results of their operations and their cash flows for the fiscal year ended December 31‚ 2009 in conformity with U.S. GAAP. Also in our opinion‚ R&R maintained‚ in all material respects‚ effective internal control over financial reporting as of December 31‚ 2009‚ based on criteria established in Internal control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Required: (a) What kind of opinion did Young & Young give R&R for its 2009 year-end
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financial information system design/implementation‚ internal audit‚ actuarial ‚ valuation‚ investment adviser‚ expert srervices unrelated to audit etc. – we still do not have any such prohibition 2.SECTION 302- CEO/CFO CERTIFICATION OF FINANCIAL STATEMENTS and review of internal control system and its deficiencies This requirement has been incorporated in clause 49 but an important requirement i.e. evaluation of the effectiveness of internal control systems as of a date within 90 days prior to the
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Case Evaluating Internal Controls in a Small Organization Sandra K. Fleak‚ Keith E. Harrison‚ and Laurie A. Turner ABSTRACT: Management and auditors face increased responsibilities to evaluate internal control and assess the risk of fraud. This case provides the opportunity to evaluate internal controls and the possibility of fraud in a very small not-for-profit child care center‚ a setting that is easy to understand. The first goal of the case is to identify internal control weaknesses by applying
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Accounting concepts……………………………………………………………………… Factors that influence the nature and structure of accounting system……………….. Management control system…………………………………………………………….. Types of business risk……………………………………………………………………. Internal risk………………………………………………………………………. External risk……………………………………………………………………… Cadbury code…………………………………………………………………………….. Control system and procedure ………………………………………………………….. Types of fraud……………………………………………………………………………. Detection and implication for the fraud…………………………………………………
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P1 Professional Accountant ACCA P1cover.indd 1 11/11/09 16:36:30 ProfessionAl ACCountAnt British library Cataloguing-in-Publication Data A catalogue record for this book is available from the British library Published by interActive World Wide limited Westgate House‚ 8-9 Holborn london eC1n 2ll www.iaww.com www.studyinteractive.org isBn-978 -1-907217-25-8 first edition 2009 Printed in romania © 2009 interActive World Wide limited. london school of Business & finance and the lsBf logo
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agreed to do this fraud is the belief in unique ability of their leader to fix everything later on. This case is known as one of the biggest accounting frauds in the corporate history of the U.S. This paper will analyze who was affected by this fraud‚ the motives behind it and what systems of control failed to prevent it. The major groups that were directly affected are investors‚ employees‚ and suppliers. Here we should make the distinction between different types of investors. There are two major
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Ethics Assignment The following paper will discuss the hypothetical research case given to us in problem 3-46 of our auditing textbook. The case depicts us as an audit firm that‚ during the current year’s audit of our client International Bank of Commerce (IBC)‚ has discovered some problems with loans that IBC has issued. First‚ the standards of the AICPA Code of Professional Conduct‚ the ASB auditing standards‚ and the PCAOB auditing standards that apply to this will be identified and discussed
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public companies and accounting firms. Some individuals may call it an object failure while SOX hoped to create more confidence in capital markets it does not prevent fraud or abuse from occurring. It is undeniable that SOX has led to greater internal control of financial reporting‚ and increased expertise and independence among more-focused boards‚ committees‚ and directors. SOX
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Individual Assignment: Generally Accepted Auditing Standards Paper By: Stacy Munns ACC/ 491 Professor Richard Cochran Due: December 3‚ 2012 Introduction: History of Auditing It is stated that “Auditing is based on the assumption that financial statement data are verifiable.” (Boynton & Johnson‚ 2006) The real reason of auditing didn’t really come until “the advent of the Industrial Revolution‚ from 1750 to 1850‚ that auditing began its evolution into a field of fraud detection and financial
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Assignment 2 – Auditing 300 (Semester 2‚ 2014) 1. Opal Pty Ltd (Opal) is a family-owned company operating chemist shops in Perth. A large portion of the sales transactions are done in cash. Opal claims on having strong control policies and procedures in place to monitor the employees handling the cash and to safeguard the cash. However‚ the proper implementation of those policies had been questioned by the previous auditor. Further‚ Opal is planning to expand to Albany and Mandurah. It is applying
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