The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-2
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which exceeds materiality of $50‚000. c. The auditor should either propose an audit adjustment so that the unadjusted statement amount is less than materiality‚ and/or perform more testing to obtain a better estimate of the population misstatements. The additional testing will likely focus on receivables and inventory because they have the largest estimated misstatements. 9-28 a. The following terms are audit planning decisions requiring professional judgment: Preliminary judgment about materiality
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Windows-based personal computers. If Apple is unable to continue to develop and sell innovative new products with attractive gross margins‚ its results of operations may be materially adversely affected by its operating costs structure. Apple has also been lacking in their business marketing strategies and distribution networks. With regards to the personal computer industry‚ the familiarity of the Apple software is not there. The original goal of teaching on an apple computer has been over shadowed
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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CHAPTER 20 Audit of Cash Balances Copyright 2003 Pearson Education Canada Inc. 20 - 1 What are the auditor’s primary concerns with regard to cash? Copyright 2003 Pearson Education Canada Inc. 20 - 2 What are the auditor’s primary concerns with regard to cash? - existence Copyright 2003 Pearson Education Canada Inc. 20 - 3 What are the auditor’s primary concerns with regard to cash? - existence - completeness Copyright 2003 Pearson Education Canada Inc. 20
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Non-Audit Services and Knowledge Spillovers: An Investigation of the Audit Report Lag Angela Walker and David Hay1 University of Auckland Acknowledgements: We gratefully acknowledge helpful comments by Robert Knechel‚ Yi-Hsing Liao‚ and participants at the International Symposium on Audit Research in Maastricht and the Australian National Centre for Audit and Assurance Research workshop at Australian National University. This research was supported by a grant from the University of Auckland under
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Apple Inc. is the largest publicly traded company in the world by market capitalization. Overtopping ExxonMobil by some $60 billion‚ (CNN‚ 2012) as well as the largest technology company in the world by revenue and profit‚ worth more than Google and Microsoft combined. (Appleinsider.com‚ 2012)Fortune magazine named Apple the most admired company in the United States in 2008‚ and in the world from 2008 to 2011.All these facts caused my interest in studying in Apple Inc.’s backgrounds‚ financial data
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Apple Inc. Financial Ratio Analysis TABLE OF CONTENTS Executive Summary Introduction Liquidity i. ii. iii. Working Capital Current Ratio Current Cash Debt Coverage Ratio pg. 7 pg. 3 pg. 5 pg. 6 Asset Management i. ii. Inventory Turnover Days in Inventory iii. iv. Solvency i. ii. iii. iv. Accounts Receivable Turnover Receivable Collection Period pg. 9 Debt to Total Assets Ratio Cash Debt Coverage Ratio Times Interest Earned Ratio Free Cash Flow pg. 11 Profitability Ratios i.
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MARITIME TRANSPORT GRADUATE SCHOOL OF BUSINESS MBA PROGRAM Strategic Management Strategic Audit of Al Baraka Bank Egypt Submitted by: Team members in alphabetic order Ahmad Mahmoud Gaber Ahmed Taher Emad ElDin Mohammed Mohab Yasser Fekry Mohamed Abdelmoniem Shehata (Group B) Presented To: Prof. Dr. Sherif Delawar Arab Academy for Science and Technology – Graduate School of Business MBA – Group (B) Weekend – Strategic Management‚ Spring 2014 Table of Contents INTRODUCTION
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Threat of New Entrants: When Apple first began in the early 1980’s‚ the threat of new entrants was significant. PCs were a relatively new commodity with little distinction‚ few competitors‚ and no government regulation‚ and although initial R&D was complex‚ assembly was simple. Unsurprisingly‚ new firms emerged quickly and forced Apple to differentiate its product over time. This push continued through the years‚ and ultimately‚ Apple was forced to create more innovative‚ unique‚ and quality products—a
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