Leah Rudolphi ACCY405 AE4 (8-10) Individual Assignment 10 Bloomington Bees Case 1) 43+29=72 games over the year 434‚348/72=6‚032 people per game 6‚032 * .25 = 1‚508 + 6‚032 = 7‚540 (25% increase in weekend games) total sales per weekday game: 5‚016 * .30 = 1‚504.8 * 10 = 15‚048 5‚517.6 * .30 = 1‚655.28 * 10 = 16‚552.8 5‚016 * .35 = 1‚755.6 * 6 = 10‚533.6 5‚517.6 * .35 = 1‚931.16 * 6 = 11‚586.96 5‚016 * .20 = 1‚003.2 * 4 = 4‚012.8 5‚517.6 * .20 = 1‚103
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Re Kingston Cotton Mills Auditors are watchdogs not bloodhound Entitled to trust the officers and employees of the co being audited Entitled to rely on the figures presented to them Have any reason to be suspicious‚ should personally make enquiries or checks APPOINTMENT Approved co and consent to act as auditor S8 appoint approved co auditor applied to Minister to Finance satisfied Minister of good character and competent to perform the duties of auditors i) granted with approval to act or ii)
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Saunders‚ Lewis and Thornhill: Research Methods for Business Students‚ 6th edition‚ Additional Case Studies Case 8a The involvement of auditors in preliminary profit announcements Tony Beasley and Jim Keane‚ University of Gloucestershire Each year UK companies publish and issue an annual report and audited accounts‚ which are sent to numerous shareholders and other users. The process may take as long as three months from the end of the companies accounting period. This delay could create problems:
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unethical accounting practices. One example of such practices included faking product shipments so that sales could be booked. By midsummer 1994‚ as much as 70% of quarterly revenue was false. The company had ignored early warnings‚ such as their auditor Price Waterhouse LLP telling them they had weak internal controls. After announcing their 1994 write off another audit took place by Coopers & Lybrand. While Coopers feels that their audit followed best practice‚ the SEC argued they missed many
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Client Considerations With this particular case study I will discuss several questions and facts regarding audit client considerations. 1) A brief summary of the case. 2) Identify key behaviors‚ attitudes and ethical dilemmas (if any) faced by the auditors. 3) Assess the philosophical and practical alternatives summarized in the case questions and evaluations of those solutions. 4) Briefly summarize what I would do faced with this situation in real life. The case is that of a CPA firm‚ Cardinal
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appropriately low level of audit risk. The auditor uses the audit risk assessment in determining the audit procedures to be applied‚ including whether they should include confirmation. The greater the combined assessed level of inherent and control risk‚ the greater the assurance that the auditor needs from substantive tests related to a financial statement assertion. Consequently‚ as the combined assessed level of inherent and control risk increases‚ the auditor designs substantive tests to obtain more
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Supplier Sustainability Involvement Program The Philips Supplier Sustainability Involvement Program is built on five pillars: create commitment by setting out our requirements; getting suppliers to understand our requirements and monitoring identified risk suppliers through audits; working with suppliers to resolve issues; and engaging stakeholders. Building block 1: Create commitment In 2012 we updated the Philips Supplier sustainability declaration in accordance with the updated EICC
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conceptual design based on certain aspects that are considered to have an effect on the auditor’s capability to endure stress. It has been suggested that‚ given the shut working connection between auditors and customers and the fact that auditors are paid by their customers‚ it is emotionally impossible for an auditor to be free from prejudice. Numerous aspects of concern have been noted in the literary works for many years. Shockley’s conceptual design highlighted on recognized mobility because being
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first of all‚ they have enough experience‚ knowledge‚ and skills to audit those types of companies properly. However‚ as auditors worked on the same type of companies over and over again‚ they might lose their attitude of skepticism towards their clients because they get familiarized with them. The familiarity may post risks to the independence of the auditor. If an auditor is too familiar with a client‚ he or she may not deal with the client’s business with appropriate methods and therefore increasing
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What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affect the final audit decision? What are the steps that are required for an auditor to finalize the audit? Dq2 What other types of engagements are auditors involved in besides auditing? What are the other types of reports that auditors will issue? What types of responsibilities does the auditor assume in these engagements? Dq3 What is meant
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