Chapter 1- Demand for Audit and Assurance Services Assurance Services- Are the independent professional services that improve the quality of information for decision makers. Individuals who are responsible for making business decisions seek assurance services to help improve the reliability and relevance of the information used as the basis for their decisions. Assurance services are valued because the assurance provider is independent and perceived as being unbiased with respect to the information
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Qiong Wu Instructor James Dutra ACC 412 March 26‚ 2014 Case 3.1 Dodgers Trolley Summary The Dodgers Trolley case is a simple problem related the internal control in auditing. Dodgers Trolley was original funded in New York‚ but Yankees performed much better. After nearly seven decades of mostly frustration on and off the baseball field‚ the Dodgers shocked the sports world by moving to Los Angeles in 1958‚ because Walter O’Malley saw the opportunity to introduce baseball to the increasing
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The financial statements analysis - Cash flows were negative while profit was reported. Early 1999‚ liqutity problem arised‚ sold $200M of high-yield or Junk bonds in mid 1999. - Justice Department: Adam Gilburne: guilty to conspriracy to commit wire and securities fraud to inflate earning 96-99. He was alleged of drawing up a list of good and bad items to adjust income to meet analyst ’s expectations. Imporperly recogmnzing unearned and fictitious recievales from its vendors - SEC: 3 Financial
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Factors Affecting The Resistance Of Wire Aim: To investigate the factors that affect the resistance in a conductor. The main factors that affect the resistance in a conductor are: · Length · Temperature · Cross sectional area · Material · Magnetism The factor that we are going to change is the cross sectional area. Hypothesis: I think that the higher the cross sectional area‚ the lower the resistance in the conductor will be. This is because the Resistance in a metal conductor happens
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Man on Wire is a documentary about a goal oriented‚ thrill seeker that made history and created a masterpiece on a metal wire 110 stories above the streets of New York City. Philippe Petit had a dream to walk on a wire that was strung between the World Trade Centers. To make this happen it would take many years of planning‚ practice‚ and persistence. As we follow Petit through his journey‚ it becomes evident that he may not be able to achieve his goal. Director James Marsh allows tension to rise
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their lives and throw you away when they don’t need you anymore. Philippe Petit‚ the main character of the documentary film “Man on Wire”‚ directed by James Marsh‚ is a great example of such a sucker. Barry Greenhouse‚ Petit’s accomplice‚ says it during the film‚ “He sort of draws you into his world.” Philippe was a brave‚ enthusiastic and persistent high-wire artist. His raw passion to walk hundreds of feet above the ground on a tightrope helped him to make his dream come true‚ and he became
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Audit Documentation Purpose: 1. Main evidence of procedures‚ work performed on audit 2. Prepare sufficient & appropriate audit documentation on timely basis 3. enhance audit quality 4. facilitate effective review 5. evaluate audit evidence obtained & conclusions reached before finalizing auditor’s report 6. assisting audit team plan & perform for audit 7. assist audit team members’ supervise & direct audit work‚ discharge responsibilities (Quality Control
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Process Of Auditing‚Auditing Vs Investigation INTRODUCTION: Introduction to auditing: Economic decisions in every society must be based upon the information available at the time the decision is made. For example‚ the decision of a bank to make a loan to a business is based upon previous financial relationships with that business‚ the financial condition of the company as reflected by its financial statements and other factors.As a result the bank has lost both the principal and the interest
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Q2: Accounting issues In 2001‚ Harris Scarfe’s suppliers and customers‚ and even a large number of the company’s staff‚ were shocked when the thriving business was suddenly faced with cash-flow problems. The company made headlines in South Australia when concerned suppliers‚ from whom Harris Scarfe had purchased large amounts of stock on credit‚ entered the flagship store in Rundle Mall‚ and began retrieving their stock directly from the shelves‚ before shocked staff and customers. The company
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Week 12 - Part A: Answer the below questions from chapter 15: 1. Describe the differences between statistical and non-statistical sampling in terms of (1) the sample selection methods used‚ and (2) quantification of sampling risk. Ans: Nonstatistical sampling differs from statistical sampling in that non-probabilistic sampling can be used for the former but not the latter. In addition‚ sampling risk can be quantified when using statistical sampling but not when using nonstatistical sampling
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