implementing and using the Balanced Scorecard at your organization. a) List and describe the four perspectives of the Balanced Scorecard. 1. learning and growth perspective 2. the business process perspective 3. The customer perspective 4. The financial perspective b) What steps would you encourage him or her to take in order to successfully implement and use the Scorecard to manage the organization? As part of your answer‚ be sure to describe any roadblocks to be avoided. Be specific in describing
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W.R. Grace & Co. Audit W.R. Grace & Co. (The Company) is a company that makes some of the materials that are used in the production of products ranging from medicine to gasoline. The Company was audited by an accounting firm (The Firm) that is recognized as one of the Big Four Accounting firms in the world. The Firm found that the company was participating in a practice known as “profit management”. Profit management occurs when a company defers some of its revenues from the current period
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and who establishes those standards. Comparing and Contrasting Auditing‚ Attestation‚ and Assurance Services Auditing is the term used to describe the process of obtaining objective evidence regarding the reliability and integrity of financial information or statements (Elliott & Pallais‚ 1997). It includes procedures such as testing systems and gathering evidence. Inquiry is another important procedure in addition to analytical tests of records and systems. Attestation is
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If a CPA recklessly departs from the standards of due care when conducting an audit‚ she or he will be liable to unknown third parties based on a. strict liability c. negligence b. gross negligence d. breach of contract 2. Under the common law‚ which of the following statements most accurately reflects the liability of a CPA who fraudulently gives an opinion on an audit of a client’s financial statements? c. The CPA is liable only to third parties in privity of contract
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AC 4342 Auditing Introduction to assurance and financial statement auditing Discussion Question: Messier Q1-13‚ 14 1 References HKICPA Members’ Handbook Amended Preface to the Hong Kong Quality Control‚ Auditing‚ Review‚ Other Assurance‚ and Related Services Pronouncements Hong Kong Framework for Assurance Engagements Reference Messier: Ch 1 2 CILOs and TLAs CILOs 1 Describe the auditing profession‚ the regulatory‚ legal and reporting framework of auditing. Recognize the basic
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elements: Systematic process — audits are structured activities; Objectivity — freedom from bias; Obtaining and evaluating evidence — allows the auditor to determine the support for assertions or representations; Assertions about economic actions and events — describes the subject matter of an audit; representations by management comprising internal control assertions and financial statement assertions Degree of correspondence … established criteria — the purpose of the audit is to determine conformity
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Client name: Gold Explorer Inc. Schedule :X-1 Audit area: Risk Assessment Preparer :M.X Balance sheet date: xx/xx/xx Date: 01/01/2012 Raj‚ The following memo addresses the risk assessment of one our clients‚ Gold Explorer Inc.; a major public Canadian gold mining company. The firm has been auditing this company for the past 8 years‚ in which very few misstatements were discovered
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Assurance services - deal with audit or review of historical financial information and assurances dealing with subject matters other than historical financial information. * designed to enhance the degree of confindence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria FF. are the broad categories of services under the umbrella of assurance services: 1. Risk assessment 2. Information system reliability
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Case 12-7 Facts: Rossi Inc.: Asbestos Litigation Liability: The cost of settlement and defensed costs relating to currently pending claims and future claims for losses incurred to date. Liabilities recorded per/as at Dec 31. 2009 2008 2007 Rossi Inc. $962m $1‚055m $469m Thompson (External Specialist) $1124m $1‚055m Internal Actuarial Specialist $907m‚ $1‚184m‚ and $1‚514m The 2007 claim estimate is projected through 2011. The 2008 and 2009 estimate are projected through 2017
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Auditing and Assurance Services Thirteenth Edition Global Edition Alvin A. Arens Randal J. Elder Mark S. Beasley [pic] Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul
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