2008 (as well as in prior years) by a Big Five auditing firm. The audit did include consideration of internal control over financial reporting as a basis for designing audit procedures that were appropriate in the circumstances‚ but not for the purpose of expressing an opinion on the effectiveness of Koss’s internal control over financial reporting. The Company maintains a system of internal controls to provide reasonable assurance that assets are safeguarded and that the book and records reflect
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to adequately address the audit risk; * to assist in the preparation of supplementary schedules and income tax return for filing with the Securities Exchange Commission and Bureau of Internal Revenue‚ respectively; and * to make comments and recommendations regarding internal accounting controls and other aspects of the company’s operations; INTRODUCTION AuditPro Management & Co.‚ CPAs has been reappointed by the Board of Directors as the external auditor for Ayala Land‚ Inc
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(SDLC) concept applies to specific applications and not to strategic systems planning. ANS: F PTS: 1 3. An accountant’s responsibility in the SDLC is to ensure that the system applies proper accounting conventions and rules and possesses adequate control. ANS: T PTS: 1 4. In the conceptual design phase of the Systems Development Life Cycle (SDLC)‚ task force members are focused on selecting the new system design. ANS: F PTS: 1 5. When determining the operational feasibility of a new system‚
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...................................................31 Matters for consideration regarding audit scope .....................................................................................................34 Matters for consideration regarding the internal audit function ...............................................................................37 Matters to consider when selecting or evaluating independent registered public accountants .............................39 Private session with the auditors
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for a financial statement audit? For an internal audit? The assurance criteria are completeness‚ authorization‚ accuracy‚ timeliness‚ occurrence and efficiency. Financial statement auditors are concerned about completeness‚ authorization‚ accuracy and occurrence equally. They are less concerned about timeliness; if timeliness affects the year end‚ it becomes a completeness issue. Financial statement auditors are not concerned about efficiency. Internal auditors are concerned about all criteria
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2003-2005 (Mergent‚2007) ‚ PWC discovered the fraud in 2006 audit after reviewing the internal auditor’s report‚ the report stated that the internal auditors found some errors in the company’s records. (Ricadela‚2007). So after applying the integrated audit by PWC‚ an unqualified opinion was given for the consolidated financial statements but on the other hand‚ a qualified opinion was given for internal control over financial records. PWC of course refused to be held countable for or responsible
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reporting fraud for several matters. It includes‚ first‚ the purchasing of aircraft in 2005; where in reality the physical asset of aircraft does not exist as stated in the statement. Second‚ the fictitious sales made by the Company‚ where the auditors unable to verify the large amount of sales without supporting documents. Third‚ debtor amount was found to be wrongly recorded. These are the fraud happens in the FCB. Although the achievement of the Company in its earning during the year 2005
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Phar-Mor‚ Inc. Key Facts • Started in 1982 with 1 store. Up to 310 stores in 1992 with sales of $3 billion • Retail drug store- highly competitive‚ deep discounts • Mickey Monus‚ president and COO‚ found guilty of embezzling $10 million in 1995 • Monus had an extravagant life style • Sentenced to 20 years in prison • Monus and Patrick Finn his CFO • Manipulated I.S. accounts (understate cost of goods sold and overstated inventory) for 6 years • Inventory
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PAPER F8 (INT): AUDIT AND ASSURANCE ANSWERS 1 BLAKE CO Key answer tips Walk in the footsteps of a top tutor The question requires an understanding of the purpose of control systems‚ namely payroll in this scenario. The student is also required to identify weaknesses relevant to the scenario and suggest improvements. This should not present any real challenge to a well prepared student as it is typical of the F8 exam. NOTE: there are 2 presentation marks for adopting a management letter
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Documentation……………………………………………………………….. A59 Acknowledgment Philippine Standard on Auditing (PSA) 330 (Redrafted)‚ “The Auditor’s Responses to Assessed Risks” should be read in the context of the “Preface to the Philippine Standards on Quality Control‚ Auditing‚ Review‚ Other Assurance and Related Services‚” which sets out the authority of PSAs. 2 PSA 330 (Redrafted) Introduction Scope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with the auditor’s responsibility
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