-Planning and Supervision --Audit plan -Materiality -Risk Assessment --Internal Control --Risk of Material misstatement --Inherent risk --Control Risk --Defection risk --Substantive procedure -Audit Evidence 2-4. Fundamental Principle: Reporting --Financial Reporting framework --Unqualified opinion --Departures from GAAP --Adverse opinion -- qualified opinion --Scope of limitation --Declaimer of opinion 2-5. Evaluating the Quality of Public Accounting Firm’s Practices -System of quality control 1)
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Abstract In this paper I will identify the four basic financial statements‚ discuss how they are interrelated with each other‚ and why they are useful to managers‚ investors‚ creditors‚ and employees. BALANCE SHEET A balance sheet provides detailed information about a company’s assets‚ liabilities and shareholders’ equity. Assets are things that a company owns that have value. This usually means they can either be sold or used by the company to make products or provide services that can be
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Financial Statements Paper Aja Raineri‚ Andrew Tondre‚ Mina Parvinchi‚ Tracy Treadwell‚ Mildred Treadwell MGT/307 July 26‚ 2010 Dr. Aaron Cuevas DISC Platinum Rule Assessment In today’s organizations behavioral styles plays an important factor in the workplace. Behavioral styles differ according to different types of cultures and people blending in the workplace. In Team B‚ each member examines his or her own behavioral style. The team consists of four behavioral styles;
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Risk Analysis is a formal framework that is used to evaluate the risks that organizations can face. A good risk analysis affords the organization the opportunity to decide what actions to take to minimize disruptions or decide whether the suggested strategies can be used to control risk and are cost-effective. Multinational firms must constantly assess the business environments of the countries they are already operating in as well as the ones they are considering investing in. One of the most
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Financial Analysis Lenovo Group Limited CONTENT I. Introduction 3 1. Background 3 2. Nature of business 8 3. Description of product/services 9 4. Current Revenue size and Profit 12 5. Major Market Served 15 6. Ownership 16 7. Other relevant basic information 17 8. Company`s business strategy 21 II. Analysis of Company Performance 21 1. Company Growth 21 2. Financial ratios 23 3. Liquidity 23 4. Leverage 25 5. Profitability – Dupont Analysis
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PowerPoint Content Rubric Research‚ Design‚ & Development Mr. HolmesStudent(s) Name: __________________________________________________Date: ________________ Multiplier: 1.0 .75 .5 Percentage Score Content: Relevant‚ informative‚ and accurate information. Focused and consistent with topic. Shows understanding and comprehension of task requirements. Many illustrations. Somewhat relevant‚ or some inaccuracies‚ somewhat focused. Consistent with topic‚ but did not understand
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A business’ financial conditions are of major concern to all its stakeholders. As capital providers‚ investors and creditors rely on a company’s financial conditions for both the safety and profitability of their investments. The four basic financial statements are (1) Balance Sheet‚ (2) Income Statement‚ (3) Statement of Retained Earnings‚ and (4) Statement of Cash Flow (Kimmel‚ Weygandt‚ & Kieso‚ 2010). The balance sheet represents the financial position of a company for a specific period
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Financial Outcomes Wal-Mart is known as one of the world’s leading discount retail chains. Much of its profits and success depends on its stock prices. This paper will examine three different scenarios in relation to the organizations initiative to repurchase its own stock in the market in order to retire it. There are three potential outcomes that the organization can encounter including: 1) the stock price goes down because the balance between debt and equity is distributed thus making interest
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The Consolidated Statements of Earnings or the income statement tells financial statement users that there was a decrease in gross profit and net sales for the fiscal year 2008. The Consolidated Statements of Earnings show that the closing of underperforming stores‚ removal of new store openings from the pipeline‚ and staff reductions in many Home Depot projects resulted in $951 million in pretax charges. The difference profit and net sales is also a cause of fiscal year 2008 being 52 weeks and
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Introduction I found an article from a financial periodical called _____ regarding a company’s accounting firm being penalized for violating auditing rules of a company’s revenue recognition practices. I will be referencing and discussing the restatement of the company‚ the accounting principles involved‚ the effect of the errors and changes on financial statements‚ and the affect on the stockholders. The PCAOB (Public Company Accounting Oversight Board) has penalized Ernst & Young $2 million
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