Tutorial 3 – Ch 9 Malaysia edition 9-26 a. The direct projection of error = (misstatements/amount) sampled x population value. ($10‚000/$1‚000‚000) x $2‚500‚000 = $25‚000 b. No‚ the overall financial statements are not acceptable. Including the projected error for inventory‚ the total overstatement errors are $58‚000‚ which exceeds materiality of $50‚000. c. The auditor should either propose an audit adjustment so that the unadjusted statement amount is less than materiality‚ and/or
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Windows server 2008 comes in different versions for the different users‚ not all users need all the same features. The versions are web edition‚ standard edition‚ enterprise edition‚ and datacenter edition. The significance of them are WE 1 OS Is permitted‚ 32-bit 4GB 64-bit 32GB‚ maximum number of CPUs 4. SE hyper-V included‚ plus 1 virtual instance‚ terminal server ‚network access protection‚ and CALs. EE plus 4 virtual instance‚ 32-bit 32GB 64-bit 2TB‚ CPUs 8‚ cluster service yes 16 nodes per
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the circumstances and opinion expressed by an auditor‚ where he is unable to obtain sufficient audit evidence. 2. Auditors of M/s Santa Banta (P) Ltd. were changed for the accounting year 2010-11. However there was no change in the position of closing stock which remained at ` 400 lacs . The auditors of the company propose to exclude the audit of closing stock of ` 400 lacs from their audit programme on the understanding that it pertains to the preceding year which was audited by another
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The journey into the 4th Dimension 4/19/12 Nature of Math The world we live in today is a world of 3-dimensions filled with objects that are zero‚ one and two dimensions. We all walk around in our 3-dimensional world thinking there could be no other dimensions. But would you believe me if I were to tell you that there is a 4th dimension that lies past our daily experience? The truth is that there is a 4th dimension and it’s not that far away‚ the crazy thing is that there could
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The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-2
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vehicle searches don’t occur because police have probable cause. They occur because people get tricked or intimidated into consenting to search requests. Consenting to a search request automatically makes the search legal in the eyes of the law. And the 4th Amendment doesn’t require officers to tell you about your right to refuse. So if you’re pulled over‚ don’t try to figure out whether or not the officer has probable cause to legally search you. You always have the right to refuse search requests by
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The Fourth of July* Being born in the USA gave me the advantage to celebrate lots of holidays. One of my favorite events was the independence day. Were America got its freedom from the United Kingdome of Britain. In the morning of 4th of July‚ my mom woke me up early and said: "get up and be ready for the barbeque at your uncle’s house". I wanted to dose off more but the thought of the fireworks later at night made me jump out of my bed and rushed to put my clothes on. After everyone
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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456 Chapter Eleven Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments
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users. An organization that comes to mind is the Trackwise® that the Quality department utilizes at my job. When my company purchased this software‚ it could function as is right out of the box or it could be modified to our current manufacturing practices so that Quality could tailor it to their everyday needs. So at this point a systems administrator
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