1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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Developmental milestones can be defined as abilities in which children achieve by certain ages. When focusing on the development of children‚ specific milestones are assessed. These milestones include physical‚ emotional‚ cognitive‚ and social milestones. Although there may be certain age categories for each milestone‚ it is important to understand that every child is one of a kind. I interviewed my sister‚ JoAnna‚ who is an Exceptional Education teacher in Tampa‚ FL. One of her students‚ Brianna
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assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions‚ balances and presentation and disclosures - List out and describe general transaction related audit objectives‚ balance related audit objectives and presentation and disclosure audit objectives - Understand specific audit objectives and how they are linked to general audit objectives and management assertions Topic 4 – Audit evidence
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expectations for revenue accounts Recognize factors that lead to precise expectations of account balances Appreciate the degree of professional judgment involved in evaluating differences between expected and reported account balances Understand the audit planning implications of using analytical procedures as substantive tests of account balances Burlington Bees‚ an independent‚ minor league baseball team‚ competes in the North-west Coast League. The team finished in second place in 200X with
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Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing
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CHAPTER 20 Audit of Cash Balances Copyright 2003 Pearson Education Canada Inc. 20 - 1 What are the auditor’s primary concerns with regard to cash? Copyright 2003 Pearson Education Canada Inc. 20 - 2 What are the auditor’s primary concerns with regard to cash? - existence Copyright 2003 Pearson Education Canada Inc. 20 - 3 What are the auditor’s primary concerns with regard to cash? - existence - completeness Copyright 2003 Pearson Education Canada Inc
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the appropriate response with regard to the inventory of Ace Computers Ltd (Ace) for the year ended 30 June 2011 audit‚ you become aware of the following information: 1. The best-selling computer presentation package has been experiencing a high level of returns owing to suspected software problems. 2. Based on closing inventory‚ inventory turned over an average of 4.33 times in 2009 and 3.97 in 2011. 3. Ace moved its inventory from a central warehouse to five new regional warehouses
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AUDITING THEORY 1. Which of the following activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that
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CHCCS400C – Work within a relevant legal and ethical framework: Assignment 1 What you have to do Students need to complete three (3) tasks: Task A: Complete ten (10) short answer questions based on the learning materials. Task B: Case study. Complete eleven (11) short answer questions. Task C: Complete six (6) short answer questions based on the learning material. Task A Students need to answer the following questions: 1. Why is it important for a worker in the Community Services Industry to
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The Four Frames of an Organization Organizational issues are often the most difficult part of managing projects. Taking the time to analyze an organization can help identify‚ understand‚ and solve potential problems. All organizations consist of four different frames: structural‚ human resources‚ political‚ and symbolic. Each of these frames describes a particular way of looking at organizations and how they function. For example‚ it can be used to identify the project stakeholders to help
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