GREAT ZIMBABWE UNIVERSITY FACULTY OF COMMERCE DEPARTMENT OF ACCOUNTING AND FINANCE COURSE CODE: AC211 COURSE TITLE: AUDITING THEORY AND PRACTICE ASSIGNMENT FIRST SEMESTER 2014 QUESTION 1 Brian Ltd was formed on November 2013 in order to manufacture microchips. The directors are unsure of their responsibilities and the nature of their relationship with the external auditors. The audit partner has ask you to visit the client and explain to the directors the more fundamental aspects
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did a great job of depicting just how much Philippe appreciated every minute of his life. Philippe not only enjoyed the planning of his wire walk and the adrenaline rush of having to tiptoe around all the security guards patrolling the towers‚ but also the act of setting everything up. We can see this in his expressions‚ during his first few minutes on the wire his face shows complete concentration and then only a few moments later he is peaceful‚ the euphoric expressions on his face tell the story
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case “The Subsidiary”: * Diane is a Principle Auditor working in the firm of Blott and Twiggy (B & T). * Doug Blott is Diane’s Audit Manager who has 9 years audit experience. David Blott is the senior partner in B & T. * Diane is auditing a plastics subsidiary which is a material component of a large Australian unlisted public company. It is Diane’s responsibility to complete the yearend audit of the company on behalf of B & T. * The plastics market is in mature stage and
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Hello Garci Scandal "Hello Garci" refers to the alleged wiretapped conversations where vote rigging in the 2004 elections was discussed by‚ among others‚ a woman presumed to be President Arroyo and man presumed to be Comelec Commissioner Virgilio Garcillano. Ironically‚ the controversy that nearly toppled the Arroyo administration started at the Palace‚ when Presidential Spokesperson Ignacio Bunye released CDs of the Hello Garci conversations on June 6‚ 2005. Days later‚ former NBI Deputy Director
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Contents Executive Summary 2 Methodology 3 Introduction 4 Findings 5 A. Inventory balances and purchases transactions 5 B. Trade receivables and credit sales system 5 C. Property‚ Plant and equipment (PPE) 6 D. Trade payables transactions and balances 6 Implications 8 A. Inventory balances and purchases transactions 8 B. Trade receivables and credit sales system. 10 C. Property‚ Plant and equipment (PPE) 12 D. Trade payables transactions and balances 15 Conclusion The following conclusions
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The resistance of a wire Planning:- Introduction: To investigate the resistance of a wire at different lengths to see whether or not a longer wire has a larger resistance than a shorter wire. Apparatus: Wire Voltmeter Ammeter Battery 2 crocodile clips Metre rule Variable resistor Diagram: Variables: Length Thickness Resistance Material The material and diameter of the wire needs to be kept constant to keep the test fair as we are investigating resistance. The
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Section 1 WHAT IS HAPPENING IN THE WIRES? INTRODUCTION Electricity is usually invisible. Except for lightning and sparks‚ you never see it in daily life. However‚ light bulbs and a magnetic compass can show you when something electrical is happening. By observing their behavior and making a few assumptions‚ you can begin forming ideas about electricity. This type of thinking is called “building a model”. INVESTIGATION ONE: WHAT IS NEEDED TO LIGHT A BULB? 1.1 Activity: Lighting bulbs in a loop
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Q1 (a) Highlight four control objectives that would be essential in a sales cycle (b) Outline three tests of control that should be performed by an auditor in each of the following areas: i. Cash receipts ii. Cash payments iii. Bank reconciliations (c) Summarize seven sources of internal control risks that have an impact on the financial reporting framework in an organization. Q2 (a) Outline four audit procedures you would carry out to verify the following items: i. Leased property
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control framework used to conduct its assessment of internal controls. Discuss the options in selecting a control framework. Regarding the control framework‚ the SEC has made specific reference to COSO as a recommended model. Furthermore‚ the PCAOB Auditing Standard No. 5 endorses the use of COSO as the framework for control assessment. Although other suitable frameworks have been published‚ any framework used should encompass all of COSO’s general themes 24. Prior to SOX‚ external auditors were required
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be straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with the existing auditing firm has been changed. Objective An auditor has to be objective and fair. Auditor has to be fairness and objective to provide financial report. The client’s point of view must not affect auditor’s objective. In this case‚ Games Ltd has been
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