INTERNATIONAL STANDARD ON AUDITING 320 AUDIT MATERIALITY (This Standard is effective‚ but contains conforming amendments that become effective at a future date)* CONTENTS Paragraph Introduction ................................................................................................... Materiality ..................................................................................................... The Relationship Between Materiality and Audit Risk ................................. Evaluating
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The New Government Accounting System: Issues in Public Audit 1 Introduction Historically‚ the growth of government auditing and accounting in the Philippines was greatly influenced by the administrative practices in the United States‚ so much so that during the time that the General Accounting Office in the United States was responsible for the government’s accounting‚ that concept was similarly introduced in the Philippines. Unfortunately‚ by the time the practice was abandoned in the United States
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company has no internal audit function‚ its internal control systems is very basic. 1) The internal audit evaluates the all kinds of business and control to organization. It makes sure the organization whether compliance with the police and procedures‚ whether it meet a regulations and a criterion‚ whether use the sources effectively and economically as well as whether or not it achieves the organizations goals. But this company of AL and MO‚ they have no internal audit function. They cannot
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sets the stage for your study of internal auditing (also known as “management auditing”). You consider the definition‚ development‚ and scope of internal auditing. You also consider the business environment and identify and analyze its accompanying risks. The various types of internal audits and the relationship between internal auditing and performance measurement are explained. Finally‚ you study the role of professional ethical standards in internal auditing and review case analysis‚ a technique
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is to perform preliminary analytical procedures. You have been asked to focus your attention on two purposes of analytical procedures: Assess going concern and Indicate where there is an increased likelihood of misstatements Required for Part 1 Calculate at least ten ratios that are useful to assess going concern using Heritage’s financial statements‚ which are located on Blackboard‚ appendix 1 & 2. Document the ratios in a format similar to the following: Ratios 2009 2008 2007 Current
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from all the horrible things that happened and plans revenge. To try to show Claudius’ guilt he hires actors to do a play about a man who kills his brother to become the King. He tells his mother about what has been happening and why he’s been acting crazy and kills Ophelia’s father thinking it is Claudius. Ophelia is Hamlets girlfriend and she drowns when she finds out about her father’s death. In the end‚ Gertrude accidentally drinks the poison that Claudius prepared for Hamlet‚ and Hamlet kills Claudius
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contents within a few minutes and completely burn out a building in a couple hours. The first step toward halting a fire is to properly identify the incident‚ raise the occupant alarm‚ and then notify emergency response professionals. This is often the function of the fire detection and alarm system. Several system types and options are available‚ depending on the specific characteristics of the protected space. Fire protection experts generally agree that automatic sprinklers represent one of the single
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system. Another control that Mr. Fernandez could set in place would be to give the couple incentivized pay. It could be made up of both a base salary and bonuses based on the motel’s performance. Separation of duties- Might be limited because there are a small number of ppl. Have the cleaning staff report directly to Mr. Fernandez to let him know how many rooms they cleaned. Rooms cleaned should meet revenue. Tip line- If you don’t receive a receipt call this number. 2. The two biggest concerns
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Question: Define audit and accounting risk‚ give 3 specific example of each type of risk and explain why they are called audit and accounting risk. * Accounting risk is the risk that errors associated with forecasts used in GAAP accounting estimates are not properly disclosed. Accounting risk is primarily the responsibility of accounting standards. It is dealt with only indirectly in accounting standards. For example: * Bad debts on loans had an historic rate of 1% of outstanding loans
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Report on Financial Statements Prepared By Abdullah-Al- Mamun The auditor should review and assess the conclusions drawn from the audit evidence as obtained as the basis for the expression of an opinion on the financial statements. Basic Elements of the Auditor’s Report The auditor’s report includes the following basic elements ordinarily in the following layout: a) Title b) Addressee c) Opening or Introductory Paragraph- i) Identification of the Financial Statements
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