and will eventually be assumed; the prefix “computer-assisted” will be omitted. The purpose of this paper is to provide information about CAATs. This paper describes CAATs‚ compares CAATs to traditional audit procedures‚ and discusses the costs‚ risks‚ and benefits of using CAATs. The paper also discusses specific types of CAATs such as data analysis software‚ the test data technique‚ utility software and the audit-expert system. It also brings up issues that the auditor may encounter‚ suggests
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Revenue Cycle Introduction As an external auditor who audits the financial statements of Fraser & Neave Holdings Berhad‚ he has to ensure the Fraser & Neave’s financial statement reflects true and fair view accordance with approved accounting standards. To access the accounting system and internal controls starting point is Revenue Cycle. Sales cycle is the process businesses use to describe the financial progression of company’s accounts receivables from the beginning which the company
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analytical procedure. i. Relationships in a stable environment are more predictable. ii. Relationships involving income statement accounts are more predictable than relationships involving only balance sheet. iii. Relationships involving transactions subject to management discretion are sometimes less predictable. 3. The availability and reliability of the data used to develop the expectation .15 To test completeness assertion‚ expected sales for some entities might be developed
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About Transaction Processing System According Dan Matthews and Rick Veague that databases are the integration point where applications that are connected can communicate with each other. Now‚ Companies are investing for a new technology that eliminates or lessen errors and to gain advantage. This is the integration point that is necessary in building competence in management by investing in database technology to achieve lessen cost. ( Matthews D.& Veague R. (2007). Why Database-agnostic
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Case 8 RE: Melvin Corporation and Vivian Company Nonmonetary Transaction Facts: Melvin Corporation and Vivian Company entered into an agreement on January 1‚ Year 1‚ to unconditionally exchange assets. Melvin agreed to transfer‚ on January 1 of Year 2‚ a building that cost $100‚000‚ but had an appraised value of $300‚000‚ while Vivian agreed to transfer a boat that had originally cost $250‚000. As of December 31‚ Year 2‚ Melvin had received title to the boat but had not transferred title to
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The Accounting Cycle Kaplan University AB114-02 Accounting I Professor Richard Franchetti Barbara Kerr April 8‚ 2013 THE ACCOUNTING CYCLE 1 The accounting cycle begins with analyzing and journalizing transactions and ends with preparing the accounting records for the next period. There are ten steps one must follow in the accounting cycle. The first step in the accounting cycle is to analyze and record transactions in the journal using the double entry-accounting
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LAW 332 COMMERCIAL TRANSACTIONS 2 NATIONAL OPEN UNIVERSITY OF NIGERIA SCHOOL OF LAW COURSE CODE: LAW 332 COURSE TITLE: COMMERCIAL TRANSAC TIONS 2 1 LAW 332 COMMERCIAL TRANSACTIONS 2 COMMERCIAL TRANSACTIONS 2 Course Developer/Writer Prof. Justus A. Sokefun National Open University of Nigeria Victoria Island‚ Lagos. Prof. (Mrs.) Chioma K. Agomo University of Lagos‚ Akoka Ifidon Oyakhiromen‚ Ph.D‚ BL National Open University of Nigeria Victoria Island‚ Lagos. Mr. Ayodeji
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The Accounting Cycle Five Cycles of Accounting The accounting cycle consists of five components: revenue‚ expenditures‚ financing‚ conversion‚ and fixed assets (Bagranoff‚ Simkin‚ & Strand‚ 2008). There are many business activities within a company that will take place in each of these cycles. The revenue cycle incorporates sales and cash receipts. Expenditures are the decrease in cash assets to acquire goods or services necessary to operate. The conversion cycle is a continual process that
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Auditing Theory College 1: Het waarom van de accountantscontrole Agency theorie: De agency theorie legt de relatie tussen de 3 perspectieven uit. De drie partijen zijn‚ namelijk de principaal (investeerder)‚ agent (management)en monitor (accountant). De agency costs nemen relatief meer toe dan dat het aandelen bezit van de manager afneemt. Daarnaast kunnen de agency costs die groei begrenzen door dat eventuele investering niet gedaan kunnen worden. Je kan er van uit gaan dat de agency costs een negatieve
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Eun & Resnick 4e CHAPTER 8 Management of Transaction Exposure Three Types of Exposure Forward Market Hedge Money Market Hedge Options Market Hedge Hedging Foreign Currency Payables Forward Contracts Money Market Instruments Currency Options Contracts Cross-Hedging Minor Currency Exposure Hedging Contingent Exposure Hedging Recurrent Exposure with Swap Contracts Hedging through Invoice Currency Hedging via Lead and Lag Exposure Netting International Finance in Practice:
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