I. CURRENT SITUATION A. Current Performance. Leading integrated cross-media group with operations in 4 key businesses which include Pay TV‚ Radio‚ Content and Digital. Launched in 1996 Has a 50% penetration of TV homes in Malaysia or 3 million customers‚ making it a key pay TV operator in Southeast Asia. ASTRO is a leading edge innovator with its introduction of HD‚ 3D and PVR – a first in Malaysia‚ as well as both Video-On-Demand and IPTV services. Currently‚ Astro broadcast over 153 channels‚ of
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Table of Contents Background and Issues of Mount Pleasant Coffee Growers Cooperative Limited 2 Question 1 - Analytical Review Schedule of the farm and factory expenses 3 Question 2 - Audit Program for factory Wages and Administrative Salaries paid 7 Question 3 - Verification of the Coffee Industry Board Cess and the closing inventory of Coffee 13 Question 4 – Completing the Appropriation Account of Mount Pleasant 15 Question 5 - Presentation of simplistic financial Statements 16
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observation‚ inspection and testing. Suspetabiltiy of Defalcation??judgments about materiality are made in light of surrounding circumstances‚ and are affected by the size or nature of a misstatement‚ or a combination of both; and judgments about matters that are material to users of the financial statements are based on a consideration of the common financial information needs of users as a group.??? Materiality is modified by segment in response to differences in anticipated errors and risks by
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Financial Statement Auditing True / False Questions 1. Independence standards are required for audits of public companies‚ but not for audits of private companies. True False 2. Decision makers demand reliable information that is provided by accountants. True False 3. Information asymmetry seldom occurs. True False 4. Conflicts of interest often occur between absentee owners and managers. True False 5. Auditing services and attestation
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INTERNATIONAL STANDARD ON AUDITING 320 AUDIT MATERIALITY (This Standard is effective‚ but contains conforming amendments that become effective at a future date)* CONTENTS Paragraph Introduction ................................................................................................... Materiality ..................................................................................................... The Relationship Between Materiality and Audit Risk ................................. Evaluating
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Audit Plan- GlaxoSmithKline (GSK) Key business and audit risk: In order to make the report more efficient we must identify the key areas of business risk and auditing risk. Business risk can be defined as the risk‚ which could affect an organization’s ability to achieve its objectives (Gray and Manson‚ 2007). Audit risk is defined as the risk that the auditor gives an inappropriate audit opinion when the financial statements are materially misstated (Soltani‚ 2007). In Gray and Manson (2007)’s
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References: 1. Alvin A. Arens‚ Randal J. Elder and Mark S. Beasley‚ Auditing and Assurance Services: An Integrated Approach‚ 15th Global Edition‚ Pearson‚ 2013. 2. Grant Gay and Roger Simnett: Auditing and Assurance Services in Australia‚ 5th Edition‚ McGraw Hill‚ 2012. 3. Aasmund Eilifsen‚ William F. Messier‚ Jr. Stevan M. Glover and Douglas F. Prawitt‚ Auditing and Assurance Services‚ 2nd International Edition‚ McGraw Hill‚ 2010. 4. Alvin A. Arens‚ Randal J. Elder
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your answer. To confirm that materiality is a pervasive concept in auditing‚ simply refer to the index of the professional auditing standards and identify the large number of “materiality” entries—approximately fifty‚ if you are curious. In addition to being an important topic‚ materiality is easily among the most controversial auditing topics. And‚ no more topic is as controversial as the issue of how to assess the materiality of proposed audit adjustments near the conclusion
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classic sampling concepts in paragraph 5: audit sampling‚ population‚ sampling risk‚ non-sampling risk‚ statistical sampling‚ an anomaly to identify unusual misstatements. Also stratification‚ tolerable misstatements‚ and tolerable rate of deviation (materiality for tests of controls is called the threshold rate—you can think of this as the amount of control deviations that would lead to a material (tolerable) misstatement. The auditor needs to evaluate all deviations quantitatively and
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SYLLABUS ACC/491 Contemporary Auditing I Copyright ©2014 by University of Phoenix. All rights reserved. Course Description This course is the first in a two-part series that deals with auditing a company ’s financial reports‚ internal controls‚ and Electronic Data Processing (EDP) systems. Topics include auditing standards‚ evidence‚ audit planning and documentation‚ materiality and risk‚ internal control‚ statistical tools‚ and the overall audit plan and program. Course Dates Nov 11‚ 2014 - Dec
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