BCAF-05: ADVANCED AUDITING (MAJOR) Objective: This course aims at imparting knowledge about the advanced methods of auditing and there applications. Unit- I: Audit of Limited Companies: Inspection of documents Books and Registers. Audit of Preliminary expanses‚ profit prior to incorporation‚ public deposits‚ managerial remunerations‚ share capital. The Visible profits and dividends- meaning‚ provisions of Companies act in regard to declaration and payment of dividend. Auditor’s
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Chapter 1 An overview of auditing Multiple Choice 1. The three major professional accounting bodies in Australia are: a. ICAA‚ CPA and ASIC. b. CPA Australia‚ NIA and AARF. c. ATO‚ AUASB and ASIC. d. ICAA‚ CPA Australia and NIA. The correct option is d. Feedback: Section 1.3 The auditing environment 2. Which body has a mission ‘to develop‚ in the public interest‚ high-quality auditing and assurance standards and related guidance to enhance the relevance‚ reliability and timeliness
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The following are independent situations and you should refer to APES (Accounting Professional and Ethical Standards 110 “Code of Ethics for Professional Accountants”) and the Corporations Act 2001 as a minimum for each situation. You need to identify any breaches (under what section) and why. You should also consider any remedy or alternative course of action that should have been considered for each where appropriate. There is no word limit set for this assignment but it is expected that each
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Litigation and Alternatives America has come a long way since the American colonies settled from where humanity was to where humanity is now. We did not have the law system that we have now and issues were unresolved that turned into chaos. From law courts‚ chancery courts‚ to merchant courts‚ there are several categories of courts. Those that we separate are Federal and State Courts. Federal Courts take over foreign and interstate commerce that entail of U.S. District Courts‚ U.S. Court of Appeals
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Solutions for the Biltrite Bicycles Inc. Case Module I - Assessment of Inherent Risk 2 Module II – Assessment of Control Risk 16 Module III - Control Test: Sales Processing 28 Module IV - PPS Sampling: Factory Equipment Additions 30 Module V - Accounts Receivable Aging Analysis 34 Module VI - Sales and Purchases Cutoff Tests 41 Module VII - Search for Unrecorded Liabilities 46 Module VIII - Dallas Dollar Bank Reconciliation 48 Module IX- Analysis of Interbank Transfers 51 Module X -
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Cigarette Litigation In August 1970 a leading tobacco defense attorney‚ David R. Hardy‚ wrote a confidential letter warning that indiscreet comments by industry scientists‚ including references to biologically active components of cigarette smoke and the search for a safer cigarette‚ constitute a real threat to the continued success in the defense of smoking and health litigation. The actual knowledge on the part of the defendant that smoking is generally dangerous to health‚ that certain ingredients
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Civil Litigation By Mary Kessler August 13‚ 2014 Everest University Professor Wolusky 1.) Prepare an outline of the issues in handling a case with so many plaintiffs and potential witnesses. Ethical issues of conflict of interest can become a concern as many new clients come into the firm Organization could be an issue with so many clients Keeping track of all of the clients and witnesses appointments and/or meetings Making sure that the correct information and witnesses are
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risk too low. 3. A number of factors influence the sample size for a substantive test of details of an account balance. All other factors being equal‚ which of the following would lead to a larger sample size? A. Greater reliance on internal accounting controls. B. Greater reliance on analytical review procedures. C. Smaller expected frequency of misstatements. D. Smaller measure of tolerable misstatements. 4. Which of the following sample planning factors would influence the sample size
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accordance with an identified financial reporting framework. An auditor is setting out to achieve enhanced credibility of information disclosed to increase reliability for the users of the financial statements. A definition from the Committee on Basic Auditing is as follows: A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating
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AUDIT TECHNIQUES I. NATURE and PURPOSE of AUDIT TECHNIQUES Auditing Techniques are the basic tools utilized by auditors to obtain audit evidences. Auditing Technique is defined as any technique as any technique used to determine deviations from actual accounting and controls established by a business or organization as well as uncovering problems in established processes and controls. Auditing Techniques can be used to aid organizations by uncovering errors in business practices and providing
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