25. Fraud is an intentional act involving the use of deception that results in a material misstatement of the financial statements. The two types of misstatements that are relevant to auditors are: The misstatement arising from misappropriation- this occurs when someone steals or misuses an organizations assets. Perpetrators are usually employees and occur when they gain access to cash or cash disbursement accounts and can manipulate them. Misstatement arising from fraudulent financial reporting-
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acceptable level of audit risk is the same across all accounts or account groups. The auditor chooses what overall level of audit risk they are willing to accept. A higher level of audit risk means that the auditor is willing to accept more audit failures. 1% audit risk means that you are willing to accept that 1 out of 100 issued audit opinions will be incorrect. 5% audit risk means that you are willing to accept that 5 out of 100 issued audit opinions will be incorrect. So‚ the higher the audit
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Sam Harris on Free Will Convince that free will is an illusion Worse than an illusion- a totally incoherent idea Impossible to describe a universe in which it could be true Two Assumptions: Each of us was free to behave differently than we did in the past Example: I could have chosen chocolate ice-cream but I chose vanilla We are the conscious source of our thoughts and actions The experience of wanting to do something is in fact the proximate cause of action Example: I feel that
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9.19 Assertions Background information Existence or occurrence: -assets or liabilities of the entity exist at a given date and whether recorded transactions or events have occurred during the period Completeness: -transactions‚ events and accounts that should be presented in the financial statement are included Cut-off -all transactions‚ events and accounts have been recorded in the correct period Right and obligations: -assests represent rights of the entity and liabilities are the obligations
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Jonathan Drago‚ Annette Englehart‚ Matthew Parks‚ Brandon Wagner Phil 251 Professor Wilson 15 January 2013 Maccabiah Bridge Collapse Recap The Maccabiah bridge collapse occurred on July 14‚ 1997. This tragedy happened in Israel. It took place in the town of Aviv. The bridge collapsed over a large river called the Yarkon River. The bridge was constructed primarily of wood material. Also‚ some of the bridge was assembled of rusty metal pipes that were tied together with wire
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slave. An account of escaping slavery‚ the main character Harris is a slave and trying to escape. This is obviously going to be a bad idea‚ but he has to try at least. On the other article‚ “An account from the slave trade”‚ the main character Jeffrey strives for having his love one with him. These two characters have many differences and similarities. These two articles have several similarities. The first similarity is Jeffrey and Harris are both brave slaves. Jeffrey is brave enough to tell his
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Janette Perez Anthropology November 18‚ 2014 The Collapse of the Maya Civilizations Many believe that the cause for civilizations to collapse throughout the human history of society is due to environmental degradation‚ but there other reasons aside from the environment that also plays an important factor of why civilizations collapses. The collapse of civilizations is more complicated than just believing that is caused by the impact of human careless treatment of the environment. There are many
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The collapse of the Weimar democracy in 1933 could not be attributed to one event‚ but more referred to in a monocausal manner. A multiplicity of factors were involved to upset the republics equilibrium and made it vulnerable to sudden shock. The complexity of contributing factors to the democratic collapse can be partially blamed on the shaky foundations and inherent flaws within the constitution‚ making the republic susceptible to future problems and the Nazi take over. The economic situation which
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Chapter 2 The CPA Profession ← Review Questions 2-1 The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services‚ which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four
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Auditing Introduction Letter Mahshid Kianipour Instructors: Cecil B. Lucy November 15‚2010 University of Phoenix Auditing Introduction Letter From: Langroodi‚ CPA To : Management of Apollo Shoes‚ Inc. RE: Auditing and assurance services Dear Mr. Jason‚ First‚ I would like to appreciate to giving me this opportunity to explain a couple points related to our firm and services‚ so then I’ll try to make them understandable and short as much as I can; because I know how valuable
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