ACFI3214 Audit and Assurance Lecture 14 (Week 18): Audit Procedures to Verify Inventories Instructions 1 Read pages 1 and 2 of today’s handout down to The Importance of Inventory in Financial Statements (4 minutes) 2 ACFI3214 Lecture 14 (Week 18) Overheads The Importance of Inventory in FS Where year end inventory is incorrect: GP‚ operating profit and PBT all incorrect Profitability %s incorrect Tax charge incorrect EPS incorrect Current assets‚ total assets
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Completing the Audit Concepts: Nature of a balance sheet approach to the audit & implications for auditing the income statement * Obtain sufficient‚ competent‚ evidential matter for all balance sheet accounts * Note that if all balances are fairly stated‚ and the balance sheet balances‚ then Retained Earnings must be correct * If Retained Earnings is correct‚ then the Income Statement’s net income cannot be materially in error * Therefore‚ less work is done auditing the income
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Introduction Nestle is the world’s dominating health and nutrition company which is still now committing their promises to the people every day‚ everywhere by promising ‘Good Food‚ Good Life’ to their consumers to enhance lives with good foods and beverages. The development of Nestle was formed in the 1905 through the mergers and acquisitions of the Anglo-Swiss Milk Company‚ by the brothers George Page and Charles Page‚ and Farine Lactee Henri Nestle‚ by Henri Nestle. The company was then
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INTRODUCTION Audit Planning and reporting Auditing planning and reporting are two critical stages in whole audit Cycle. Audit planning is before beginning of field work and reporting is last Stage in bank audit Good planning leads to effective Reporting Planning (also called forethought) is the process of thinking about and organizing the desired activities required to achieve a desired goal. Planning involves the creation and maintenance of a PLAN. As such< planning is
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BRAND AND BRAND POSITIONING INDONESIAN BRANDS 2 II TABLE OF CONTENTS Introduction Approach 1 Brand.......................................................................................................................................................... 5 2 Brand positioning ................................................................................................................................. 6 3 The Brand Steering Wheel..........................................
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AUDIT QUALITY A BRIEF DISCUSSION REGARDING THE QUALITY OF ASSURANCE AND AUDIT Student ID: 1204335 Xiaoyu ZHENG AUDIT QUALITY A BR IEF D ISC US SI ON R EGAR D IN G THE QUAL IT Y OF A S SUR A N CE AN D A UD IT A INTRODUCTION uditing has inevitably become one of the essential activities in the current business world. It may be attributable to the fact that financial reports still remain the major criteria in evaluating the performance of the business. Audit quality refers to different
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Accounting Horizons Vol. 21‚ No. 2 June 2007 pp. 165–187 Auditor Communications with the Audit Committee and the Board of Directors: Policy Recommendations and Opportunities for Future Research Jeffrey Cohen‚ Lisa Milici Gaynor‚ Ganesh Krishnamoorthy‚ and Arnold M. Wright SYNOPSIS: To contribute to the Public Company Accounting Oversight Board (PCAOB) project on auditor communications with audit committees and boards of directors‚ we present in this paper a review of relevant academic literature
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Audit Manual – PART TWO SYSTEM BASED AUDIT Table of content 1. 2. Introduction.......................................................................................................................3 Systems based audit ........................................................................................................4 2.1. 2.2. 2.3. 2.4. 2.5. 2.6. 2.7. 2.8. 3. 3.1. 3.2. 3.3. 3.4. 3.5. 3.6. 3.7. 4. 4.1. 4.2. 4.3. 4.4. 4.5. 4.6. 4.7. 4.8. 4.9. 4.10. 4.11. 4.12. 4.13. Preparing for & planning
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Rural shop audit – A study on FMCG brands sold in rural shops in Tamil Nadu K Arul Rajan Gone were the days when a rural consumer went to a nearby city to buy “Branded” products and services. The impact of globalization has made significant change in the rural markets and is felt as much as in urban. Trends indicate that the rural markets are coming up in a big way and growing twice as fast as the urban‚ witnessing a rise in sales. Today‚ rural markets are critical for every marketer
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Table of Contents Organizational History - 5 - Products - 5 - Milk‚ Dairy And Chilled Dairy - 5 - Beverages - 5 - Bottled Water - 5 - Nestle Juices - 5 - Baby Food - 6 - Prepared Meals - 6 - Break Fast Cereals - 6 - Chocolates & Confectionary - 6 - Current Situation - 6 - Problem Statement - 6 - Sales Growth - 6 - Customer Attitudes - 7 - Nestlé’s Concern - 7 - Marketing Mix - 8 - Product - 8 - Price - 9 - Place
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