million mobile subscriptions in Malaysia as at 30 June 2009‚ Maxis is the top mobile communications service provider in Malaysia by customer base and by revenues from Malaysia. Maxis gained revenue of RM4.243.8 million in year 2008 (Maxis Berhad Prospectus‚ 2009). 1.3 Key Business Segments Mobile service‚ fixed line services
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company policies. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment‚ including the assessment of risk of material misstatement of financial statements‚ whether due to fraud or error. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting principles used by management‚ as well as evaluating the
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due professional care while reviewing North Face’s financial statements for the first quarter of 1998. “The exercise of due professional care allows the auditor to obtain reasonable assurance that the financial statements are free of material misstatement‚ whether caused by error of fraud” (PCAOB‚ 2002). Fiedelman allowed additional non-recognizable revenue to be posted as well as changing the original working papers that reported the original material
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of Fraud in a Financial Statement Audit‚” AU Section 300 “Planning an Audit” and AU Section 315 “Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.” PCAOB Standards: AS8‚ "Audit Risk‚” AS9‚ "Audit Planning‚” and AS12‚ "Identifying and Assessing Risks of Material Misstatement
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Our audit procedures are designed to address internal control weaknesses and subsequent fraud risks in the most efficient and cost effective manner. We hope with our recommendation that Alchemy inc. will be able to minimize the risk of financial misstatement. We believe these concepts will have many positive impacts on the firm’s long-term profitability and efficiency. The audit committee is not directly checking the financial statements for irregularities. The eighth tenant of the Audit Committee
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Q:-What kind of reform process is under way for Indian capital market? Elaborate. Capital Market:- A capital market is a place that handles the buying and selling of the securities. This is the ideal place where both the governments and companies can raise their funds. Capital Market Reforms:- The capital markets of all the countries have undergone a number of reforms in the history. Capital market reform enables the capital markets to embrace new ideas and techniques affecting the capital
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INTRODUCTION A merchant banking is a financial institution primarily engaged in offering financial services and advice to company and wealthy individuals on how to use their money. A merchant bank deal with commercial banking needs of finance‚ company & long term loans and stock writing. Merchant banking does not have retail offices where customer can go and access their account. A merchant bank is also called as wholesale banking.
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CORPORATE FRAUD & THE ROLES OF AUDITOR (BANGLADESH PERSPECTIVE) Submitted To: Tahmina Ahmed Lecturer Department Of Accounting And Information Systems University Of Dhaka. Submitted By: Group No. 02 ID 18003 18051 18053 18073 18089 18200 NAME Safiqur Rahman Mahadin Anik Mahmudul Islam Arnab Kumar Chakrabartty Abdullah Al Noman Namrata Chakma Date of Submission: November 11‚ 2014. 1|Page This Report Includes The Following Contents Chapter No. Contents Page No. 01.Introduction 1.1 1.2 1.3 1.4 Introduction
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Audit Test 1 notes Board of Directors hires auditors Controller pays the auditors Audit Report is the auditor product If you find illegal can’t tell public but must notify the management and if they don’t do anything then maybe report -can then resign and report ALL auditors are reviewed every 3 years AICPA -makes standards for private companies ? PCAOB -sets standards (the SEC sets standard) -Quasi private public company -legal authority to set standards Assurance
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The relationship of audit techniques‚ audit procedures and assertions Audit technique - are the basic tool or means employed to obtain audit evidences. Audit procedures - are the application of audit techniques. Assertions – are representation of management as to the fairness of the financial statements. Audit Techniques Audit Procedures Assertions Count Counting of inventory‚ cash securities‚ unmatured‚ promissory note (to establish existence and where applicable‚ ownership
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