THE NORTH FACE‚ INC.: An analysis of Instructional Case Focusing on Ethical Issues Involving Financial Accountants and Independent Auditors Questions 1. Should auditors insist that their clients accept all proposed audit adjustments‚ even those that have an “immaterial” effect on the given set of financial statements? Defend your answer. To confirm that materiality is a pervasive concept in auditing‚ simply
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ASSESSMEMT STUDENT NAME: POOJA PRADHAN STUDENT NUMBER: 11505769 ECO130 Business Economic Assessment item-1 Multiple Choice Quiz ECO130 ASSESSMENT NUMBER 1 (201330) (NOTE there are 20 multiple choice questions. You should allocate yourself 1.5 minutes per multiple choice question (i.e. a total of 30 minutes). This is NOT an open book exam. Choose the best answer
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a. There are three ways of managing reported earnings and the reasons behind each way may be different. (1) Report lower earnings. Managers intend to report lower earnings for mainly three reasons. Firstly‚ they want to hide profit for future use. In some years‚ the company presents a strong performance and has earned huge profit; however the manager may worry that the company’s future performance would not be as strong as current year‚ which gives them the incentive to save the profit by reporting
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1. Auditor Liability in Canada A & B Is it reasonable for a potential investor or existing shareholder to rely on audited financial statements that a corporation makes available for public consumption? Should an investor be able to sue a corporation’s auditor if audited financial statements materially misrepresent the financial status of the company audited? a. Should a potential investor only be able to sue the corporation? b. Should there be any limit on the auditor’s liability?
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is important that I understand what independent learning is? Independent learning is a learning method that can be used as a tool by students to help achieve their final goal. It is important for students to understand what independent learning is particularly when planning on pursuing higher education as they will be expected to use their own initiatives while learning a wide range of materials. However‚ while this essay is to argue the importance of independent learning‚ it is also important to note
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Internal audit’s role in modern corporate governance Thought leadership series Risk and Advisory Services Internal audit’s role in modern corporate governance Recent events have highlighted the critical role of boards of directors in promoting good corporate governance. In particular‚ boards are being charged with ultimate responsibility for the effectiveness of their organisations’ internal control systems. An effective internal audit function plays a key role in assisting the board
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Roles and Duties of Auditors Taylor Hibma Taylor Hibma lives in New York City and began writing professionally in 2007. His articles have appeared primarily on the websites eHow and Pluck on Demand. Hibma has a bachelor’s degree in English and is pursuing a master’s degree in creative writing at the City College of New York. He has also received a certificate in filmmaking from the Digital Film Academy. Auditors are responsible for gathering and analyzing various types of financial information
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Indicative Independent Director The purpose of identifying and appointing independent directors is to ensure that the board includes directors who can effectively exercise their best judgment for the exclusive benefit of the Company‚ judgment that is not clouded by real or perceived conflicts of interest. IFC expects that in each case where a director is identified as “independent” the board of directors will affirmatively determine that such director meets the requirements established by the
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Coursework Essay Topic: Why is it important for external auditors to be independent? Relate your answer to the primary role of external auditors. Give examples of specific ways the lack of auditor independence may impact adversely on an audit. In 2001‚ there was an event that had shaken the whole business world. The crash of Enron in US‚ followed by worldwide collapse of its auditor‚ Arthur Andersen. It was a greatest corporate failure uncovered in business
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harsh rhetoric speaking out against the communism which came as a threat from the Soviet Union. One extreme demonstration known as McCarthyism‚ operated by Senator Joseph McCarthy‚ attacked accused Communists within President Truman’s cabinet‚ the State Department‚ and even the United States Army. Because of McCarthy’s commanding and hard hitting tactics‚ it was difficult to counter his authority. When Senator Margaret Chase Smith spoke out against McCarthy’s actions on the Senate floor‚ she became
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