chief financial officer (CFO). Messina‚ a former partner with Deloitte & Touche’s Canadian affiliate‚ had previously served as Livent’s audit engagement partner. The fraud unraveled following Livent’s takeover by an investment group led by Hollywood mogul Michael Ovitz. The new management team installed by Ovitz soon found that “massive‚ systematic irregularities” permeated the company’s accounting records. Subsequent investigations by various regulatory authorities‚ including the SEC‚ resulted
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Question 1(12 marks) (1 mark for each relevant point) Scenario 1 o The auditor would need to confirm information provided by the CFO with the bondholder’s. o The CFO has classified the bond as current and provided a going concern note and therefore the financial statements are in compliance with GAAP. o The auditor would need to perform procedures as to the adequacy of the note disclosure. o If the going concern note disclosure is considered adequate‚ the auditor would issue an unqualified
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Resignation & Removal of Auditors Resignation of Auditors Resignation procedures Auditors deposit written notice together with statement of circumstances relevant to members & creditors or statement that no circumstances exist Notice of resignation Sent by company to Registrar of Companies within 14 days Statement of circumstances Sent by auditors to Registrar of Companies within 28 days Sent by company to everyone entitled to receive a copy of accounts within 14 days Convening of
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INTERNAL AUDIT 1 Internal audit ‘Internal audit’ is an appraisal activity established by management for the review of accounting and internal control systems as a service to the entity. It reviews‚ monitors and make recommendations for the improvement of systems. Other activities include: Examination of financial information Review of economy‚ efficiency and effectiveness (‘value-for-money’ audits) Review of compliance with external laws and regulations Review of internal policies Review
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COMPANY PROFILE Apollo Tyres Ltd REFERENCE CODE: E16AA60E-380B-49C8-9C23-BFC7C2AB3058 PUBLICATION DATE: 28 Jun 2013 www.marketline.com COPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED. Apollo Tyres Ltd TABLE OF CONTENTS TABLE OF CONTENTS Company Overview..............................................................................................3 Key Facts......................................................................
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udit 22-31 a. The audit program for the audit of Rakin Corporation’s capital stock account would include the following procedures: 1. Examine the articles of incorporation‚ the bylaws‚ and the minutes of the board of directors from the inception of the corporation to determine the provisions or decisions regarding the capital stock. the authorization for the sale of new issues or additional sales of unissued stock‚ declarations of stock splits and dividends in the form of cash
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Case: Shoes for Moos INC Executive Summary Now Shoes for Moos is only a potential company built by Jim. The product is the special shoe for cows‚ combined with foot treatment‚ easy cleaning‚ durable and reusable. Jim hired his bother-in-law‚ Tom and have a limited amount of investment capital. Jim is trying to make a decision that chooses an alternative to distribute and promote their products. Decision Statement Starting Shoes for Moos is feasible. Considering
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CHAPTER 6 Audit Evidence |Learning Check | 6-1. a. Audit evidence is all the information used by the auditor in arriving at the conclusion on which the audit opinion is based. Audit evidence includes (1) the accounting records underlying the financial statements and (2) other information that corroborates the accounting records and supports the auditor’s logical reasoning about fair presentation in the financial statements. b. Any information that is obtained
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1970 the Apollo 13 Lunar Mission launched from the Kennedy Space Center in Florida. Aboard Apollo 13‚ 3 astronauts—Jim Lovell‚ Jack Swigert and Fred Haise—were seeking to be the third mission to land on the moon. 56 hours into the flight the members of the ground crew of Mission Control in Houston‚ Texas listened as the 5 words NASA never wants to hear resonated through the speakers: “Houston we have a problem.” These words were immortalized during the apprehensive days of the Apollo 13 lunar
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1) Install eclipse on your machine using the following installer file. [eclipse-jee-europa-winter-win32.zip]. Download it from internet or find in the package of the CD. Eclipse will act as the development IDE for the project. Recommendation: i) Windows XP or Higher ii) 2 GB RAM. With 32 bit or 64 bit machine. 2) Down load the GWT from google site (http://code.google.com/webtoolkit/download.html) OR find it in the package of the CD. The GWT SDK contains
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