should always practice assurance to ensure that every auditor or CPA accountants that they hire or do business with are performing professionally and freely at the objective matters. 3. The auditor’s responses to the assessed risks of material misstatement‚ particularly fraud risks‚ should involve the application of professional skepticism in gathering and evaluating audit evidence. Therefore‚ Andersen’s final decision was not
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Torts Exam Notes Intentional Torts Trespass to the Person Battery - directly and intentionally (or negligently) bringing about a harmful or offensive contact with the person of another - the ‘body is inviolate‚ and that any touching of another person‚ however slight may amount to a battery’ - Rixon - doesn’t have to cause harm - Rixon v Starcity Casino - Collins v Wilcock - no requirement of hostility or anger - Wilson v Pringle - In Re F - exception is made
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DEPARTMENT OF ACCOUNTANCY UNIVERSITY OF ILLINOIS MEMORANDUM TO: Emilio Velasquez FROM: Shiyun (Sharon) Lu DATE: February 8‚ 2015 SUBJECT: University bookstore textbook travails case Reasons for use of the retail method Retailers use the retail method to record the value of inventory because this method is easy to use and acceptable for financial reporting purpose under GAAP. Under retail method‚ inventory is recorded at a predetermined percentage of the original cost. Thus‚ ending balance of
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JAWABAN SOAL UTS AUDITING 1 2008-2009 SOAL 1 a. Jawab: Assurance Service : pelayanan atau jasa professional independen yang dapat meningkatkan kualitas informasi bagi para pembuat keputusan. Non Assurance Service : accounting and bookkeeping services‚ tax services‚ management consulting services Jasa Atestasi : salah satu jenis jasa assurance yang disediakan oleh kantor akuntan publik‚ dimana akuntan public (CPA) akan menerbitkan laporan tertulis yg isinya antara lain berupa suatu kesimpulan tentang
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Should auditors be held more accountable in uncovering financial fraud? Table of Contents Introduction Currently in the United States‚ the American Institute of Certified Public Accountants (AICPA) the International Auditing and Assurance Board (IAASB) are the most influential accounting standard boards able to influence fraud detection standard setting in financial reporting. In recent years‚ there has been a growing trend in financial scandals such as WorldCom‚ Enron and Madoff
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Anderson‚ Olds‚ and Watershed Certified Public Accountants Littleton‚ CO 80123 Audit Committee Apollo Shoes‚ Inc 100 Shoe Plaza Shoetown‚ ME 00001 Anderson‚ Olds‚ and Watershed (AOW) has completed the audit of the financial statements for the year ended December 31‚ 2007 for Apollo Shoes‚ Inc. The financial statements include the balance sheet‚ the income statement‚ the statement of retained earnings‚ and the statement of cash flows. The audit has been performed in accordance with generally
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intentional act involving the use of deception that results in a material misstatement of the financial statements. The two types of misstatements that are relevant to auditors are: The misstatement arising from misappropriation- this occurs when someone steals or misuses an organizations assets. Perpetrators are usually employees and occur when they gain access to cash or cash disbursement accounts and can manipulate them. Misstatement arising from fraudulent financial reporting- the perpetrators generally
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“Appointment of the Independent Auditor‚” AU Section 311‚ “Planning and Supervision‚” AU Section 312‚ “Audit Risk and Materiality in Conducting an Audit‚” AU Section 314‚ “Understand the Entity and Its Environment and Assessing the Risks of Material Misstatements” and AU Section 316‚ “Consideration of Fraud in a Financial Statement Audit.” QUESTIONS AND SUGGESTED SOLUTION A useful approach for understanding a client’s business environment and [1] associated business risks is to perform a PESTLE analysis
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risks. The planned detection risk is a factor of inherent risk‚ control risk‚ and acceptable audit risk. Planned detection risk is the risk the auditor fails to detect misstatements and will increase or decrease dependent on the level of risk in the other three factors. If the auditor determines it is expected that misstatements is highly likely than inherent risk increases and create a higher demand for evidence. As the same with control risk‚ the weaker the internal controls the higher the planned
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and responding to assessed risks. The auditor should document the risk of material misstatement for all material accounts and classes of transactions in terms of the related assertions. The required documentation for identified risk factors includes the following: • The nature and results of the communication among engagement personnel that occurred in planning the audit regarding the risks of material misstatement due to
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