& Weisserman LLP has been appointed as the new auditor of the public company Dollarama Inc. for the current fiscal year-end as at January 29‚ 2012. Please find in the following pages a report on the audit plan that was used to conduct our audit for the year ended January 29‚ 2012. Even though the audit of 2012 was performed by PWC‚ the assumption used for this project was that our firm was the new auditor for 2012. Please do not hesitate to contact us if you have any questions. Yours Sincerely
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Question 1(12 marks) (1 mark for each relevant point) Scenario 1 o The auditor would need to confirm information provided by the CFO with the bondholder’s. o The CFO has classified the bond as current and provided a going concern note and therefore the financial statements are in compliance with GAAP. o The auditor would need to perform procedures as to the adequacy of the note disclosure. o If the going concern note disclosure is considered adequate‚ the auditor would issue an unqualified
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Bagranoff and Henry article‚ cited in footnote 3‚ and the list of GAS in the Sayana article‚ cited in footnote 1. Experts say that generalized audit software (GAS) is the most common computer-assisted audit tool (CAAT) used in recent years. There are many reasons today for IT auditors to use a GAS‚ but to quote an article from this Journal‚ "Performing audits without using information technology is hardly an option."1 This article will inform IT auditors of the profitable return on learning and using
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procurement audit. Source: David Farmer etal 1972‚ Procurement principles and Practices On the African scope‚ procurement audit is done according to international conventions governing different international entities but the principles followed are almost similar. Gerald Mabveka (1987) of the University of Boston and Director of Public procurement in Malawi in his journal Business and Creative Technologies gives the general definition of audit as an evaluation
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Post completion audit aims to evaluate the efficiency and effectiveness of the capital budgeting decision that the management has implemented. It compares between the planned and the actual outcome‚ costs and the use of resources‚ results and benefits. It contains all assumptions that were made during the decision-making period. It is one of the ongoing continuous processes through which the organisation learns and improves. Recent research suggests that capital budgeting involves far more than
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external financial statement audits. 1. What is the purpose of a financial statement audit? a. To confirm the accuracy of management’s financial statements. b. To provide assurance that the audited entity is financially sound. c. To express an opinion on the fairness of the financial statements. d. To provide assurance that fraudulent activities have not occurred. 2. Information risk arises from which of the following situations? a. Adverse selection threats. b. Audit risk‚ inherent risk‚ control
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Luxury stores audit Gucci and Celine stores‚ Russian experience Monaco 2012 INTRODUCTION Monaco is a small country‚ but well known all over the world. All over the world it is known as a place of luxury. Every year a lot of tourists visit Monaco to have a good vacation visiting casinos‚ luxury restaurants and off course to do a shopping in a most known‚ luxury brands. In Monaco you can find a lot of different luxury boutiques for every taste; you can find everything from luxury cars to a
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Dealers Pg.8 Scope of the Report Pg.9 Audit Type Pg.9 Timing Pg.9 Personnel Pg.9 Audit Methodology Pg.10 Characteristic of the audit Pg.10 Marketing Environmental – Macro Pg.10 Marketing Environmental – Micro Pg.11 Marketing Strategy Audit Pg.11 Marketing Objectives Pg.11 Strategy Pg.11 Marketing Organisation Audit Pg.11 Formal Structure Pg.11 Functional
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With the first round of HIPPA Audits behind us‚ the Office of Civil Rights (OCR) indicated back in March that it would finally launch the long-awaited round 2 of HIPAA audits in 2016. As we near October and the end of the ICD-10 grace period‚ physicians and practices should be prepared for a busy end to the year. The Audit Mandate As an extension of the HITECH Act‚ which became effective on February 18‚ 2009‚ the audit mandate exposed health care providers that must adhere to HIPAA regulations
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CHAPTER 17 COMPLETING THE AUDIT ENGAGEMENT Answers to Review Questions 17-1 A contingent liability is defined as an existing condition‚ situation‚ or set of circumstances involving uncertainty as to possible loss to an entity that ultimately will be resolved when some future event occurs or fails to occur. FASB ASC Topic 450‚ “Contingencies‚” classifies uncertainties into three categories: 1. Probable: The future event is likely to occur. 2. Reasonably possible: The chance of the future
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