promoters The functions of promoters. Legal status of a promoter Fiduciary position of a promoter Duty of promoter as regards prospectus Remuneration of promoters Pre – incorporation or preliminary contracts Position of promoters as regards pre – incorporation contracts Ratification of a pre-incorporation contract Lesson 5: prospectus Meaning of prospectus Purpose of a prospectus The form and contents of a
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the audit is the WesFarmer’s annual financial report together with the relevant auditing standards: • ASA300 - Planning an Audit of a Financial Report • ASA315 - Understanding the entity and its environment and assessing the risk of material misstatement • And ASA 320- Materiality and audit adjustments In order to complete the planning of the audit the following assessments of the major statements were undertaken these are as follows‚ Income Statement‚ Balance sheet‚ Cash flow statement and
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Biltrite Practice Case Module III: Control Testing – Sales Processing 1. The sampling plan in the design of controls does not provide tests about revenues and accounts receivables. The weakness that I could see is the fact that goods that were delivered to customers were not billed which result in bill of lading not being pre-numbered. Because of this‚ bills of lading do not count as an effective sampling unit. For a successful audit‚ auditors need to evaluate orders randomly and check to see
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(including 10mins reading time) QUESTION (Prospectus Topic) In July 2011‚ Ah Beng was at his accountant’s office to talk about taxation matters. Whilst there‚ his accountant gave him a prospectus issued by Ionic Ltd.‚ a company listed on the Singapore Stock Exchange‚ to take home to read and if interested‚ to follow the instructions about investing in new shares in the company which were to be quoted on the Exchange. After reading the prospectus‚ Ah Beng was convinced that he was going
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services. It also act as an enforcer of common set of rules to be followed for payment. IPO Process of VISA Inc. The salient features and steps involved in IPO of VISA Inc. are as discussed as follows. i. Stake offered As for the pathfinder prospectus‚ registered by SEC on February 25 2008‚ Visa offered in its IPO 406‚000‚000 shares of class
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Biltrite does clearly state they have adequate training programs and have a code of conduct for existing employees. • Information technology: Biltrite’s software has adequate controls regarding computer input and output. Any misstatements are addressed‚ and other controls such as bank account reconciliation. Information and Communication • Financial Reporting Information: Additional information is needed to identify if the information is used at all levels of the company
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that the cashier manually records the clerks name‚ product number‚ quantity sold‚ and sales price on a pre-numbered ticket indicate a potential misstatement in all these categories as the cashier may make an error or intentionally record the wrong sales information. The clerk also has the ability to alter the actual sales amount driving potential misstatement in the income statement and balance sheet. b. For special items‚ the cashier refers to newspaper clippings of advertisements‚ in store sale signs
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Score____/15 Grade_____ Gaining an Understanding of a Business and Industry: Goal: Expose you to databases that might help you understand your client’s business and industry in order to conduct your audit. The following must be performed using the databases described below. To earn the full grade you must do all of the following steps. You must have everything typed! The Assignment is due Thursday‚ September 18‚ 2014/Monday‚ September 22‚ 2014 at the official start time of your section.
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most closely related to the risk of material misstatement. True False 8. Auditing procedures are the same as auditing standards. True False 9. The concept of due care reflects the need to plan and perform the audit with an appropriate level of professional skepticism. True False 10. Under the performance principle‚ auditors are required to provide absolute assurance that the client’s financial statements do not contain material misstatements. True False 11. The performance principle
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1. Introduction In our country many organizations are performing a lot of activities to make efficient and effective their working condition or make the organization profitable through investment and taking so many challenges. Along with this they are also very much concerned about the products of the company and their position in the market. The Mutual fund is one of them who are performing their works very effectively. As we are the students of BBA department‚ we have to learn about the mutual
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