material misstatement on financial statement. 2- Control risk is the risk that internal control policies and procedures failed to detected or prevented. 3- Detection risk is defined as the likelihood that a material misstatement relating to an assertion will not be detected by the auditor ’s substantive testing. One should identify key area of what ? because if an auditor looks at each issue to the same extent then resources are spread to thinly and failure to detect material misstatement is more
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how professional judgment is applied to form the audit opinion. Summarize the auditor’s communications throughout and at the conclusion of the engagement. Apply and integrate the chapter topics to design audit procedures for detecting misstatements due to error or fraud at the overall completion stage of the audit. Review Checkpoin ts 1-3 Exercises and Problems 8 7‚9‚10 4-6 8 7‚9‚10 7-9 4 8 10-12 1‚2‚3‚6 1 13-18 3 2‚3‚4‚ 11‚12 19-23
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dishonesty. The IAASB staff question and answers (2012) state that The International Standards on Auditing (ISAs) define professional skepticism as an attitude that includes a questioning mind‚ being alert to conditions which may indicate possible misstatement due to error or fraud‚ and a critical assessment of audit evidence. This explicitly requires auditors to plan and perform an audit with professional skepticism realising that circumstances may exist that cause the financial statements to be materially
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Group Members: |Issuer | |ANBALAGAN A/L SUBRAMANIAM |Local Fund Investors | |TEH GUAN HONG |GOPALAN NAGAPA | |TANG KIN HENG |FALIQ RIZAL BIN MADZRI | |MOHD NIZAM BIN MOHD ARSHAD
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[pic] | Our firm - Chiu & Weisserman LLP has been appointed as the new auditor of the public company Dollarama Inc. for the current fiscal year-end as at January 29‚ 2012. Please find in the following pages a report on the audit plan that was used to conduct our audit for the year ended January 29‚ 2012. Even though the audit of 2012 was performed by PWC‚ the assumption used for this project was that our firm was the new auditor for 2012. Please do not hesitate to contact us if you have any
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require that we obtain reasonable‚ rather than absolute‚ assurance that the financial statements are free of material misstatement‚ whether caused by error or fraud. Accordingly‚ a material misstatement may remain undetected. Also‚ an audit is not designed to detect error or fraud that is immaterial to the financial statements; therefore‚ the audit will not necessarily detect misstatements less than this materiality level that might exist because of error‚ fraudulent financial reporting‚ or misappropriation
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statements provided are free from material misstatements whether by fraud or error. We are also required to obtain reasonable assurance that the financial statements are not misleading. Please be advised that this audit will not necessarily find all errors or fraud especially if the error or fraud is immaterial. With that being said a material misstatement could also possibly go undetected. However we will inform you of all material misstatements we discover while conducting this audit.
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In the main‚ traders and business people are risk averse; as a result‚ in whatever they do they always fight for risk minimization. The aforementioned factor –i.e. of minimizing risk- contributes‚ to a significant extent‚ for the decisions by traders and businessmen to forming companies. Consequently‚ traders and businessmen will see as the main attraction of forming a company the advantage of avoiding liability for business debts. This advantage arises from the concepts of separate legal person
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board to alter memorandum and article of association. - The memorandum and articles of association of the company after conveying them into compliance with the memorandum and articles of association of a public company as agreed in this Act. - The prospectus. ( public offering letter) (Ministry of Economic Develepment‚ 2011) Silver company has
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IPO Valuation FIN-605 Md. Miran Hossain College of Business Colorado State University 10 September‚ 2012 1. What are the advantages and disadvantages of going public? Discuss the IPO process. The Advantages of Going Public Financial Benefit The financial benefit in the form of raising capital is the most distinct advantage of going public. Capital can be used to fund research and development‚ fund capital expenditure or even used to pay off existing debt. Moreover‚ once the company is
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