and objectives. Video Episodes View the videos in the weekly Video Episodes section. Team Assignments Team Video Analysis Report In preparation for preparing and submitting the team’s Final Project‚ each week you will create your own consultant’s notes as you observe various CanGo meetings (via the video episodes/cases). For the week 4 Team report you are to list 6 issues facing CanGo that you gleaned from the week 3 and 4 videos. They should be prioritized in order of importance
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QUESTION 1 (16 marks) Cash is the most vulnerable asset to audit. Answer the following questions; a) What are the three assertions an audit needs to establish? (6 marks) SOLUTION: Cash balances include cash on hand and at bank. Cash on hand includes undeposited receipts and petty cash. Cash at bank includes cash held in current and savings accounts which is available on demand. Unlike any other account balance‚ cash may be either an asset or a liability. The latter arises where the bank with
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DISCLOSURE IN FINANCIAL REPORTS BECAUSE OF THE EXTENT TO WHICH THEY DISAGGREGATE FINANCIAL IMFORMATION INTO MEANINGFUL AND OFTEN REVEALING GROUPS.DISCUSS Word Count: 2554 Lecturer: MR LIM KAIM SOON Batch number: BAFE1 1232A SUBMISSION DATE: 24th NOVEMBER 2014 TABLE OF CONTENT Executive Summary 1a Discuss the objectives of segmental information in annual reports 1b Discuss the requirements for the disclosure of segmental information in annual reports 2a (i) Based on the
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account: 2348 Contents Introduction 3 Part I 3 The Combined Code 2003 3 Cases 5 1.Cadbury Code Report–(1992) Maxwell &Polly Peck 5 2.Cadbury Code Report (1992)-BCCI 6 3.Greenbury Report (1995)-British Gas 7 4.Hample report (1998) 7 5.Turnbull report (1999)-Barings 7 6.Higgs & Smith Report (2003)-Enron‚ WorldCom and Tyco 8 Part II 9 Conclusion 9 References 11 DEVELOPMENT OF THE UK CODE OF CORPORATE GOVERNANCE
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of the auditor’s report”. Those rules distinguish between situations in which a client cooperates with the auditor in making all necessary disclosures and situations involving uncooperative clients. Briefly summarize the differing responsibilities that auditors have in those two sets of circumstances. Answer: International Standard of Auditing (ISA) Section 560 Subsequent Events paragraph 15 defined that “Subsequent discovery of facts existing at the date of the auditor’s report” is where the condition
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ZZZZ Best Company Case Ernst and Whitney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31‚ 1986. How does a review differ from an audit‚ particularly in terms of the level of assurance implied by the auditor’s report? While both a review and an audit are attestation services provided by CPAs. A review and an audit differ in that a review does not offer the level of assurance
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Agnes Wong Professor Coyle Auditing-Case Write Up 30 September 2014 The Leslie Fay Companies Case Summary The Leslie Fay Companies is a women’s apparel manufacturer headquartered in New York‚ but with its accounting offices located in Pennsylvania. The company performed business in a way that did not utilize modern computerized systems to track sales and growth‚ but in an old-fashioned way that yet‚ still let them perform well in their revenues and earnings. The major names in this case include
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food services company‚ based in Finland‚ that seeks to grow with an optimistic view on it’s already firm grasp on the food service industry ("Frazer‚" n.d.). This paper will discuss the accounting standards‚ external auditing standards‚ and annual reports of the Caribou Company and Frazier Group. A brief comparative analysis will be conducted between select data from the financial statements of these two companies‚ including profitability and financial position. Accounting Standards. For Caribou
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communities including children living with HIV/AIDS. As mandated by the Securities and Exchange Board of India (SEBI)‚ a standalone Business Responsibility Report (BRR) forms part of the Annual Report and is available on the Company’’s website http://www.cipla.com/Home/About-Us/Caring- for-the-Enviroment.aspx. The BRR contains a detailed report on Business Responsibilities vis-a-vis the nine principles of the National Voluntary Guidelines on Social‚ Environmental and Economic Responsibilities of
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provided to be able to render a report of the financial statements audited stating that it is free from any misstatement. GAAS are divided into three categories such as the general standards‚ the standards of fieldwork and standards of reporting. Auditors can render reports of the financial statements audited in four ways. The report render can either be qualified opinion‚ unqualified opinion‚ adverse opinion and disclaimer of opinion. Auditors who considered the report to be free from any material
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