three thousand teenage girls become pregnant every day and almost one millione teenagers become pregnant every year (www.teenpregnancy.org). Four in ten teenage girls become pregnant at least once before they reach the age of twenty. Because of this high number‚ the United States has the highest teen pregnancy rate in all of the industrialized world. In New York state alone‚ 61‚700 teenagers become pregant each year‚ ranking New York number forty two in the U.S. However only 22‚197 of those teenagers
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an operational engagement‚ an internal auditor observes a large number of above-ground storage containers and a large amount of black emissions from a smokestack. The organization has an environmental safety department. The engagement is not designed to consider environmental concerns. The best course of action is to A. Make a note to consider environmental risk concerns when developing the engagement plan for the next year‚ but do not expand the scope of the existing engagement because the budget
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had a negative impact on investor confidence in capital markets. In response‚ corporate regulators have searched for mechanisms to achieve a return to reliable‚ high quality financial reporting‚ resulting in an increasing emphasis on corporate governance. In addition‚ regulators and investors have increasingly recognised the role of audit committees and an important corporate governance mechanism in restoring confidence in the capital market. The ASX Corporate Governance Council (AXS CGC) defines
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Michael Sullivan should have sent out confirmations for Accounts Receivable and to the employees Paragon had contracts with. b. Occurrence: The occurrence assertion ensures the transactions that have been recorded took place. Paragon recorded revenue for projects that were nonexistent‚ and recorded false construction costs‚ which overstated revenue. Sullivan should have tested revenue as well as visited the sites where the construction work took place. Visiting the sites would have given Sullivan the
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ABCD 1234 AND COMPANY WLL Corporate Office | To: Head – Procurement & StoresCC: | From : Head – Internal Audit | Report No | Date : | * Subject: Audit Report on Operations of ABCD 1234 AND COMPANY WLL. We have done general operations audit of ABCD 1234 AND company WLL from 1.11.2012 to 20.11.2012 and submitting the draft audit report below.. Executive Summary: * There is no ABC analysis of the suppliers have been done by the company ( Refer finding # 1). The Purchasing Department
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How to Conduct Tax Audit – Part 1 Analysis of Certain Clauses Audit under Section 44AB of the Income Tax Act By Raman Jokhakar‚ Chartered Accountant Objective To understand the purposes of this Form To learn nuances of the clauses To understand audit risk To effectively carry out attestation To document adequately To disclose standard notes‚ limitations and stands To know inter links between clauses To be aware of important stands taken by Courts To understand the objective of the
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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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Operational Audit Best Practices A methodology to Conduct Operational Audit in Public Sector Organizations What is Operational Audit? Operational Audit is a methodology for assessing the conformity of implementing the procedures and methodologies set forth in the department’s instructions‚ regulations or documents. Operational audit is performed by specialized auditors. Upon completion of the auditing process‚ a report of findings with recommendations is submitted. Operational audit contributes to
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prospective audit client and the factors that auditors commonly consider in making the acceptance decision. [2] To give students experience in computing and interpreting preliminary analytical procedures commonly used in obtaining an understanding of a prospective client during the client acceptance decision process. [3] To raise issues relating to auditor independence in the context of client acceptance‚ both in terms of financial interests and the provision of non-audit services.
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NATURE OF OPERATIONAL AUDIT • Also known as management audits and performance audits. • Conducted to evaluate the effectiveness and/or efficiency of operations. • Examinations of all or part of an entity to determine the degree of its operational efficiency‚ effectiveness and economy. • Also refers to the auditor’s study of business operations for the purpose of making recommendations about economic and efficient use of resource‚ effective achievement of business objectives
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