Contents Executive Summary 2 Methodology 3 Introduction 4 Findings 5 A. Inventory balances and purchases transactions 5 B. Trade receivables and credit sales system 5 C. Property‚ Plant and equipment (PPE) 6 D. Trade payables transactions and balances 6 Implications 8 A. Inventory balances and purchases transactions 8 B. Trade receivables and credit sales system. 10 C. Property‚ Plant and equipment (PPE) 12 D. Trade payables transactions and balances 15 Conclusion The following conclusions
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to the auditor in order to lower the expected loss from litigation or related settlements. This describes which theory of auditing? a. explanatory. b. agency. c. information hypothesis. d. insurance hypothesis. 5. Which of these actions is most likely to remove the audit expectation gap? a. improving auditing standards b. educating of audit users about what are reasonable expectations c. improving auditor’s performance
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and retained. The Professional Practices Framework for Internal Auditing (PPF) was designed by The IIA Board of Directors’ Guidance Task Force to appropriately organize the full range of existing and developing practice guidance for the profession. Based on the definition of internal auditing‚ the PPF comprises Ethics and Standards‚ Practice Advisories‚ and Development and Practice Aids‚ and paves the way to world-class internal auditing. This guidance fits into the Framework under the heading Development
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Paragraph 4 of Auditing Standard No. 3 (PCAOB 2004)‚ “The auditor must prepare audit documentation in connection with each engagement conducted pursuant to the standards of the PCAOB. Audit documentation should be prepared in sufficient detail to provide a clear understanding of its purpose‚ source‚ and the conclusions reached. Also‚ the documentation should be appropriately organized to provide a clear link to the significant findings or issues.” Referring to Paragraph 4‚ the audit work papers are expected
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AUDIT TECHNIQUES I. NATURE and PURPOSE of AUDIT TECHNIQUES Auditing Techniques are the basic tools utilized by auditors to obtain audit evidences. Auditing Technique is defined as any technique as any technique used to determine deviations from actual accounting and controls established by a business or organization as well as uncovering problems in established processes and controls. Auditing Techniques can be used to aid organizations by uncovering errors in business practices and providing
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be straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with the existing auditing firm has been changed. Objective An auditor has to be objective and fair. Auditor has to be fairness and objective to provide financial report. The client’s point of view must not affect auditor’s objective. In this case‚ Games Ltd has been
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equation. 2. What are the two components of stockholder’s equity? 3. What is the formula for current ratio‚ quick ratio‚ debt ratio‚ and working capital? 4. What is the group that presently creates accounting standards? 5. What gives the board of directors the right to change a company’s CEO? 6. What three things do you need to recognize revenue according to the revenue recognition concept? 7. What is the purpose of adjusting entries
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Week 5 Assignment What is the correct relationship of internal audit to senior management? The correct relationship to exist between internal auditors to senior management is one that meets the risk areas as defined by importance to senior management; this includes assurance and consultative reporting result. The same premise is also true for creating a correct relationship with operational management and the audit committee; under these cases‚ operational management desires consultative results
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Include consideration of reasons both for and against acceptance and be sure to address both financial and nonfinancial issues to justify your recommendation. MEMORANDUM To: Jane Hunter From: Corrine Subject: Ocean Manufactory Should be Accepted Date: February 3‚ 2012 Ocean Manufacturing‚ a medium-sized manufacturer of small home appliances‚ is our prospective client. First‚ we should decide whether to accept this client. The purpose is to minimize the likelihood that our auditors
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AUDITING 4 INTERNAL CONTROL In business control is required for optimum utilizatiion of resources and for maximising the profits.business operations are carried on with the help of human agents and equipments.both require supervision to ensure that tasks assigned to them are carried out properly to avoid wastes and losses. Internal control required for small business is not identical with that required for a large business in the sense that in case of the former‚the entire control
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