ACCA Paper F 8 AUDIT AND ASSURANCE SERVICES (INTERNATIONAL STREAM) Lecture 2 Audit Planning and Risk Assessment DATE: December 2012 TUTOR: Feroza Cooper ISA 300 AUDIT PLANNING Auditors should plan the audit so that the engagement is conducted in an effective manner. The objectives of planning include:- • Directing appropriate attention to the different areas of the audit such as assessing materiality‚ so that when
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The Coca- Cola Company Planning Memorandum Industry and Regulatory Risk Factors: Obesity/Health Concerns: There is a growing concern among consumers and public health officials about the public health consequences of obesity. This includes a large movement towards health conscious eating and drinking‚ specifically avoiding sugar-sweetened beverages. This could affect demand for some beverages and in turn affect profitability. Water scarcity: Water is the main ingredient of all products. It is
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| | |Ann Inc.: Audit Risk Analysis | | | |
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Business Risk vs. Audit Risk By Gabriel Agboola The following article first appeared online in the IT Compliance Institute Ask The Auditor column. Used with Permission. What’s the difference between business risk and audit risk? Business risk relates mainly to an organization’s goals and objectives. It is essentially the potential cost incurred if the business does not achieve its strategic plans. The assessment and management of business risk has evolved into formalized enterprise risk management
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household items. Grocery Industry Porter’s Five Forces Model of Competition (See Appendix) The Canadian grocery industry is highly competitive and has high barriers for new entrants. Canadians pay the lowest prices for food in the world. Furthermore‚ Loblaw‚ Sobeys‚ Safeway‚ Metro‚ and A&P take up nearly 70% of Canadian grocers’ market share. With so many dominant players in the industry‚ the grocery store suppliers’ bargaining powers are relatively low‚ depending on the scale of the stores. Furthermore
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Executive Summary Loblaw Companies Limited must develop a corporate strategy in response to Wal-Mart’s upcoming expansion in the Canadian market through new Sam’s Club locations and possible Supercenters. Loblaw’s current success as Canada’s leading grocery retailer can be attributed to the popularity of its private label brands‚ its streamlined operations‚ and large-scale purchasing efficiencies. Wal-Mart poses a significant threat to this model through its extreme price competitiveness achieved
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.......4 2.3.0.Objective and Strategies and Related Bussiness Risks.............................................................4 3.0.Types of Bussiness risks.............................................................................................................4 3.1.External risks.............................................................................................................................5 3.2.Internal Risks:...............................................................
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January 16‚ 2012 Loblaw Companies Ltd. L-TSX Company Report - Initiation of Coverage Kenric S. Tyghe MBA | 416.777.7188 | kenric.tyghe@raymondjames.ca Sara Kohbodi CFA (Associate) | 416.777.4916 | sara.kohbodi@raymondjames.ca Rating & Target Consumer Products & Retail Loblaw’s Loyalty Target(s) Event We are initiating coverage of Loblaw Companies (L-TSX) with an Outperform rating and a $44.00 target price. Action We recommend investors accumulate shares of Loblaw at current levels
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Securities and Exchange Commission (SEC) found that Bally Total Fitness Holding Corporation‚ a nationwide commercial operator of fitness centers‚ fraudulently accounted for three types of revenues it received from members. The SEC also charged the audit firm and six partners for their roles in the accounting violations. Visit the SEC’s website (www.sec.gov) and search the link to “Litigation Releases” to locate Litigation Release 20470 issued on February 28‚ 2008 against Bally Total Fitness Holding
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Chapter 8: Reporting and interpreting cost of sales and inventory 8.1 Estimate the amount of inventories that your company purchased and produced during the current year. (Hint: use the cost of sales equation.) For the amount of inventories that Loblaw purchased and produced during the current year‚ we need to find the purchases of the period by using the equation of the cost of sales (BI + P – EI = COS). In the report‚ we can find the cost of sales (24 185 million) that we add to the ending inventory
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