first general standard requires that an audit of financial statements is to be performed by a person or persons having | A. Seasoned judgment in varying degrees of supervision and review. | | B. Adequate technical training and proficiency. | | The first general standard requires that the audit be performed by individuals with adequate technical training and proficiency as an auditor. The auditor must have obtained a proper education in accounting and auditing and then increase his/her knowledge
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Divine Providence – A Give and Take Relationship. The Indian freedom fighter‚ Mahatma Gandhi once said ‘Providence has its appointed hour for everything. We cannot command results‚ we can only strive’. Providence is the outward provision which God makes through the ages of the world for the temporal benefit and comfort of mankind‚ in causing his sun to shine and his rain to descend upon them‚ and in numberless other things. The Puritans saw God as the Father-God and that He was maintaining and
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Administration - MBA Semester 3 Subject Code – MF0013 Subject Name – Internal Audit and Control -4 Credits (Book ID: B1211) Assignment Set- 1 (60 Marks) Q.1 Critically evaluate the qualities of an Auditor in the wake of recent scams Ans:- What should be the qualities of Internal Audit Personnel? There is no universal answer to this question. We can only generalize about the qualities of internal Audit Personnel. It has been observed that internal auditors and independent auditors often belong
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CHAPTER 20 Audit of Cash Balances Copyright 2003 Pearson Education Canada Inc. 20 - 1 What are the auditor’s primary concerns with regard to cash? Copyright 2003 Pearson Education Canada Inc. 20 - 2 What are the auditor’s primary concerns with regard to cash? - existence Copyright 2003 Pearson Education Canada Inc. 20 - 3 What are the auditor’s primary concerns with regard to cash? - existence - completeness Copyright 2003 Pearson Education Canada Inc
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In recent years‚ the range of accounting application is expanding rapidly‚ along with the increasing demand of economic market. As is well known‚ accounting is a key aspect of business. And in the accounting profession‚ there has been already existed interpenetration and overlapping among the different kinds of accounting. Cost accounting and financial accounting are two main components of accountancy. The former one is a part of accounting. In cost accounting‚ it dramatically researches the variable
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Written between the autumn of 1890 and spring of the next year‚ "Spring Awakening" was the first major play in the modern era of theater. The play was banned due to its controversial subject matter; human sexuality‚ child abuse‚ suicide and homosexuality. Adapted in 2006 by Steven Sater‚ the play became a rock musical with some of the interior dialogue transposed into song. In "Spring Awakening‚" Sater alluded to some of the most important writers such as Homer‚ Baudelaire‚ Racine and Shakespeare
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How can a company measure its competitive advantage? Warren Buffett‚ one of the world’s greatest investors‚ says that the trick is to look for firms that already have competitive strengths and that operate in areas that are not susceptible to big changes: |"You will see that we favor businesses and industries unlikely to experience major change. The reason for that is | |simple: We are searching for operations that we believe are virtually certain to possess enormous competitive |
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Arguments in Favour of Mandatory Audit Rotation: As an attempt to strengthen the audit independence and the audit quality‚ mandatory audit rotation is to be considered as a very good proposal to safeguard the audit independence. It is‚ however‚ limited number of years above that the audit firm or the engagement partner (For instance‚ the U.K. approach is to change only the engagement partner. While in the U.S. approach it is mandatory to change the whole audit firm) can no longer be or continue as the
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HANDOUTS MT162- SIPBOARD PERSONNEL MANAGEMENT Emergency Drills and Training Emergency Drills – Objectives * Practice effective planning‚ execution‚ scheduling and recording of on-board emergency drills and musters. * Satisfy mandatory regulations of IMO‚ SOLAS and the vessel’s flag state. * Prepare ship staff for crisis situations. * Train staff in the location and use of emergency equipment on board. * Provide a means for assessing individual performance and for identifying
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AUDIT PLANNING AND CONTROL 1.0 LEARNING OBJECTIVES After studying this chapter‚ readers should be able to understand: ! The general concept of audit strategy. ! The Importance of audit strategy as an effective plan for an audit. ! Internal control systems‚ evaluation and assessment. ! Audit documentation. ! Relationship with experts. ! Audit risks and its relative importance to audit. ! Components of audit risks. ! How to assess audit risks. 1.1 INTRODUCTION Auditing has developed over many years
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