...................................................31 Matters for consideration regarding audit scope .....................................................................................................34 Matters for consideration regarding the internal audit function ...............................................................................37 Matters to consider when selecting or evaluating independent registered public accountants .............................39 Private session with the auditors
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1. List what you believe should have been the three to five key internal control objectives of Goodner’s Huntington sales office. The Goodner’s Huntington sales office should have implemented the following internal control objectives: 1. The reliability of financial reporting‚ which relates to the timely and accurate recording of transaction‚ and it makes sure that financial reports are reliable and free of material misstatement. In addition‚ it also deals with the physical security
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The audit may be internal or external. The internal audit is performed to regulate internal control and evaluation whereas the external audit is mandatory as per the statutory regulations. As such the internal auditor access and review the correspondence files‚ budgetary information‚ organizational charts‚ job descriptions‚ evaluation of internal controls. In this regard‚ the auditor makes internal report along with deficiencies notices. The audit may be statutory or internal‚ yet several types
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AIS – Final Study Chapter Highlights Chapter 1 – ACCOUNTING SYSTEM INSIGHTS 1. Enterprise system – A system that supports business activities throughout the enterprise‚ including inputs‚ processing‚ and outputs 2. Integrated enterprise system – Shares data across functional areas within the enterprise 3. Business processes – Related activities performed by an enterprise to create value by transforming input into output 4. Value chain – An organizing framework for business processes
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Chapter 10 Assessing Control Risk / Tests of Controls |Learning Check | 10-1. a. Assessing control risk is the process of evaluating the effectiveness of an entity’s internal controls in preventing or detecting material misstatements in the financial statements. b. Control risk should be assessed in terms of individual financial statement assertions. 10-2. In assessing control risk for an assertion‚ the auditor should perform the following five steps:
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additional work could the Internal Audit Department perform prior to issuing the audit report? The internal audit’s work is necessary to the entity. The internal audit can accumulate evidences from different documents‚ statements and reports. Their reprehensibility is to provided reasonable assurance in entity’s daily operation. In this case‚ there are some materials has been founded in MCS. From my opinion‚ the internal audit could pay more attention on the manager’s internal control evaluation. The additional
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INTERNAL CONTROL In business control is required for optimum utilizatiion of resources and for maximising the profits.business operations are carried on with the help of human agents and equipments.both require supervision to ensure that tasks assigned to them are carried out properly to avoid wastes and losses. Internal control required for small business is not identical with that required for a large business in the sense that in case of the former‚the entire control is centralised
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demonstrated the inadequacy of internal controls with regard to revenue recognition. The act also contains requirements aimed at ensuring proper revenue recognition (SEC‚ 2013). Under this section‚ there must be a statement of management’s responsibility for establishing and maintaining internal control for any financial report of the company. Furthermore‚ they must list out the frameworks on how they used to determine the effectiveness of the internal control. In addition‚ they must write
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1.1 Case Background This case is about the Small medium enterprises‚ Excel Poultry & Meat Sdn Bhd (EPM) that face management‚ production‚ financial and internal control problems. Besides that‚ In this case also show conflict of interest between General Manager of EPM‚ En Selamat with the main debtors. The lack of internal control causes bad financial performance since 2008. Other than that‚ this case also shows the external factors for the production process that cause “chicken run” crisis
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Ch. 8: Comprehensive Questions: Analytical procedures ( 8-15 and 8-16) Ch. 10: Comprehensive Questions: Components of internal control (10-31 and 10-32) Ch. 11: Comprehensive Questions: Assessing control risk (11-21) 8-15 | (Analytical procedures) In audit planning the audit of Construction Industry Resources‚ Inc.‚ a building supply company. You have completed analytic procedures relevant to purchases and inventory. The results of these procedures are included in Figure 8
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