CONTROLS IN AN EDP ENVIRONMENT The second standard of field work requires that we obtain a sufficient understanding of the client’s internal controls (I/C) to plan the audit and assess control risk. We hope that our assessment of control risk shows it to be low so that we can reduce substantive testing‚ thereby reducing audit costs. When EDP is used in significant accounting applications‚ then you must consider the effects the computer has when evaluating the internal controls. The auditor’s
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NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW NATURE‚ PURPOSE AND SCOPE OF AUDIT AND REVIEW 1 “AUDITING” In independent examination 2 NATURE AND DEVELOPMENT The word “audit” comes form the Latin word audire which means “to hear” because‚ in the middle Ages‚ accounts or revenue and expenditure were “heard” by the auditor. Statutory audits (i.e. carried out in accordance with statutory provisions) become mandatory for companies in 1900. At this time the purpose of an audit was to detect fraud‚ technical
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Audit Objectives: a. Determining that cash on hand as shown in the general ledger is represented by currency and coins on hand. b. Determining ownership and proper accountabilities c. Ascertaining that cash balances are available without restrictions. Audit Procedures: a. Examination of cash proof sheets and tracing of their totals to the general ledger b. Test tracing of deposit or withdrawal slips to individual subsidiary ledgers and vice
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Acknowledgement In the name of Allah‚ the Most Gracious‚ the Most Merciful Alhamdulillah‚ all praises and gratitude to Allah the All Mighty for his blessings and also for giving us the strength and patience to complete the comparative study of annual report. First of all we would like to express our thankfulness to She has indeed given us high encouragement and really put an effort to make sure we complete the assignment successfully. Her invaluable help of such constructive
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o i solutions limited Innovation Audit See the gaps in your innovation and develop plans for new products‚ services‚ processes and cost savings. Below is a summary of the Audit we recommend and can conduct. The full Audit varies dependent upon the organisation. Key Issues There are hard and soft factors that will determine how innovative an organisation is. Those key factors: • CEO and Board Commitment • A Learning Organisation ie being open‚ adaptive and forward thinking • A culture that encourages
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Audit Test 1 notes Board of Directors hires auditors Controller pays the auditors Audit Report is the auditor product If you find illegal can’t tell public but must notify the management and if they don’t do anything then maybe report -can then resign and report ALL auditors are reviewed every 3 years AICPA -makes standards for private companies ? PCAOB -sets standards (the SEC sets standard) -Quasi private public company -legal authority to set standards Assurance
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Softlogic Holding Ltd. • Auditors role in Corporate Governance • Audit Committee of Softlogic Holding Ltd. • Audit Committee’s influence in Corporate Governance protocols at Softlogic Holdings • The Cadbury Committee and Softlogic’s Corporate Governance Strategy • Analysis • Recommendations Introduction • International Standard on Auditing (ISA) 260: “Communications of Audit Matters with Those Charged with Governance” • Governance is the term used
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Question: Define audit and accounting risk‚ give 3 specific example of each type of risk and explain why they are called audit and accounting risk. * Accounting risk is the risk that errors associated with forecasts used in GAAP accounting estimates are not properly disclosed. Accounting risk is primarily the responsibility of accounting standards. It is dealt with only indirectly in accounting standards. For example: * Bad debts on loans had an historic rate of 1% of outstanding loans
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How to Conduct Tax Audit – Part 1 Analysis of Certain Clauses Audit under Section 44AB of the Income Tax Act By Raman Jokhakar‚ Chartered Accountant Objective To understand the purposes of this Form To learn nuances of the clauses To understand audit risk To effectively carry out attestation To document adequately To disclose standard notes‚ limitations and stands To know inter links between clauses To be aware of important stands taken by Courts To understand the objective of the
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BUSINESS MANAGEMENT III MCDONALDS INTRO McDonald’s fast food restaurant is one of the largest franchises in the United States as well as aboard. Their top menu items include: hamburgers‚ cheeseburgers‚ McNuggets‚ and French fries. They are also known for one of their popular desserts: the apple pie and their breakfast sandwich: the Egg McMuffin. There are more than 32‚000 McDonald’s restaurants serving in 117 countries. More than 75% of McDonald’s restaurants worldwide are owned and operated
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