MEANING OF AUDITING The word ‘Audit’ is originated from the Latin word ’Audire’ which means ’to hear’. In the earlier days‚ whenever there is suspected fraud in a business organization‚ the owner of the business would appoint a person to check the accounts and hear the explanations given by the person responsible for keeping the account and funds. In those days‚ the audit is done to find out whether the payments and receipt are properly accounted or not. The objective of modern day accounting
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are departures from the standard wording‚ users are more likely to recognize and consider situations requiring a modification or qualification to the auditor’s report or opinion. 3-2 The unqualified audit report consists of: 1. Report title Auditing standards require that the report be titled and that the title includes the word independent. 2. Audit report address The report is usually addressed to the company‚ its stockholders‚ or the board of directors. 3. Introductory paragraph The introductory
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Definitions (2) 1. An examination and verification of a company’s financial and accounting records and supporting documents by a professional‚ such as a Certified Public Accountant. 2. An audit is an IRS examination of an individual or corporation’s tax return‚ to verify its accuracy. There are three types of audits: correspondence audits (the IRS mails a request for additional information)‚ office audits (an interview is conducted at a local IRS office)‚ and field audits (an interview is conducted
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Is the demand for auditing a regulatory artifact or market driven? Pre SEC era: There is evidence that before legislation on auditing existed there were still forms of auditing. In the medieval times there were the guilds‚ later audits were conducted by directors or shareholders of a company. In the 19th century US companies voluntarily contracted for audits. Current data on non-SEC companies In 1977‚ 80% of corporate audit clients of PwC are non-SEC-registrants (Biegler 1977). Privately owned
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Practical Investigation Resistance in Wire Aim: To investigate if the length of wire affects its resistance and find out how the resistance changes when the length of wire increases. Hypothesis: My prediction is that as the length of wire increases‚ the resistance will also increase. This is because current is the flow of electrons in a circuit and voltage makes the electrons flow through the circuit. The electrons have to collide with the atoms in the wire‚ which makes the electrons harder to
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because the electrons would bump into more atoms‚ the longer the wire which is like using up its fuel. Material – different materials inherent resistances as they have more or less atoms in them already. Thickness – Thickness affects resistance because the thicker the wire the more paths the electrons have to avoid the atoms. Therefore the cross sectional area is larger so there is less resistance. Temperature – The hotter the wire is the more energy the electrons have to flow faster. Why do we
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affects the resistance of a wire. Reworded: I am going to investigate if changing the length of a wire changes its resistance. I predict that the longer the wire‚ the more resistance it has. Planning and Preparation Independent Variable: The variable I changed was length (cm). Dependent Variable: The variable I measured was resistance (Ω). Fixed Variables: The variables I kept constant to make it a fair test; were‚ the type of wire (nichrome)‚ the thickness of the wire‚ and the temperature of the
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Memo To: John Doe From: Team C Date: February 20‚ 2012 Subject: Auditing‚ share-based payment and SPE reporting A publically traded company offers challenges to auditing when it comes to shared-based payment reporting and special-purpose entities (SPE) reporting individually. The most basic principle of GAAP at risk is the qualitative characteristic of reliability. Shared-based payment and SPE reporting individually has been broken down to better equip the audit for our client. It is important
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Problem Does temperature affect the resistivity of different sized copper wires? Hypothesis I think that the resistivity will increase with higher temperatures because with higher temperature‚ resistivity is higher due to the fact the atomic lattice structure increases. Background Electrical resistivity is the measurement of how a material opposes the flow of an electrical current. On the other hand‚ electrical conductivity () is the inverse of resistivity. It is the measurement
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RECENT TRENDZ IN POWER GENERATION POWER GENERATION FROM ROAD SPEED BREAKER AND FROM SHOES (Recent way to produce power) ABSTRACT: Man in his lifetime‚ uses energy in one form or the other. In fact whatever happens in nature‚ results‚ out of the conversion of energy in one form or the other? The blowing of the wind‚ the formation of the clouds and the flow of water are a few examples that stand testimony to this fact. Of late‚ erratic and perfunctory usage
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