the preceeding paragraph‚ the financial statements have been properly drawn up in accordance with IFRS and the Companies Act‚ 1965 so as to give a true and fair view of the financial position of the Group and of the Company as at 30 June 2009 and of their financial performance and the cash flows for the financial year then ended. This is a qualified audit report. 2. The qualified audit opinion was based on two immaterial circumstances i.e. • one of the subsidiary’s books and records were
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Weaknesses in an Internal Audit Control System by Osmond Vitez‚ Demand Media An internal audit control system is a common safeguard found in business today. This safeguard is broken down into two parts: internal audits and internal controls. Internal audits are informal reviews by the business owner or employees. They provide information on internal operations in employee performance. Internal controls represent the specific policies the business owner‚ manager and employees must follow in the
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Independent Auditor ’s Report To the Stockholders Apollo Shoes‚ Inc. 1235 Winner ’s Road Write City‚ IN 12354 LCC has conducted an audit of Apollo Shoes‚ Inc. balance sheets‚ the retained earnings‚ cash flows‚ and other related statements of income for the year ended December 31‚ 2006/2007. Apollo Shoes Inc management is responsible for maintaining the effective internal controls that goes along with the financial statements and how well the accuracy is going to be. LLC has evaluated the
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1.Identify FOUR (4) types of documents and its functions in Payroll and Personnel Audit Cycle 2. Give TWO (2) examples of each of Substantive Analytical Procedures in Payroll & Personnel Audit Cycle when auditing the accounts below: i- Payroll Expense Accounts ii- Payroll-Related Accrual Accounts 3. Describe the duties that are performed within the personnel‚ timekeeping‚ and payroll processing functions. 4.a. Describe what are the key authorisation points in a payroll system. b.Explain
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Softlogic Holding Ltd. • Auditors role in Corporate Governance • Audit Committee of Softlogic Holding Ltd. • Audit Committee’s influence in Corporate Governance protocols at Softlogic Holdings • The Cadbury Committee and Softlogic’s Corporate Governance Strategy • Analysis • Recommendations Introduction • International Standard on Auditing (ISA) 260: “Communications of Audit Matters with Those Charged with Governance” • Governance is the term used
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SEALANT COMPANY PTY LTD. FROM : EDDIE P. IRINCO & ALINE TEXTEIRA Audit Seniors SUBJECT : AUDIT PLAN We have conducted an efficient and effective audit through adequate planning. Under ASA 300.5 (ISA 300.02) our audit team had thoroughly plan the work to enable the audit performed in an effective manner. Sealant Company Pty Ltd was assessed on two risks aspects‚ Business Risk and the level of Inherent Risk. BUSINESS RISK ASSESSMENT The audit team had assessed Sealant Company Pty. Ltd
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What is a marketing audit? A marketing audit is a detailed analysis of the elements that constitute or influence a company’s efforts to profitably market its products- today and in future when both market and products may undergo radical change (John‚ Alexander‚ & Theodore‚ 1969). The marketing audit helps to understand the fundamentals of a company’s marketing planning process. Auditing is not only conducted not only at the planning stage and also conducted during various stages until the implementation
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marketing audit is not unlike a financial audit in that it helps the organisations to examine progress or lack of process towards the goals. A marketing audit is an evaluation of the marketing within an organisation to see if their strategies in place are effective within the marketing environment. There is an “internal and external” form of audits. The internal audit assists with considering the effectiveness of the marketing strategies in place at the time of the audit. The “external” audit considers
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When you receive an IRS audit‚ it can be a scary event and it is difficult to find out what you should do next. For anybody who is not really an expert on taxes and audits‚ most of the tax terminology seems like it could be another language. Many people are unsure about how to safely proceed when they were selected for an IRS review. Should you simply go through the motions alone or do you require expert help? How can you properly evaluate your tax filings? Several such questions come up in your
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AUDIT FAILURE OF WORLDCOM Group 1 Background • WorldCom‚ first named LDDS (Long Distance Discount Services)‚ grew largely by aggressively acquiring other telecommunications companies in 1990s. • For a time‚ it was the United State’s second largest long distance phone company (after AT&T). Background However‚ the year 2002 comes… • In March‚ the SEC began to investigate WorldCom as it reported large profit while AT&T reported loss. • In May‚ Arthur Anderson was replaced by KPMG
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