made the decision to purse an instant messaging program based on three factors: the increasing popularity of instant messaging‚ the need for a cost effective way to add frequency to the company ’s traditional marketing communications‚ and the need to prepare the company for online marketing tools (such as e-mail‚ becoming ineffective). Through advanced programming‚ RecipeBuddle is able to instantly recognize and respond appropriately to requests as chicken‚ no garlic. Furthermore‚ RecipeBuddle
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Gap analysis generally refers to the activity of studying the differences between standards and the delivery of those standards. What role does gap analysis play in the audit process and how is it relevant for successful outcomes in terms of organisational goals. In more specific terms‚ gap analysis can be defined as the technique for determining the steps to be taken in moving from a current state to a desired future-state. This as the name implies is simply the description of the ‘gap’ between
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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456 Chapter Eleven Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments
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MKT5000 – Marketing management 1 Assignment 1 Description Marketing audit (modules 1–5) Marks out of 40.00 Wtg (%) 40.00 Due date Completed by week 6 – 26 August 2011 Length: 2000 words maximum You are required to write one Marketing Audit Report (2000 words maximum – excluding references). You should try to have a good list of references showing where you have found your information. It is important to cite all work and websites you have visited. Do not use textbook references. Websites
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– Skills Module‚ Paper F8 (UK) Audit and Assurance (United Kingdom) 1 (a) (i) Importance of reporting to those charged with governance June 2013 Answers In accordance with ISA 260 (UK and Ireland) Communication with those charged with governance‚ it is important for the auditors to report to those charged with governance as it helps in the following ways: (1) It assists the auditor and those charged with governance in understanding matters related to the audit‚ and in developing a constructive
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AUDITING THEORY 1. Which of the following activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that
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1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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the circumstances and opinion expressed by an auditor‚ where he is unable to obtain sufficient audit evidence. 2. Auditors of M/s Santa Banta (P) Ltd. were changed for the accounting year 2010-11. However there was no change in the position of closing stock which remained at ` 400 lacs . The auditors of the company propose to exclude the audit of closing stock of ` 400 lacs from their audit programme on the understanding that it pertains to the preceding year which was audited by another
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