true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the Financial Report that is free from material misstatement whether due to fraud or error. In note 1(A)‚ the Directors also state‚ in accordance with Australian Accounting Standard AASB 101 Presentation of Financial Statements‚ that the Financial Statements of the Group comply with International Financial
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Lecture 2: PROMOTERS & PRE-INCORPORATION CONTRACTS James Mendelsohn BS3/16 01484 473607 james.mendelsohn@hud.ac.uk • • • • • Corporate personality Artificial‚ separate legal personality Registration at Companies House Limited liability Salomon • Issues arising from separate‚ artificial legal personality A. PROMOTERS • Background • Definition - no statutory definition - 2 common law definitions • Twycross v Grant (1877) 2 CPD – someone who “undertakes to form a company with
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An Overview of The Companies Bill‚ 2011 Contents: 1.0 Meaning of Company 2.0 Companies Law 3.0 Sources of Company Law in Various Countries 4.0 Companies law in Some Countries 5.0 Origin of Companies Act in India 6.0 The Companies Act 1956 7.0 Background of Companies Bill‚ 2011 8.0 Highlights of the Companies Bill‚ 2011 9.0 Important Provisions of the Companies Bill‚ 2011 in Brief 10.0 Provisions of the Companies Bill‚ 2011 in Detail 11.0 Professional Opportunities for Chartered
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material misstatement‚ whether caused by fraud or error. When obtaining reasonable assurance‚ an auditor maintains an attitude of professional skepticism throughout the audit considers the potential for management override of controls and recognizes the fact that audit procedures that are effective for detecting error may not be appropriate in the context of an identified risk of material misstatement due to fraud. b. Fraudulent financial reporting can involve intentional misstatements including
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CGA-CANADA EXTERNAL AUDITING [AU1] EXAMINATION June 2010 Marks 30 Time: 3 Hours Question 1 Select the best answer for each of the following unrelated items. Answer each of these items in your examination booklet by giving the number of your choice. For example‚ if the best answer for item (a) is (1)‚ write (a)(1) in your examination booklet. If more than one answer is given for an item‚ that item will not be marked. Incorrect answers will be marked as zero. Marks will not be awarded for explanations
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A promoter is a person who takes on the responsibility of setting up a co or any other venture. The promoter of a co were defined in section 4 as a person who brings the co into existence by taking an active part in forming co or finding persons to join it as soon as it is technically formed; taking an active part in forming co that actives include buying property for the co‚ taking lease for co‚ buying goods for co‚ employing professional to set up co and buying shelf co‚ and finding persons to
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The most important step in audit planning is Phase I‚ to plan and design an audit approach. This step is important because this is where the auditor obtains an understanding of the entity and its environment. To adequately assess the risk of misstatements in the financial statements and to interpret information obtained throughout the audit‚ the auditor must have a thorough understanding of the client’s business and related environment‚ including knowledge of strategies and processes. The auditor
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material. The company does not seem to have any high risk of fraud or material misstatement‚ so we are very comfortable with the quality of its financial reporting. A misstatement of 5% or above in any of the significant company accounts‚ or a combined misstatement of 5% or above for the company accounts as a whole‚ would require increased investigation and would reduce our confidence in the records. Any misstatement under 5% would be permissible. Journal Entry The journal entry for the August
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of newly acquired customer lists at a useful life of 15 years. This decision has resulted in a total amortization expense for 12/31/2011 of $3 million. The substantive tests used by the audit team are designed to detect whether any material misstatements in accounting transactions have occurred in regard to completeness‚ validity‚ and accuracy of the financial statements that pertain to a specific entity. The following paragraphs will assess whether the audit
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The purpose of this memo is to describe the sampling process and illustrate how sampling can be used during an audit. This memo will begin by defining what sampling is‚ when it should be used‚ and the risks associated with it. The memo will then continue to describe the basic steps involved with sampling‚ define terms within those steps‚ and describe the use of sampling in the audit by identifying two situations in which sampling is used in an audit. Sampling is the objective of which is to make
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