Planning: Chow Tai Fok: Looking ahead‚ they are confident that in 2013‚ they can achieve sustainable growth for their business in Mainland China‚ Hong Kong and Macau where they have spent decades building up their reputation. During the past 5 years‚ Mainland China has been amazing macroeconomic growth‚ and recently it has enjoyed a relatively more favorable macro-economic environment compared to the uncertain and complex macroeconomic conditions globally. Mainland China’s twelfth five-year
Premium Corporate governance Internal control Board of directors
Chapter 1: Auditing‚ Assurance‚ and Internal Control Auditing Auditing is 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 establishing criteria and communicating the results to interested users. Internal Audits * Internal auditing: independent appraisal function established within an organization to examine and evaluate its activities as a service
Premium Audit Internal control Auditing
all of: • Loss of sales or revenues • Loss of profits • Loss of personnel • Failure to meet government requirements or laws • Inability to serve customers • Inability to sustain growth • Inability to operate effectively and efficiently • Inability to compete successfully for new customers • Inability to stay ahead of the competition • Inability to stay independent without being acquired or merged • Inability to maintain present customer/client base • Inability to control costs • Inability
Premium Internal control Auditing Risk
settlement‚ and Antar was sentenced to seven year in federal prison in 1997. Key Facts: Antar became well known for his sales tactics. He made sure that no one left without a purchase and did so by lowering prices. 6 months after company went public‚ Antar had an employee inflate inventory by $2 million which increased gross profit. Parties of fraud: director of internal audit staff‚ the acting controller‚ director of accounts payable. The family members were under qualified for the upper
Premium Internal control Auditing Financial audit
a strong internal control system‚ a business must have good administrative controls. Administrative controls include: A. B. C. D. the reconciliation of the bank statement. the accuracy of the recording procedures. assessing compliance with company policies. maintenance of accurate inventory records. 2. Which of the following statements concerning internal controls is true? A. Internal administrative controls are designed to limit the amount of funds spent on investments. B. The control procedure
Premium Internal control
the industry‚ nor does it provide comprehensive information on auditing; it is only intended to provide the information that will be necessary and helpful in completing this case study and answering discussion questions. The IT Controls Overview and IT General Controls Overview sections in the Appendix 1 provide relevant terms and definitions that will be used throughout the case. Portfolio Structure and Business Sofitec is one of several entities in a portfolio (companies‚ partnerships‚ joint ventures)
Premium Audit Balance sheet Auditing
provides a conceptual framework for the risk assessment standards. In recent years‚ auditors have tried to apply the model to audits of internal control‚ usually performed as parts of integrated audits. An integrated audit is an engagement where the auditor provides an opinion on the financial statements and an opinion on the effectiveness of internal control. It is integrated in the sense that the auditor tries to use some of the same procedures to meet both objectives. AUDIT RISK Basically
Premium Auditing Audit Internal control
1. Adsteam Adonist@gmx.de‚ quigonjinn@hotmail.de was a very model of conglomerate(jujie). In the eyes of the outside‚ it was a successful company. But it’s not true. It’s far from other companies in its complex structure. Adsteam group comprised numerous less-than-majority-owned companies. It acquired major share-holdings in numerous companies throughout the 1980’s. The acquisition strategy resulted in an extremely complicated cross-shareholding-based structure. It was noting that the maximum amount
Premium Auditing Internal control Audit
ACC 521-011 Example of Auditing Final Exam INSTRUCTIONS: 1. This exam consists of 6 questions‚ on 11 pages. Please answer questions #1. to #5. in the separate EXAM ANSWER BOOK‚ and answer Question #6 - Multiple Choice with explanations - in this book. 2. The time available is 3.0 hours. 3. The exam is worth 50% of your overall course grade. 4. Write your name & student number on the front of the test. 5. This is a closed book test. The only aid that may be used one of the calculator
Premium Auditing Internal control Audit
transmits‚ processes‚ maintains‚ or accesses significant information electronically‚ some accounting data and source documents may be available only in electronic form‚ or only at a certain point in time. The auditor would generally perform tests of controls several times during the year to compensate for this limitation. Choice "a" is incorrect. Comparing a sample of paid vendors’
Premium Auditing Financial audit Internal control