MAA705 – Corporate Auditing Trimester 2‚ 2014 GROUP ASSIGNMENT Due Date: 8th September 2014 Word Count: 1300 (Including references) NAME Student ID Surbhi Gujral 212251014 Varun 212518186 Pratik Modi 212445608 PART A Beer Brewing Limited is a publicly listed company on ASX since 5 years. It’s into manufacturing of beer. XYZ is a firm of chartered accountants established in 2002. This firm is growing at good pace and increasing its client
Premium Corporation Marketing Management
Auditing and Assurance Services Thirteenth Edition Global Edition Alvin A. Arens Randal J. Elder Mark S. Beasley [pic] Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul
Premium Auditing Copyright Accounts receivable
fundamental concepts of financial statement audit * 1. materiality * 2. audit risk * 3. evidence * The auditor’s judgment of materiality and audit risk establishes the type and amount of the audit work to be performed (referred to as scope of the audit). In establishing the scope of the audit‚ the auditor must make decisions about the nature‚ timing and extent of evidence to be gathered. PHILIPPINE STANDARDS OF AUDITING * -which contain basics principles and essential procedures
Premium Auditing Financial audit Audit
preparing the four most important financial statements relevant to the facility’s economic well-being. The financial statements are balance sheets‚ statements of operation‚ cash flow‚ and change in net assets (Cleverly‚ Song & Cleverly‚ 2011). Routine auditing evaluates the organization’s financial system and determines compliance or non-compliance with GAAP (Finkler‚ Kovner & Jones‚ 2007). Principles Among the various principles that comprise GAAP are: • Entity concept: the entity is the organization
Premium Generally Accepted Accounting Principles Health care Healthcare
Available @ www.bus.Isu.edu.academics/finance/seminarseries/Spring2007/AGRAWALANUP_03-16-2007.pdf. Auditing Practices Board (1993). Statement of Auditing Standards 600. Auditors’ Reports on Financial Statements‚ Auditing Practices Board‚ London Auditing Practices Board (1995). Statement of Auditing Standards 100. Objective and General Principles Governing an Audit of Financial Statements‚ Auditing Practices Board‚ London Brennan N‚ Hennessy J (2001) Maxwell‚ Dublin Brennan N (2002).www.finance.gov
Premium Accounting scandals Enron Fraud
Planning Materiality c a S eS inc lu de d in t hiS Se ction 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 Anne Aylor‚ Inc. 229 Determination of Planning Materiality and Tolerable Misstatement ot he r c aSe S t h at diScuSS topicS related to thiS Section 5.6 Scoping and Evaluation Judgments in the Audit of Internal Control over Financial Reporting 12.1 EyeMax Corporation . . Evaluation of Audit Differences . . . . . . . . . . . . . . . . . . . . . . . Sarbox
Premium Balance sheet Income statement Audit
ACC 410 Auditing Keystone Computer’s & Networks‚ Inc. Jacob Burdick January 16‚ 2012 In preparing for the audit all aspects of a company need to be reviewed. For the preparation of the audit several things must be considered as define in the following pages. The primary focus of the audit is to determine the economic status as well as determine the operational performance of a company. I. Analysis of Audit Strategy A. Objectives of the Engagement 1. To describe
Premium Revenue Audit
Koger Properties‚ Inc The Securities and Exchange Commission (SEC) claims that Michael Goodbread had violated independence rules set forth by the American Institute of CPAs (AICPA) Professional Code of Conduct and generally accepted auditing standards (GAAS). AICPAs Professional Code of Conduct considers an impairment of independence if during the engagement an auditor has “any direct or material indirect interest in the client.” (American Institute of Certified Public Accountants‚ 1988) Because
Premium Law Corporation Management
Homework – Week 4 Desislava Tabakova ACC 403 – Auditing I Professor Ashley Braun Harper November 2‚ 2014 Chapter 7: Problems 7-29(a-g) and 7-33(a-b) Chapter 8: Problems 8-29(a-d) and 8-32(a-b) 7-29 A-G A- Recorded amount of entries in the acquisition journal 1- Documentation--consists of the client’s business documents used to support accounting events. The strength of documentation is that it is prevalent and available at a low cost. Documents can be internal or externally
Premium Balance sheet Asset
what they were doing. 3. If it is a high-risk engagement‚ you have to do more audit work to decrease the audit risk. Otherwise don’t take on the engagement. Can bring in experts. 4. These guides probably do not override the Statements on Auditing Standards‚ but Audit and Accounting guides probably do provide a much better understanding for specific industries‚ and if you are not knowledgeable‚ they could be very useful in providing the info needed to audit specific companies in certain industries
Premium Depreciation Income statement Change