7.3 DISCUSSION HELD WITH ADANI’S MANAGEMENT On the basis of the discussion held with the Company’s management‚ the following questions can be interpreted as:- Q.1 Does Adani Enterprises Ltd. uses any specific technique for effectively managing its cash? (a) Yes (b) No Answer: No‚ There is no specific technique used by the company to effectively managing its cash. Q.2 How Important is Debtors Management to your Company? (a) Very Important (b) Important (c) Not Very Important Answer: The debtors
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Risks in relation to Financial Statements Financial Statements are prepared to show the true and fair view of the state of affairs of the company.Balance Sheet to show the position of assets and liabilities and Statement of profit and loss to show the net result of operations over a period. Relating to Financial Statements‚ the risk that we would be concerned is of risk of material misstatement. Risk of Material Mistatement may arise due to; (i) Recording of revenue item as capital or a capital
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PRAISE EMERALD INTERNATIONAL SCHOOL FOUNDATION‚ INC 121-41 Rotary Drive‚ Pilot Area‚ NGC Compound‚ Brgy. Commonwealth‚ Q.C. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31‚ 2010 1. ORGANIZATION: Praise Emerald Int’l School Foundation‚ Inc (PEIS) is a non-stock‚ non-profit educational institution which started in 1988 as a Day Care Center in honor of Judge Lorenzo Veneracion’s late daughter who died in a plane crash in January 26‚ 1987. In 1994‚ this Day Care Center was
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Chapter 1- Demand for Audit and Assurance Services Assurance Services- Are the independent professional services that improve the quality of information for decision makers. Individuals who are responsible for making business decisions seek assurance services to help improve the reliability and relevance of the information used as the basis for their decisions. Assurance services are valued because the assurance provider is independent and perceived as being unbiased with respect to the information
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senior management to support decision making Implement organisational policies and procedures in your area of responsibility Ensure compliance with legal‚ regulatory and social requirements in your area of responsibility | 3 Raise awareness of non-financial risk | Performing‚ or contributing to‚ risk assessments e.g. risks to health and
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precedent set by the Hochfelder v. Ernst case is generally believed to have increased auditors ’ legal liability. Answer: False Difficulty: Hard 6. The auditors can be held liable for negligence in audits of financial statements‚ but not in reviews of financial statements. Answer: False Difficulty: Easy 7. The results of the Continental Vending Corporation case included the criminal prosecution of auditors for gross negligence. Answer: True Difficulty:
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Case 1.9 Question 1: Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31‚ 1986. How does a review differ from an audit‚ particularly in terms of the level of assurance implied by the auditor’s report? Answer: A review report does not assess the control risk of a company‚ which means Ernst & Whinney could have not gotten the proper risk that a material misstatement
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During the completion of an audit‚ a sample is selected and then evaluated against some criteria to determine whether the auditor believes the financial statements to be correct and in accordance with Generally Accepted Accounting Principles (GAAP). One of the three important steps in the audit process‚ after the client has been accepted‚ is to plan the audit. In this stage‚ analytical procedures are very important to identify high risk areas which should be tested more intensively. These procedures
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Strategic Audit of The Gap‚ Inc. Submitted by: Chris Bess‚ Teddy Ormsbee‚ Tiffany Sayers‚ and Jeremey Williams Submitted to: Professor Ditmore 13 April 2010 Table of Contents I. Current Situation: The Gap in 2002 3 A. Past Corporate Performance 3 B. Strategic Posture 4 II. Corporate Governance 5 A. Board of Directors 6 B. Top Management 7 III. External Environment: Opportunities and Threats 8 A.) Societal Environment 8 B.) Task Environment 10 IV. Internal
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assertions” were relevant to Paragon’s construction projects? Describe an audit procedure that Arthur Anderson could have employed to corroborate that assertion for each. Professional auditing standards identify 5 “management assertions” that commonly underlie a set of financial statements. These 5 assertions are: occurrence‚ completeness‚ valuation/allocation‚ rights/obligations‚ and presentation/disclosure. With respect to the audit of Paragon’s construction project‚ some of these key assertions were
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