AUDITING CHAPTER-HEADS Chapter 1 : INTRODUCTION Chapter 2 : TYPES OF AUDIT Chapter 3 : INTERNAL CONTROL AND INTERNAL CHECK Chapter 4 : VOUCHING AND VERIFICATION Chapter 5 : AUDIT PLANNING AND DOCUMENTATION Chapter 6 : COMPANY AUDITOR Chapter 7 : COMPANY AUDIT Chapter 8 : TYPES OF REPORT UNIT 1 INTRODUCTION Q1. Define an ‘Audit’ and state the various objects of an audit. Or ‘Two main objects
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AUDITING 4 INTERNAL CONTROL In business control is required for optimum utilizatiion of resources and for maximising the profits.business operations are carried on with the help of human agents and equipments.both require supervision to ensure that tasks assigned to them are carried out properly to avoid wastes and losses. Internal control required for small business is not identical with that required for a large business in the sense that in case of the former‚the entire control
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the audit? The types of auditing samples are broken down into two different categories: statistical and non-statistical sampling. The purpose of auditing samples are designed to give the auditor the results he or she seeks‚ without having to completely audit 100% of the items within the audit population. Here are some of the different types of auditing samples broken out into the two categories: Statistical Sampling Methods: Random Sampling – Is an auditing method that basically means
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Summer 2010 Update for Auditing Assurance Services: An Integrated Approach 13th Edition and Alvin A. Arens Randal J. Elder Mark S. Beasley We are committed to providing students and faculty up‐to‐date content for use in the classroom and are pleased to provide this newsletter highlighting recent events affecting the audit and assurance profession. Pearson Prentice Hall SUMMER 2010 UPDATE AUDITING AND ASSURANCE SERVICES: AN INTEGRATED APPROACH‚ 13TH EDITION
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still want to keep in touch; we ended on good terms which is always a positive. All relationships have their up’s and down’s and sometimes they just do not end up working out. In my case my relationship was based off of “opposites attract”‚ but this can only last so long before the differences start to take over. I feel Knapp hit the main parts of a relationship‚ and he explains everything. I can really relate to the different stages that he came up with‚ and I feel that most relationships take these
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accordance with an identified financial reporting framework. An auditor is setting out to achieve enhanced credibility of information disclosed to increase reliability for the users of the financial statements. A definition from the Committee on Basic Auditing is as follows: A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating
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words 1) Rodney Brick is completing a Master of Accounting part-time and has taken on a role as an auditing assistant with an audit/accounting firm and his first job is to assist with auditing the books of Daffey Jones Ltd‚ a major retailer. Whilst undertaking the audit‚ Rodney comes across certain financial information that he believes will assist him in completing one of the auditing assignments he is currently working on so he copies the information and uses it in the assignment‚ although
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Knapp’s Relational Stages‚ as found in the class notes‚ can be defined as the following. “A model of relational stages that breaks the rise and fall of relationships into ten stages comprising two broad phases of ‘coming together’ and ‘coming apart’ which are overlapped by a third phase called ‘relational maintenance’; the ten stages are initiating‚ experimenting‚ intensifying‚ integrating‚ bonding‚ differentiation‚ circumscribing‚ stagnating‚ avoiding‚ and terminating.” Topic in the story: Knapp’s
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KNAPP CASE 3.5 : GOODNER BROTHERS‚ INC. 1. Internal control objectives Goodner’s Huntington sales office should have implemented: a. Separation of duties: Sales reps like Woody were given unrestricted access to the accounting system where they could directly enter transactions. Sales reps also had direct access to inventory storage areas‚ and often delivered customer orders. b. Physical controls: Pad locks served as the security of Goodner’s inventory. There should have been stronger
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information to the auditor in order to lower the expected loss from litigation or related settlements. This describes which theory of auditing? a. explanatory. b. agency. c. information hypothesis. d. insurance hypothesis. 5. Which of these actions is most likely to remove the audit expectation gap? a. improving auditing standards b. educating of audit users about what are reasonable expectations c. improving auditor’s performance
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