PAPER F8 (INT): AUDIT AND ASSURANCE ANSWERS 1 BLAKE CO Key answer tips Walk in the footsteps of a top tutor The question requires an understanding of the purpose of control systems‚ namely payroll in this scenario. The student is also required to identify weaknesses relevant to the scenario and suggest improvements. This should not present any real challenge to a well prepared student as it is typical of the F8 exam. NOTE: there are 2 presentation marks for adopting a management letter
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agjinopulli@yahoo.com‚ agjinopulli@minfin.gov.al Conference topic: regional development Abstract The concept of Public Internal Financial Control (PIFC) has been developed by the European Commission in order to provide a structured and operational model to assist national governments in re-engineering their internal control environment and in particular to upgrade their public sector control systems in line with international standards and EU best practice. The democratic changes affecting all areas of
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the enactment of laws and rules to restore and maintain confidence in the financial markets. Other nations experienced similar situations and enacted rules and regulations to promote consumers and investors’ confidence in the financial market. This paper examined the major events that led to the enactment of corporate governance regulations in Australia‚ South Africa‚ and the United Kingdom (UK). And analyzed the similarities and differences among the regulations‚ and opined on the most comprehensive
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from sales invoices in the Sales Journal to shipping documents. B. Reliability 1. Independence of provider – 2. Effectiveness of client’s internal control structure (strong vs. weak) 3. Auditor’s direct knowledge 4. Qualifications of provider 5. Objectivity What sample size and which items: C. Sufficient 1. Likelihood of misstatements 2. Quality of internal control When to perform D. Timeliness Other factors: E. Combined effect F. Cost 2 V. Type of Evidence Preparation question: Enter key words
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Review the Cardillo Travel Systems case in your textbook. Write a four to five (4-5) page paper in which you: 1. Explain the Securities and Exchange Commission’s rationale to charge Cardillo executives with each of the following violations: a. making false representations to outside auditors b. failing to maintain accurate financial records c. failing to file prompt financial reports with the SEC d. violating the insider trading provisions of the federal securities laws 2. Determine who was
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In the Goodner Brother’s case‚ the company has a “sloppy accounting practices and lax control over its inventory and other assets.” The key internal control weaknesses that were evident in the Huntington unit’s operation are control environment weaknesses‚ control activities weaknesses and monitoring weaknesses. 1. Control environment– Management’s attitudes‚ awareness and actions concerning controls Management’s philosophy and operating style plays an important role in the Goodner case. Goodner’s
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Evaluation of Internal Control The stages/activities involve in studying and evaluating internal control are: A. Obtaining an understanding of the entity’s internal control structure. B. Assessing the preliminary level of control risk. C. Obtaining evidential matter to support the assessed level of control risk. D. Evaluating the results of evidential matter. E. Determining the necessary level of detection risk. STAGE A. Obtaining an understanding of the entity’s internal control structure.
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company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather a substantial fraction of the audit because this unique segment employs a multitude of documentation and records ranging anywhere from customer and sales orders‚ shipping documents‚ credit memos‚ and general journal entries; therefore‚ a working comprehension of the diverse paperwork is indispensable. “Before auditors can assess control risk and
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Sarah Ralston Empire State College Author Note This Paper was prepared for Management Information Systems SMT 273754 taught by Professor Catherine White. Abstract This research paper will show the impact of information technology and information systems on the accounting profession. It will focus on internal and external auditing practices as well as the expansion of career opportunities in the accounting field. The information
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Sarbanes-Oxley Act of 2002 was introduced because of the collapse of several major corporations due to these practices. This paper will discuss the main objective of The Sarbanes-Oxley Act of 2002‚ and point out key components to the act. It will also go through a few of the different criticisms from various individuals that have surrounded SOX since it was enacted. The paper will also talk about the positive and negative economic consequences of the act. Lastly‚ there will be a discussion on whether
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