points
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Case Study A Case Study in Corporate Governance & Ethical Auditing Satyam Fiasco & Role of PwC as an Auditor Group I Submitted By: Aditya Zutshi Ambrish Mani Piyush Anandani Ravinder Pal Singh Dhillon Abstract & Approach On Dec 16‚ 2008‚ Satyam declared to buy entire stakes in Maytas Properties for $1.3 Billion & 51% stakes in Maytas Infra for another $300 Million. By this action‚ the investors were furious. This was because of the move to invest in a promoter-related
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Chartered Accountants‚ have conducted the statutory audit of the financial statements of Karim Limited‚ a listed company‚ for the year ended 30 June 2012 under the Companies Ordinance‚ 1984. The job incharge has drafted the following audit report: Auditors’ Report to the Members We have audited the annexed balance sheet of Karim Limited (the Company) as at 30 June 2012‚ and the related Income and Expenditure Account‚ Statement of Comprehensive Income‚ Cash Flow Statement and Statement of Changes in
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We did not audit the financial statement as of and for the year ended Dec 31‚ 2006 of Oceanview Marine Company. Those statements were audited by other auditors whose reports have been furnished to us‚ and our opinion‚ insofar as it relates to data included for Oceanview Marine Company‚ Dec 2007‚ is based solely on the report of the other auditor-Talbert and Johnson‚ PC. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards
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