CGA-CANADA EXTERNAL AUDITING [AU1] EXAMINATION June 2010 Marks 30 Time: 3 Hours Question 1 Select the best answer for each of the following unrelated items. Answer each of these items in your examination booklet by giving the number of your choice. For example‚ if the best answer for item (a) is (1)‚ write (a)(1) in your examination booklet. If more than one answer is given for an item‚ that item will not be marked. Incorrect answers will be marked as zero. Marks will not be awarded for explanations
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exchange rates. However‚ for multinational companies‚ dealing with very large amounts of money in their transactions‚ the rise or fall of a currency can mean getting a surplus or a deficit on their balance sheets. What types of exchange rate risks do multinational companies face? One type of exchange risk faced by multinational companies is transaction risk. If a company sells products to an overseas customer it might be subject to transaction risk. If a UK company is expecting a payment from a US customer
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Auditing – acc546 (3 credits) In this course‚ students focus on the auditing practice performed by public accountants. Topics include the CPA profession and the auditor’s role‚ planning the audit‚ audit reporting and required communications‚ evaluating internal controls‚ audit programs for current assets and liabilities‚ and audit programs for other business cycles. This graduate-level course is 6 weeks. To enroll‚ speak with an Enrollment Advisor. Topics and Objectives The CPA Profession
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together since before 1971. Lot of former Andersen employees were working at Waste Management CFO and CAOs all former Anderson auditors Arthur Anderson hadn’t forced them to change yet Arthur Andersons action steps- working together to cover up past fraud with new fraud f. g. Top executives working together in the fraud Netting and geography. Attitudes: If their auditor was approving the accounting treatment of certain items‚ it must have been correct. These entries were needed to stay competitive
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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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Auditing a Publicly Traded Company Memo: To: Senior Staff Member From: Team A Date: September 13‚ 2010 Subject: Share-based payment reporting and special purpose entities reporting December 16‚ 2004 the Financial Accounting Standards Board issued Statement 123‚ Shared- Based Statement‚ which took the place of Accounting for Stock-Based Compensation and replaced Accounting Principal Board Opinion No. 25 Accounting for Stock issued to Employees. Share-based payment is “a transaction in which
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places complete reliance on controls and does not perform any other audit work. By stating this it shows that it is incorrect to assume the control risk is zero. Zero should never be the control risk if it is then it wouldn’t be neseccary for the auditor to do any work. 3) Fields is incorrect to not give any thought to inherent risk. Knowing the inherent risks leads us to know about the characteristic of the business‚ their major types of transactions‚ and the effectiveness of the way they account
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over the world face a number of problems which dishearten them. It leads to sheer desperation among the student community giving rise to student unrest. Student life has probably become more difficult than at any time before. There are so many issues they have to deal with - study‚ time‚ money‚ relationships‚ job hopes‚ and more. Parents previous experience and education does not always equip them in dealing with such pressures. Many students will not admit their problems due to various reasons and this
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The Impossibility of Auditor Independence Intentional collusion of auditors and their clients is is not the major cause of Audit integrity. Most of the times‚ auditors find it difficult to become objective. In 1992‚ Phar-Mor‚ Inc. drugstore in the United States seeking a court protection from corruption failed a court case. The previous auditors‚ Coopers & Lybrand‚ Phar-Mor’s failed to state inventory inflation and manipulation of finanicial that lead to overstating of $985 million earnings
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LECTURER IN CHARGE - DR RUFAI CURRENT PROBLEMS OF EDUCATIONAL DEVELOPMENT IN NIGERIA The height the educational system in any given nation attains is a function of the attention the government and other stake holders pay to the sector. The development of the educational sector in Nigeria has been bedeviled by a variety of challenges‚ which have‚ in no small way retarded the educational development we’ve all been envisaging. Some of such problems‚ among others‚ are highlighted below: 1
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