Understanding Financial Statements Annual reports are publications that a company issues to its shareholders‚ financiers and regulatory firms at the end of a financial year. Public companies mostly provide it to describe their operations and the financial states. The first part of an annual report has combinations of graphics‚ pictures and accompanying narratives the are in line with what the company has achieved in the previous year. Typically‚ the annual report has income statements‚ cash flow statements
Premium Financial statements Balance sheet Annual report
from past cases to prevent reoccurrences of similar detrimental activities. Do you believe that Andersen’s partners would have adopted a different management philosophy if they had recently studied the Laventhol & Horwath case? 3. Although audit reports should provide assurance to investors and creditors that
Premium Jim Bakker Audit Plaintiff
3. a) Three parties that auditors might be held liable for negligence are : 1. Liability to client (Better Production & Co) 2. Liability to third party who use the information (Usahasama City Bank) 3. Liability to the foreseen user (who rely on the auditor’s financial statement) b) No. Aiman & Co can not be held liable to Usahasama & Co. The only action available for financial loss caused by a false financial statement was in the tort of deceit. In order to succeed‚ the claimant (Usahasama)
Premium Audit Auditing External auditor
Hall‚ Harlow. Writing a Report Report writing is very relevant to many forms of employment as well as your academic life. Unlike essays that are academic and theory based‚ reports are action based and with a wider scope. Reports use skills of application – applying what has been learned to a particular situation – not merely investigating and theorising. Reports are commonly used to communicate ideas‚ facts‚ findings or actions to be taken. Above all reports must be – objective‚ accurate
Premium Logic Reasoning The Reader
Contents 1. Contents 1 Executive Summary The purpose of this research report is to understand of two important concepts from the Conceptual Framework for Financial Reporting----the objective of general purpose financial reporting and qualitative characteristics of useful financial information. In this report‚ Myer Holdings Ltd is as an example to describe these two concepts. This report includes the analysis on whether the disclosure of PPE from Myer Holdings Ltd meets the requirements
Premium Generally Accepted Accounting Principles Annual report Financial statements
ISA ISA 570 November 2008 International Standard on Auditing Going Concern INTERNATIONAL STANDARD ON AUDITING 570 Going Concern Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in November 2008 for publication. This standard should be read in conjunction with the Preface to Malaysian Approved Standards on Auditing; Preface to International Standards on Quality Control‚ Auditing‚ Review‚ Other Assurance and Related Services; Glossary
Premium Balance sheet Auditing Financial statements
has violated the professional competence and due care. This is because Ariff need to know either his firm has capability in performing the audit due diligence and due care to avoid the incompetent services which result to unreliable report as well as the audit report can be questioned. The third situation shows in this case is when Ariff spend most of his time in his other company‚ a construction company and he seldom come to his CA firm and would trust the Audit Seniors to lead the assignments
Free Auditor's report Audit Auditing
function is to report to the shareholders‚ on whether the financial statements show a true and fair view‚ have been properly prepared in accordance with the Companies Act and the applicable financial reporting framework (Shah‚ 2009‚ pp72-73). It is believed that the financial statements which have been scrutinised by a highly qualified and independent professional should become more reliable. However‚ there has been a lot of debate about how much reliance can be placed on the auditor’s report and how much
Premium Auditor's report Audit
Kong. Independent Commission Against Corruption‚ 《Annual report on the activities of the Independent Commission Against Corruption for 1976》(Hong Kong : The Commission‚1976) –Hong Kong –Hong Kong. Independent Commission Against Corruption‚ 《Annual report on the activities of the Independent Commission Against Corruption for 1978》(Hong Kong : The Commission‚1978) –Hong Kong –Hong Kong. Independent Commission Against Corruption‚ 《Annual report on the activities of the Independent Commission Against
Premium Annual report Financial statements Hong Kong
the loan. | The auditor must exercise due professional care in the performance of the audit and the preparation of the report. | Jones‚ CPA did not exercise “professional care in performance of the audit and preparation of the report” because he failed to follow the GAAP guidelines. There were no notes included within the report‚ students conducted the report without guidance etc. | The auditor must adequately plan the work and must properly supervise any assistants. | Jones
Premium Auditing Financial audit Auditor's report