average d. median average 3. easy d Auditors are responsible for determining whether financial statements are materially misstated‚ so upon discovering a material misstatement they must bring it to the attention of: a. regulators. b. the audit firm’s managing partner. c. no one in particular. d. the client’s management. 4. easy c The FASB definition of materiality emphasizes what class of financial statement users? a. Regulators. b. Informed investors. c. Reasonable persons
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INTERNAL AUDIT 1 Internal audit ‘Internal audit’ is an appraisal activity established by management for the review of accounting and internal control systems as a service to the entity. It reviews‚ monitors and make recommendations for the improvement of systems. Other activities include: Examination of financial information Review of economy‚ efficiency and effectiveness (‘value-for-money’ audits) Review of compliance with external laws and regulations Review of internal policies Review
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CHAPTER 6 Audit Evidence |Learning Check | 6-1. a. Audit evidence is all the information used by the auditor in arriving at the conclusion on which the audit opinion is based. Audit evidence includes (1) the accounting records underlying the financial statements and (2) other information that corroborates the accounting records and supports the auditor’s logical reasoning about fair presentation in the financial statements. b. Any information that is obtained
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The New Government Accounting System: Issues in Public Audit 1 Introduction Historically‚ the growth of government auditing and accounting in the Philippines was greatly influenced by the administrative practices in the United States‚ so much so that during the time that the General Accounting Office in the United States was responsible for the government’s accounting‚ that concept was similarly introduced in the Philippines. Unfortunately‚ by the time the practice was abandoned in the United States
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Managerial Accounting What Does Managerial Accounting Mean? - The process of identifying‚ measuring‚ analyzing‚ interpreting‚ and communicating information for the pursuit of an organization’s goals. This is also known as "cost accounting." - Managerial accounting is used primarily by those within a company or organization. Reports can be generated for any period of time such as daily‚ weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within
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Chapter 1.INTRODUCTION 1.1 Concept of employee engagement 1.1.1 Defining Engagement One of the challenges of defining engagement is the lack of a universal definition of employee engagement‚ as a research focus on employees’ work engagement is relatively new. More often than not‚ definitions of engagement include cognitive‚ emotional‚ and behavioral components. The cognitive aspect of engagement includes employees’ beliefs about the organization‚ management and working conditions. The
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differences between a working relationship and a personal relationship are: · In a personal relationship‚ there is an element of choice in a personal relationship and who you decide you want to spend time with where as‚ in a working relationship‚ you cannot decide who you work with. · in a working relationship‚ you are getting payed to spend time with people at work but in a personal relationship‚ you spend time with people out of choice and preference. · In a personal relationship‚ you have unlimited
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PERSONNEL: DUTIES‚ FUNCTIONS AND RESPONSIBILITIES HOTEL DIRECTOR The Hotel Director is responsible for all hotel departments onboard and supervises all "hotel" department heads to ensure company standards and procedures are being upheld‚ in an effort to maximize guest service and satisfaction. The Hotel Director oversees crew morale onboard and allocates crew cabins. They are directly involved in the maximization of onboard revenues and will monitor and control expenses and requisitions of
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Parent Engagement Builds Student Success When it comes to a breakfast of ham and eggs‚ the chicken is involved but the pig is committed. This old saying is roughly comparable to the issues facing our schools today‚ as they consider the kind of relationship they want to build with the parents of their students. (Dennis Shirley 1997) Overcoming systematic challenges such as closing the achievement gap‚ and ensuring that all students are ready for school‚ requires engaging parents as partners and champions
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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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