Chapter 10 AUDIT WORKING PAPERS Section 1000 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1013 Contents Purpose Importance of Working Papers Confidential Nature of Working Papers Purposes Served by Working Papers Planning and Preparing Working Papers Principles and Methods of Documentation Working Paper Format Specific Standards for Each Workpaper Review of Audit Workpapers Arranging and Filing Standardized Workpapers Retirement of Audit Workpapers Special Project Workpapers Backup
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Threat Safeguards Objective Assessment a) The lending of staff by the firm to an audit client may create a self-review threat. (APES110.290.142) Referring to APES110‚290 142‚ it states that if the firm lend the staff to audit client‚ and it will create the self-review threat. The possible safeguards are as following: Pay more attention on the work done by the loaned staff while in audit engagement. Do not assign any audit responsibility to the task that is performed by that loaned staff
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requires that when there has been a limitation on the scope of the auditor’s work that prevents the auditor from obtaining sufficient evidence to express an unqualified opinion‚ the auditor shall issue a qualified (except for limitation) opinion or a disclaimer of opinion as appropriate. In considering whether the scope of limitation results in a lack of evidence necessary to form an opinion‚ the auditor shall assess the quantity and type of evidence which may reasonably be expected to be available
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prospective audit client and the factors that auditors commonly consider in making the acceptance decision. [2] To give students experience in computing and interpreting preliminary analytical procedures commonly used in obtaining an understanding of a prospective client during the client acceptance decision process. [3] To raise issues relating to auditor independence in the context of client acceptance‚ both in terms of financial interests and the provision of non-audit services.
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In the case of Goodner Brothers‚ Inc. ‚ the six key control weakness were no proper segregation of duties‚ no proper procedure on recording documents‚ lacking monitoring on performance review‚ low gross profit margin than benchmark‚ no control on accessing to the accounting system and inventory storage and too depends on the honesty of the employees. Woody Robinson know very well that the company have these weaknesses that give him the chances to enter the hole to start the fraud activities. Firstly
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Walt Disney Corporation Marketing Audit Max McKay Sabrina Coady Henrik Oiseth Principles of Marketing 308 Professor Simpson November 14‚ 2006 Walt Disney Corporation Founded in 1923‚ the Walt Disney Company has predicated itself as the world’s best in the family entertainment business. After 80 years in the business‚ who could argue with that statement? Today‚ Walt Disney Corporation dominates the market of family entertainment. An unparalleled experience is the direct affect
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the organization’s function in society‚ of the indentifying its customer markets‚products‚ and technologies. Company goals and objectives. Statements of an accomplishment of a task to be achived ofthen by a specific time. Product-market strategies. Marketing dashboard which is the visual display of the essential information realted to acheivng a marketing objective. A marketing metric is a mesure of quantitative value or trend of a marketing activity or result‚ marketing plan is a road
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INTRODUCTION TO AUDITING 1. WHAT IS AN AUDIT An audit is an independent examination of the financial statements of an entity in order to enable the auditor to express an opinion as to whether it gives a true and fair opinion and if it has been properly prepared in accordance with the applicable reporting framework. 2. Under the Companies Act‚ Cap. 50‚ private limited companies that satisfy the following conditions are not required to have an audit: a) number of shareholders
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INTRODUCTION TO THE TOPIC: Primary research is any type of research that we go out and collect ourselves. Examples include surveys‚ interviews and observations. In other words information that has been collected at first hand is called primary research. It involves measurement of some sort‚ whether by taking readings off instruments‚ sketching‚ counting‚ or conducting interviews. Conducting primary research is a useful skill to acquire as it can greatly supplement our research in secondary
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the external auditor is such an important tool in corporate governance. Corporate governance is the system of rules‚ practices and processes by which a company is directed and controlled. It is basically needed to balance the interest of the stakeholders in a company. Meanwhile‚ the external auditor is needed to make sure that the company follow the GAAP‚ checking the accounting record and help the company to resolve problems. In this article‚ it shows the contribution of external auditor to corporate
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