Auditing and Assurance – Assignment 1 Ashley Erasmus With reference to Caltex Australia 2012 Annual Report discuss the following: The role and responsibilities of Auditors and Company Board of Directors and the CEO and Senior Management with respect to the Accounting information reported on in the Annual report. The roles and responsibilities of a Board of Directors vary according to the nature of the company. They are usually responsible for determining the strategic direction of the business
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knowledge of auditor’s reports‚ identify the deficiencies in the draft of the proposed report. Do not redraft the report‚ but provide justification or explanation for each of the deficiencies you identify” (Pany‚ Auditor’s Report‚ 2010). A. In the Introduction paragraph it states “As discussed in Note K to the financial statements‚ the Company has properly disclosed a subsequent event dated March 14‚ 20x9” (Pany‚ Auditor’s Report‚ 2010). This does not belong in this section of the report; it belongs below
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BSA 700: The Auditor’s Report on Financial Statements Prepared By Abdullah-Al- Mamun The auditor should review and assess the conclusions drawn from the audit evidence as obtained as the basis for the expression of an opinion on the financial statements. Basic Elements of the Auditor’s Report The auditor’s report includes the following basic elements ordinarily in the following layout: a) Title b) Addressee c) Opening or Introductory Paragraph- i) Identification
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on the timely basis‚ the rational investors could make decision based on the new information. Moreover‚ there are some differences between the narrow window and the long window‚ the previous one show the strong relationship between the financial report and the changes in share price. In long window‚ the price leads the earnings because the share price includes not only the accounting information but also other available information in efficient market. Thus‚ investors will read the financial statement
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Chapter 3 Audit Reports Review Questions 3-1 Auditors’ reports are important to users of financial statements because they inform users of the auditor’s opinion as to whether or not the financial statements are fairly stated or whether no conclusion can be made with regard to the fairness of their presentation. Users especially look for any deviation from the wording of the standard unqualified report and the reasons and implications of such deviations. Having standard wording improves
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Executive summary * Strong global position in the industry of electronic and electrical equipment. * Acquisition is a central part of the Spectrics strategy. * Customers are the globally spread blue chip companies. * Spent around 7% of sale average on research and development in each year. * Aftersales‚ service and consumables are important which is represent 26% of sales. * IRM group and Sixnet were acquired by spending £5.1m using the bolt acquisition method. * Archived
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external party use such as in the annual report‚ SEC Form 10-K‚ and prospectus. If “accounting is the language of finance” (Lasher‚ 2008‚ p. 9) then financial reporting is the “communication of financial information useful for making investment‚ credit‚ and other business decisions” (Wild‚ Shaw‚ & Chiappetta‚ 2009‚ p. 681) Such communications include general purpose financial statements such as income statements‚ balance sheets‚ equity reports‚ cash flow reports‚ and notes to these statements. Additionally
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modified (but unqualified) report. It is also the duty for Mark to convince George about the financial position of his company’s going concern. Although George has past success involved in his retail business; however‚ he is not willing to accept the fact that the business is so much at a loss that it needs no going concern explanatory paragraph. Therefore it is the duty of Mark to explain to George the consequences of not including the explanatory paragraph in the report. He should also probably
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Learning Objectives After completing and discussing this case‚ you should be able to • Understand the difficulty of assessing the client’s going-concern assumption • Describe the “self-fulfilling prophecy” aspect of a going-concern modified auditor’s report • Identify factors that encourage objective auditor judgments despite the presence of friendly client-auditor relationships Background Mark glanced up at the clock on his office wall. It read 2:30 P.M. He had scheduled a 3:00 P.M. meeting with
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This Report? • To gain an in-depth understanding of baby food market in India • To identify the on-going trends and anticipated growth in the coming years • To help industry consultants‚ distributors and dealers to align their
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