Chapter 10 Auditing the Revenue Process SEC SAB101: Revenue recognition 1. 有persuasive evidence 有证据 2. Delivery occurred‚ service rendered，东西给了服务于需求 3. Price is fixed/determinable 价格固定 4. 有collectability钱收的回来 Fraud Risk in Revenue cycle: 欺诈风险 1. Side agreement: off-book‚ adjust record to entice customer 2. Channel stuffing: 填塞分销渠道，造成销售假象 inflate sales by forcing product through a distribution channel 3. Related party transaction: 实质重于形式原则substance over form是指企业应当按照交易或事项的经济实质进行会计核算，而不应当仅仅按照它们的法律形式作为会计核算的依据
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ACCOUNTING COURSE CODE: ACC 416 WEEK: 10 TOPIC: FORENSIC ACCOUNTING AND FRAUD AUDITING OBJECTIVE: To acquire the knowledge and skills about forensic audit‚ its reporting and documentation. THE CONTEXT OF FORENSIC AUDITING Forensic audit encompasses the examination of evidence regarding an assertion to determine its correspondence to establish criteria carried out in a manner suitable to the court. Auditing has been defined as the systematic process of objectively obtaining and evaluating
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5-52 Trend analysis‚ common-size financial statements‚ and ratios are presented for the Brody Corporation in Figure 5.4. Assume that you are auditing Brody ’s financial statements for the year ended 12/31/X8. You have performed tests of controls over the recording of gross sales and believe that the system is operating effectively and that 7 percent represents an accurate estimate of the increase in gross sales for 20X8 over the amount for 20X7. You should also assume that the financial statements
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External assessment Political‚ governmental and legal forces: * Political forces As the current situation in Egypt is not stable and there is a lot of political issues that affect directly the business in Egypt‚ also the revolution and the security instability‚ and the decline in the Egyptian pound price which affect negatively the prices in Egypt all of this is a threat for the center as the customer numbers decline and the prices become higher‚ and it becomes difficult to forecast the
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Question 1 The external environment of a firm plays a very important role in the operations of the organization. Why is it important for organization in the Pacific to learn and know about what is happening in their external environment? Use examples to explain a least 5 elements in the external environment. The business dictionary defines external environment as conditions‚ entities‚ events‚ and factors surrounding an organization that influence its activities and choices‚ and determine
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External communication Communication with people outside the company is called “external communication”. Supervisors communicate with sources outside the organization‚ such as vendors and customers. External communication comprehends all information developed by the company‚ which is related to its activity that is released in the press‚ for public knowledge. Such information is crucial in order to promote the company’s image. External Communication is used for: 1. Through ensuring the information
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Theresa Golding BA 418 – Auditing Dr. Charles Pineno April 25‚ 2010 PART 1: “Small Firms May Face Audit Music” (published in The Wall Street Journal on April 19‚ 2007) addresses the ending of the delay in applying portions of the Sarbanes-Oxley Act of 2002 to smaller companies. At the time of the article‚ some 6‚000 smaller public companies had yet to be required to “make an annual assessment of their internal financial-reporting controls with further review by the company’s outside auditor of
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A business has many external influences that can affect its overall mission and functions. Such influences may be political‚ global‚ economic‚ legal‚ media‚ medical‚ and nature in itself. These influences may include government departments‚ regulators‚ competitors‚ and trade bodies making it important to identify these at an early stage (Norwich Union‚ 2005). Because these external influences affect a business ’ mission critical process‚ it is evident there is an influence on the business continuity
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YORK UNIVERSITY FACULTY OF LIBERAL ARTS AND PROFESSIONAL STUDIES School of Administrative Studies PART B: AP/ADMS 4551 Auditing and Other Assurance Services Midterm Examination‚ February 21‚ 2010 9:30 a.m.-11:30 a.m. Part B will be distributed 70 minutes from the start of the exam. A YorkCard or acceptable photo identification is required as your identification for this examination. If you do not have identification documents‚ you will be required to personally bring these to your instructor
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Chapter 3 The External Assessment Chapter Outline The Nature of the External Audit Strategic Management: Concepts & Cases 10th Edition Fred David The Industrial Organization (I/O) View PowerPoint Slides by Anthony F. Chelte Western New England College Copyright 2005 Prentice Hall Social‚ Cultural‚ Demographic & Environmental Forces Ch 3 -1 Chapter Outline (cont’d) Copyright 2005 Prentice Hall Ch 3 -2 Chapter Outline (cont’d) Political‚ Governmental‚ and Legal Forces Porter’s Five-Forces
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