Information System Audit in Indian Banks CA Bharatish Ballal Information systems and audit Information itself is an important asset in today’s business. If information is lost‚ modified‚ misused huge loss can occur to business. Hence information security becomes important for any business. Information system in business including that of banking is becoming technology oriented. Computers are being used in all the areas of business including that of financial accounting. Internal
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Internal Audit Plan of CoolBlog Dessert Sdn. Bhd. 1.0 Business Profile 1.1 Background CoolBlog is an international brand that specializes in desserts and beverages in a take-away kiosk concept. They are first launched in Singapore in 2005 and expanding their business in Malaysia by introducing dessert and beverages with 25 flavours and 300 products range. There are more than 230 outlets opening in various places including Muadzam Shah‚ Pahang which is opening in 2012 and located at MM198-206
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The following answers are based on the SEC’s Litigation Release No. 20470 and related press releases associated with the fraud at Bally Total Fitness Holding Corporation: a. According to the SEC press releases and Litigation Release No. 20470‚ Bally fraudulently accounted for three types of revenue it received from members: initiation fees‚ prepaid dues‚ and reactivation fees. Initiation fees: Bally fraudulently and prematurely recognized revenue from initiation fees. Part of the price of a
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Sustainable use of energy- A case study on Energy Audit for Centre for Environmental Studies‚ Anna University (V. Vandhana Devi*) Abstract Climate Change & Global warming‚ ever increasing energy prices‚ acute energy shortage‚ forever widening and supply gap‚ hence energy efficiency and conservation measures have gained importance in the recent years. This paper involved an energy auditing with a view to enhance the existing energy efficiency level in the Centre for Environmental Studies
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Mandatory Audit Partner Rotation‚ Audit Quality‚ and Market Perception: Evidence from Taiwan* WUCHUN CHI‚ National Chengchi University HUICHI HUANG‚ Syracuse University YICHUN LIAO‚ National Taiwan University HONG XIE‚ University of Kentucky 1. Introduction Mandatory audit partner rotation has existed in the United States since the 1970s‚ when the American Institute of Certified Public Accountants (AICPA) required that audit partners in charge of Securities and Exchange Commission (SEC) audits be rotated
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as deposits in transit. 3. Explain kiting‚ and discuss how it is performed. (5 marks) Kiting is the transferring of money from one bank to another and improperly recording the transaction to cover a defalcation of cash or to window-dress the financial statements. Near the balance sheet date‚ a check is drawn on one bank account and immediately deposited in a second account for credit before the end of the accounting period. In making this transfer‚ the embezzler is careful to make sure that the
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way that recognizes him as a reliable body. With the growing conscious recognition of the importance of financial data in the ordering of everyday business and economic life‚ the need of basic economic facts is providing a constantly enlarging opportunity for the accounting profession. The auditors’ reports have an especial capacity to fulfill the need for reliable and authoritative financial material not only because of the reputation or prestige of the certified statements‚ but also because of
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Enron’s executives were responsible for their behavior in trying to adjust their financial statements. Andersen’s auditors were responsible for not doing their jobs with integrity and not keeping their independence in from Enron. Regulatory groups were responsible for making sure that companies and auditors are following rules for the sake of users of financial statements. 2. Three types of consulting services that audit firms are now prohibited from providing to clients that are public companies
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DATE: March 6‚ 2013 SUBJECT: Goodner Brothers‚ Inc. The Goodner Brothers‚ Inc. audit case is based off the story of two men who have been friends since their childhood: Woody Robinson and Al Hunt. Now as adults‚ Mr. Hunt works for an auto supply store while Mr. Robinson works for Goodner Brothers‚ Inc.‚ a tire wholesaler in Huntington‚ West Virginia. In the Goodner case‚ internal auditors were conducting their annual inventory counts of Goodner Brothers‚ Inc. and determined that their numbers
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how a computer can be used as an audit tool. | 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22 | 57‚ 60 | 5. Review audit documentation for proper form and content. | 23‚ 24‚ 25 | 50‚ 61 | SOLUTIONS FOR REVIEW CHECKPOINTS 4.1 A CPA can use the following sources of information to help decide whether to accept a new audit client. Financial information prepared by the prospective client: * Annual reports to shareholders * Interim financial statements * Securities
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