1. Summary of the report: Qualified Opinion In our opinion‚ except for the effects of the adjustments on the financial statements‚ if any‚ as mentioned in the preceeding paragraph‚ the financial statements have been properly drawn up in accordance with IFRS and the Companies Act‚ 1965 so as to give a true and fair view of the financial position of the Group and of the Company as at 30 June 2009 and of their financial performance and the cash flows for the financial year then ended. This is
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#2 a. Preliminary conclusions: a. The 2 reports credit card and debit card transactions and the list of transactions declined by the bank do not have the same time scope. The first cover May 7-14 while the other covers May 6-14 b. One declined transaction is not in the list of the credit card and debit card transaction. Card 4567-3672-6919 dated May 10th 2011 with amount $34.69 c. 2 of the declined transactions were duplicate transactions in the credit card and debit card
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Completing the Audit Concepts: Nature of a balance sheet approach to the audit & implications for auditing the income statement * Obtain sufficient‚ competent‚ evidential matter for all balance sheet accounts * Note that if all balances are fairly stated‚ and the balance sheet balances‚ then Retained Earnings must be correct * If Retained Earnings is correct‚ then the Income Statement’s net income cannot be materially in error * Therefore‚ less work is done auditing the income
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AUDIT FAILURE OF WORLDCOM Group 1 Background • WorldCom‚ first named LDDS (Long Distance Discount Services)‚ grew largely by aggressively acquiring other telecommunications companies in 1990s. • For a time‚ it was the United State’s second largest long distance phone company (after AT&T). Background However‚ the year 2002 comes… • In March‚ the SEC began to investigate WorldCom as it reported large profit while AT&T reported loss. • In May‚ Arthur Anderson was replaced by KPMG
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Accounting Horizons Vol. 21‚ No. 2 June 2007 pp. 165–187 Auditor Communications with the Audit Committee and the Board of Directors: Policy Recommendations and Opportunities for Future Research Jeffrey Cohen‚ Lisa Milici Gaynor‚ Ganesh Krishnamoorthy‚ and Arnold M. Wright SYNOPSIS: To contribute to the Public Company Accounting Oversight Board (PCAOB) project on auditor communications with audit committees and boards of directors‚ we present in this paper a review of relevant academic literature
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Ch. 2. Professional Standards 2-1. Generally Accepted Auditing standards (GAAS) -Audit procedure -Audit standard 2-2. Fundamental Principle: Responsibilities -Competence and Capabilities -Independence and Due care --Independence in fact --Independence in appearance -Professional Skepticism and Professional Judgment 2-3. Fundamental Principle: Performance -Reasonable Assurance -Planning and Supervision --Audit plan -Materiality -Risk Assessment --Internal Control --Risk of Material misstatement --Inherent
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Audit & Investigation AQ002-3.5-2-AINV-T 15-Jun-12 WASEED AHMED LECTURER: MR. MEGAT ABDULLAH MEGAT MAHMUD Table of Contents Different roles of internal and external auditors. 4 Internal auditors: 4 External auditors: 4 Identify the benefits in forming an audit committee. 6 Evaluate the strengths and weaknesses of MPL’s control environment: 7 Control Environment: 7 a. Integrity and Ethical Values:
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notes from the lecturer‚ Mr. Mwachiti 2. K. H. Spencer Pickett (2010). The Internal Auditing Handbook. (John Wiley & Sons Ltd) 3. International Standards on Audit‚ ISA 620. (15th December 2009). Using the work of an auditor’s expert. Page 632-652. 4. International Standards on Audit‚ ISA 210. (15th December 2009). Agreeing the terms of audit engagements. Page 9-21 5. Online ACCA F8: Auditing and Assurance course notes. Retrieved on 5th September‚ 2011 from (http://opentuition.com/acca/f8/f8-course-notes/)
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use of strategies should be pursued. Sony could start with the implementation of a new mission statement‚ with profit and benefits of the company tied more closely to everyday operations. Internally‚ the four forces‚ the management‚ the designers‚ the production and the marketing should achieve better communication and cooperation. Alliance and cooperation between competitors should also be actively sort after in order to create standards in new fields. Sony should aim at being the leader instead
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Rhode Island College Digital Commons @ RIC Faculty Publications Faculty Books and Publications 7-1-2000 The Social Work Ethics Audit: A RiskManagement Strategy Frederic G. Reamer Rhode Island College‚ freamer@ric.edu Recommended Citation Reamer‚ Frederic G.‚ "The Social Work Ethics Audit: A Risk-Management Strategy" (2000). Faculty Publications. Paper 173. http://digitalcommons.ric.edu/facultypublications/173 This Article is brought to you for free and open access by the Faculty
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