ASSERTION -Audit assertion are those charged with governance of an entity are responsible for ensuring the financial report gives true and fair view of entity and the operation of its. -Management make assertions abt each account and related disclosures in the notes. -Assertion statement made by management regarding the recognition‚ measurement‚ presentation and disclosure of items include in the financial report. auditor use assertion for transaction‚ account balance and presentation and disclosure
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UNIVERSITY Institute of Accounts‚ Business & Finance Audit Communications Report Writing Canayon‚ Angelie Rose T. Puno‚ Michelle Ann J. Royong‚ Precious B. Rubio‚ Ephraim Jomel P. Tulio‚ Ayn Carla M. AIA0212 TOPIC OR SECTION: Account Receivable: Cashier’s Office I. SCOPE An audit of the Cashier’s Office was conducted for the period January 1‚ 2013 through December 31‚ 2013. The objectives of the audit were to examine and evaluate the following: • Adequacy and
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A project audit provides an opportunity to uncover the issues‚ concerns and challenges encountered in the execution of a project. It affords the project manager‚ project sponsor and project team an interim view of what has gone well and what needs to be improved with the project to successfully complete it. If done at the close of a project‚ a project audit can be used to develop success criteria for future projects by providing a forensic review. This review will provide an opportunity to learn
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Marketing Plan: Saxonville Sausage Company 1. Business Overview With the history of 70 years‚ Saxonville‚ the privately held family business is one company of revenues of approximately $1.5 billions in 2005‚ the main products are the variety of predominately fresh pork sausage consisted of branded products: bratwurst‚ breakfast sausage and an Italian sausage named Vivio‚ which occupied 70%‚ 20%‚ 5% of Saxonville’s revenues respectively. Store brand products accounted for the rest of 5% revenue
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Strategic Audit: Wal-Mart in Spain Debbie D. Stevenson Grantham University Wal-Mart in Spain Wal-Mart is currently ranked as the world’s number one retailers and the number one company in the world of sales (over $200 billion) on the fortune 200 lisr (www.wal-mart.com) (www.fortune.com) Wal-Mart Stores is one of the largest retail companies in the United States. Wal-Mart has four parts of their strategies that makes their mission possible. The four strategies
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Case 1.9 Question 1: Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31‚ 1986. How does a review differ from an audit‚ particularly in terms of the level of assurance implied by the auditor’s report? Answer: A review report does not assess the control risk of a company‚ which means Ernst & Whinney could have not gotten the proper risk that a material misstatement
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department in the company. E.g. materials by production foreman‚ office equipment by accounting department‚ repairs by office personnel The person requesting the goods or services will usually complete a purchase requisition for approval of authorise personnel. Authorise personnel is usually the manager of the department. Manager of the requesting department checks that goods and services requested are necessary purchases and consistent with the best interest of the company i.e. not for personal
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Honda Motor Company‚ Ltd. is a Japanese multinational corporation primarily known as a manufacturer of automobiles and motorcycles. Honda has been the world ’s largest motorcycle manufacturer since 1959‚[3][4] as well as the world ’s largest manufacturer of internal combustion engines measured by volume‚ producing more than 14 million internal combustion engines each year.[5] Honda surpassed Nissan in 2001 to become the second-largest Japanese automobile manufacturer.[6][7] As of August 2008[update]
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Audit Process Typically an audit flows through a series of logical steps culminating in the ‘Audit Report’. Background Research Preparation of the Audit Plan Accounting Systems review Internal Control System review Substantive Testing Analytical review techniques Analytical review of financial statements Preparation and signing of the Audit Report Background Research 1. Present condition and future prospects for the industry 2. History‚ present and future prospects
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Audit of the Inventory and Warehousing Cycle Chapter 21 ©2008 Prentice Hall Business Publishing‚ Auditing 12/e‚ Arens/Beasley/Elder 21 - 1 Learning Objective 1 Describe the business functions and the related documents and records in the inventory and warehousing cycle. ©2008 Prentice Hall Business Publishing‚ Auditing 12/e‚ Arens/Beasley/Elder 21 - 2 Flow of Inventory and Costs Raw Materials Beginning Raw inventory materials used Purchases Ending inventory Direct Labor Actual
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