SUMMARY OF KEY POINTS OVERVIEW OF FINANCIAL STATEMENTS AUDIT * The audit enables the auditor to express an opinion whether financial statements are prepared‚ in all material respects‚ in accordance with and acceptable financial reporting framework. * Complete set of general purpose financial statements: * 1. balance sheets * 2. income statements * 3. statement of changes in equity * 4. cash flow statement * 5. summary of significant accounting policies and other
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questionnaire checklist that can be used to evaluate controls for each of the four basic activities in the revenue cycle (sales order entry‚ shipping‚ billing‚ and cash collections). Required * a.For each control issue‚ write a Yes/No question such that a “No” answer represents a control weakness. For example‚ one question might be‚ “Are customer credit limits set and modified by a credit manager with no sales responsibility?” * b.For each Yes/No question‚ write a brief explanation of why a “No”
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the Shoes of a Server The clattering of plates and the clicking of heels on a tile floor are the white noise of the restaurant. Kitchen partners rush to get the next salad ready‚ the next steak cooking. The expeditors keep the restaurant working smoothly‚ the source of communication between the front of the house and the kitchen. A business partner shouts “Corner!” as she rounds the bend between the kitchen and the hallway leading to the general area of the restaurant. Two servers see each other
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Question: Define audit and accounting risk‚ give 3 specific example of each type of risk and explain why they are called audit and accounting risk. * Accounting risk is the risk that errors associated with forecasts used in GAAP accounting estimates are not properly disclosed. Accounting risk is primarily the responsibility of accounting standards. It is dealt with only indirectly in accounting standards. For example: * Bad debts on loans had an historic rate of 1% of outstanding loans
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Flash Technologies‚ Inc Memo to the Planning File by Audit Manager – General Information 12/31/2008 General Background Information Emanuel “Manny” Schwimez‚ is the CEO and chairman of the board of Flash. Mr. Schwimez is originally from Tel Aviv. He has an impressive resume‚ including a master’s degree from the London School of Economics and many years of eexecutive-level experience. He has led several high technology companies in the U.S and abroad since the early 1970’s. In 1990 he became president
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Tom’s Shoes Richard Morrow EMK 3601 Principles of Marketing October 28‚ 2012 The baby boomer generation may be a difficult group to reach for this company. First I don’t think canvas shoes are primary footwear for this group. The advertising campaign they have possibly will not reach them also as most of it is done thru the internet and unconventional media outlets. I also don’t think they will react well to the buy one set of shoes and they will donate a pair on your behalf. I believe
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average d. median average 3. easy d Auditors are responsible for determining whether financial statements are materially misstated‚ so upon discovering a material misstatement they must bring it to the attention of: a. regulators. b. the audit firm’s managing partner. c. no one in particular. d. the client’s management. 4. easy c The FASB definition of materiality emphasizes what class of financial statement users? a. Regulators. b. Informed investors. c. Reasonable persons
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1. Political/legal: The first operating license from the department of conservation was only for 30 days‚ for those 30 days 28 people paid $75 dollars each to leap off the 43m bridge‚ but it wasn’t long before word spread and New Zealand and Queenstown in particular were considered prime destinations on the world adventure tourism map. Economic: AJ Hackett Bungy had a huge economic effect on New Zealand because it put New Zealand on the adventure tourism map and helped to bring more visitors
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TYPES OF AUDITS Operational PURPOSE: To evaluate whether operating procedures are efficient and effective USERS: Management of the organization NATURE: Highly non-standard; often subjective FREQUENCY: PAs: Frequently AGs: Frequently CRA: Never Internal: Frequently Compliance PURPOSE: To determine whether the client is following specific procedures set by higher authority USERS: Authority setting down procedures‚ internal or external NATURE: Highly non-standard; often subjective FREQUENCY: PAs:
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way shoes are just like friends. They come new and sparkly‚ shining their personality‚ all bright‚ soft and smooth and ready to be there for you through tough hard‚ soft and playful or just horrible ground. You are the same way in return. You appreciate their new and friendly personality‚ thinking your friendship will never be the same‚ hope your friendship will grow with every small brown and muddy step. You cherish the shoes‚ you took time to save up for the shoes‚ you appreciate the shoes‚ you
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