reports have been furnished to us‚ and our opinion‚ insofar as it relates to data included for Oceanview Marine Company‚ Dec 2007‚ is based solely on the report of the other auditor-Talbert and Johnson‚ PC. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining
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Contemporary Auditing Chapter 5 – Comprehensive Question 5-30 (Assertions) In planning the audit of a client’s financial statements‚ an auditor identified the following issues that need audit attention. Please only write in the associated assertion 1. Valuation or allocation 2. Completeness 3. Existence and occurence 4. Completeness 5. Rights and obligations 6. Completeness 7. Valuation and allocation 8. Existence and occurence 9. Presentation and disclosure 10. Valuation or allocation
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Table of Contents I. Introduction II. The purpose of internal auditing III. Profession guidance on independence and objectivity IV. Consulting services: a challenge to audit independence? V. Independence vs. Objectivity VI. Conclusion VII. Bibliography I. Introduction The internal auditor occupies a unique position he or she is employed by the management but is also expected to review the conduct of management which can create significant tension since the internal auditor’s independence
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LECTURE 7: ENTERPRISE-WISE RISK MANAGEMENT (“ERM”) AND AUDITING by Hamza Benidir (6405151) Jesse Dunn (6349846) Brenda Lim (6408283) Report submitted to Professor Chris Liboiron for the course Advanced Auditing (ADM 4341 B) University of Ottawa November 4‚ 2014 TABLE OF CONTENTS Introduction 3 Content 3 1. Enterprise-Wide Risk Management: A Comprehensive Definition 3 a. What is Enterprise-Wide Risk Management? 3 b. ERM Criteria 4 c. Objectives of ERM 5 2. Practical Application
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discipline. The study was guided by the following research questions: What are the risk management strategies employed by insurance companies in Eldoret? How does the auditing process provide for risk uncertainties in insurance companies? What is the relationship between risk management and
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Course Project VI ∫ 1. Comparison of current listing of accounts payable with that of the previous audit date‚ noting significant changes in amounts and makeup. 2. Ratios: * Gross profit ratio * Overhead/material cost * Overhead/direct labor * Accounts payable/ purchases * Units purchased/units sold * Material/total production cost * Specific expense items/sales 3. Trends * Purchases by month * Gross profit by month * Other recurring expenses
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RAFT Task 1 Executive Summary By Cindy Granger December 1‚ 2011 Mission: To implement a corrective action plan in the area of Communication for Nightingale Community Hospital as required for Joint Commission Compliance. Corrective Action Plan: Standard: UP.01.01.01: Conduct a Preoperative Verification Process. At the present time Nightingale Community Hospital is not in compliance with rule UP.01.01.01. Nightingale currently has a five step verification process in regards to Preoperative/Pre-procedure
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Marketing Mix + Sunsilk = Progressive Career There were so many products that launched everyday in different parts of the world. In just a blink of eye different products of different kinds were made. Just like Sunsilk—a worldwide shampoo product‚ is one of those many products that were made to supply all our needs for everyday existence. The purpose of this product review is to know the marketing mix of the given product. After knowing the marketing mix‚ I can conclude why this
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Case You are the internal audit senior responsible for conducting an assurance engagement of the XYZ Company payroll process. This process has not been audited for three years and‚ as such‚ is due in the normal audit cycle. There have been no significant changes since the previous audit‚ that is‚ there were no system changes‚ no reorganization of personnel‚ and no substantive procedural changes. However‚ during the last assurance engagement‚ the internal audit function identified several observations
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Threats Safeguards Objective assessment a) Self-interest and intimidation threat: A close relationship between a member of the audit team‚ and the audit client or its management arise from a common financial interest may create self-interest and intimidation threat. (APES 110 s290.124) Per APES 110 s290.124‚ unless any financial interest is immaterial and the business relationship is insignificant to the firm and the client or it management‚ the threat creates would be so significant that
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