Question 1 - Risks surrounding the identified accounts The Audit of TNO Ltd has highlighted number of risks. The risks highlighted in the audit are discussed throughout the report. Below is a table of the risks and tests to carry out‚ based on the five accounts highlighted as being of risk. The common assertion that is common to the five accounts is valuation and allocation. Account Assessment of Risk Substantive audit procedure Accounts Receivable Account Receivable has increased while sales
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Case Study 5 1. Explain WHY not appropriate with authority? 2. Identify controversial issue(s)‚ 3. Support your arguments 4. Answer the question - State your opinion/ conclusion Case Study 5 The answer is adapted from HKICPA FE (December 2003) Paper II Case Question 4. There is an inconsistency in the auditor’s report. The Qualified Opinion paragraph indicates that the opinion is qualified on the basis of scope limitation‚ while the Basis for Qualified Opinion paragraph suggests that
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important part of business strategy is concerned with ensuring that these resources and competencies are understood and evaluated - a process that is often known as a "Strategic Audit". The process of conducting a strategic audit can be summarised into the following stages: (1) Resource Audit: The resource audit identifies the resources available to a business. Some of these can be owned (e.g. plant and machinery‚ trademarks‚ retail outlets) whereas other resources can be obtained through
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Under attestation engagement‚ an evaluation of subject matter would have already been conducted by the responsible party against a set criteria. As this evaluation is usually given in the form of a report issued to the intended users by the responsible party. This report is actually a claim by the responsible party of a fair evaluation of subject matter. On that assertion made by the responsible party practitioner is asked to confirm whether such assertion of evaluation is fair or not. An engagement
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1. The 2011 MGB Internal Audit Plan included an audit of the Institute’s Argentina Office (ARGENTINA) in Argentina. 2. MGB established this office in May 1996 by execution of an Agreement with the Government of Argentina to establish a‚ Argentina Regional Office. The Agreement provided international and diplomatic status to this office. The mission of the office as set down in the Agreement was to: 1. Monitor MGB’s activities in Argentina; 2. Develop research programs with national
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producing such reports nowadays Principles of good social accounts Global standards for social and environmental reports Critical evaluation of The Goodyear Tire & Rubber Company and The Yokohama Rubber Company on `Social accounting`...............................................................................5 Companies overview Accordance to the generally agreed principles of social accounting Accordance to global standards Conclusion.....................................................
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With the world’s fossil fuel supply beginning to dwindle‚ and the threat of climate change looming in our future‚ conservation of energy has become more important than ever before. In this personal energy audit I will analyze my energy use over the week of September 21st-27th. I made a log of any daily activities which required an energy input‚ and noted their duration. This information was then used to determine the energy required per year. As I have not been living at my current address for
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The Walt Disney Company is a diversified worldwide entertainment company. The company generates revenue through five segments‚ Media Networks‚ Parks and Resorts‚ Interactive Media‚ Consumer Products‚ and Studio Entertainment. Disney operates television networks such as ABC‚ ABC Family‚ ESPN‚ and of course its own Disney Channel. It also owns and manages the Disney Resorts as well as theme parks internationally. There are many different accounting policies that exist within the company‚ but some seem
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Phillips: This letter is to confirm our understanding of the terms of our engagement as the auditors of Oceanview Marine Company for the year ended December 31‚ 2012. We will audit the company’s balance sheet for December 31‚ 2012‚ and the related statements of income‚ retained earnings‚ and cash flows for the year then ended. The purpose of our audit is to form an opinion as to whether these statements are fairly presented. We will review the company’s federal and state income tax
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Walt Disney Corporation Marketing Audit Max McKay Sabrina Coady Henrik Oiseth Principles of Marketing 308 Professor Simpson November 14‚ 2006 Walt Disney Corporation Founded in 1923‚ the Walt Disney Company has predicated itself as the world’s best in the family entertainment business. After 80 years in the business‚ who could argue with that statement? Today‚ Walt Disney Corporation dominates the market of family entertainment. An unparalleled experience is the direct affect
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