Country/regional and currency risk might also influence an investors decision to invest in an international growth fund during times when there are domestic troubles causing the market to appear unstable. In this instance‚ the investor might choose to invest in a region where conditions are more predictable‚ stable or the currency exchange rate is more favorable. 2. Describe the risks associated with making an investment in an international growth fund. Identify the risks that would be common to domestic
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Case 1.2 1. Revenue recognition principle under GAAP determines the specific conditions under which income becomes realized as revenue. Generally‚ revenue is recognized only when a specific critical event has occurred and the amount of revenue is measurable. For public company‚ performance of financial statement can have significant impact on stock price. It is essential for the users of financial statements to know that the real revenues are recorded and disclosed and not fraudulent revenues.
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Hoang Thi Thanh Ha – 13200154 Auditing Assignment 2: 1.What are the factors to consider Inherent Risk? Inherent risk is a measure of the auditor’s assessment of the likelihood that there are material misstatements in a segment before considering the effectiveness of internal control. Factors affecting assessment of inherent risk include: Nature of the client’s business : Industry practices Non-routine transactions Makeup of the population Audit experience : Results of previous audits Initial vs
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1. Assertions about classes of transactions and events: I. Occurrence: transactions and events so recorded in the financial statements actually occurred and relates to the same period. II. Completeness: all such transactions and events that required recording have been recorded III. Accuracy: transactions and ancillary information have been recorded with accurate amounts IV. Cutoff: only those transactions and events have been recorded that pertains to the accounting period under consideration
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The assignment for GSLC‚ November 8‚ 2013 (05PAF SMART CLASS) Read the Chapter of “Motivation” and answer the following questions. 1. Identify five different criteria by which organizations can compensate employees. Based on your knowledge and experience‚ do you think performance is the criterion most used in practice? Discuss. 5 Different Criteria by which organizations can compensate employees: Discipline Results Contribution Diligence Attitude Yes‚ we do think that performance is
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Chapter 1 SOLUTIONS FOR EXERCISES AND PROBLEMS 1.47 Audit‚ Attestation‚ and Assurance Services Students may encounter some difficulty with this matching question because the Special Committee on Assurance Services (SCAS) listed many things that heretofore have been considered “attestation services” (long before assurance services were invented). As a result‚ we believe that this question is a good vehicle for discussing the considerable overlap between attestation and assurance services.
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The Auditing Process INTRODUCTION Auditing is defined by the American Accounting Association or AAA as “a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users” (cited in Turney et al p. 108). From that definition‚ it is evident that the auditing process consists of three elements: evidence
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Jesus Washes the Disciples Feet John 13 (The Message) 1-2 Just before the Passover Feast‚ Jesus knew that the time had come to leave this world to go to the Father. Having loved his dear companions‚ he continued to love them right to the end. It was suppertime. The Devil by now had Judas‚ son of Simon the Iscariot‚ firmly in his grip‚ all set for the betrayal. 3-6 Jesus knew that the Father had put him in complete charge of everything‚ that he came from God and was on his way back to God
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exposes the cash collection system to considerable risk (Millichamp and Taylor‚ 2008). These control weaknesses are detailed below along with the resulting potential for irregularities in the system. Failure to file cash invoices in numeric or date order makes it easy to “misfile” them and they could potentially be lost leading to bad debt write off. Failure to use a carbon copy process‚ if the invoices are raised manually‚ also exposes the council to risk of error because there is no guarantee the copy
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5-52 Trend analysis‚ common-size financial statements‚ and ratios are presented for the Brody Corporation in Figure 5.4. Assume that you are auditing Brody ’s financial statements for the year ended 12/31/X8. You have performed tests of controls over the recording of gross sales and believe that the system is operating effectively and that 7 percent represents an accurate estimate of the increase in gross sales for 20X8 over the amount for 20X7. You should also assume that the financial statements
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