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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some judgment criteria established by the auditor. Discuss three commonly used criteria. ANS: Commonly-used criteria used in directed sample selection are: • Items most likely to contain misstatements; for example‚ unusual or complex transactions‚ overdue receivables. • Items containing selected population characteristics‚ such as transactions selected from each month during the year or from each location. • Large dollar coverage in which the auditor focuses on selecting the relatively large
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Control risk The auditor obtains an understanding of the design and implementation of internal Control to make a preliminary assessment of control risk as part of the auditor’s overall Assessment of the risk of material misstatements. The auditor uses this preliminary assessment of control risk to plan the audit for each material class of transactions. However‚ in some instances the auditor may learn that the control deficiencies are significant such that the client’s financial statements may
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Title Stator Report Date 2014/08/08 13:18:04 Contents 1. File Report Table 1 File Information for Copy of 23 0709 alfa 2. Mesh Report Table 2 Mesh Information for Copy of 23 0709 alfa Table 3 Mesh Statistics for Copy of 23 0709 alfa 3. Physics Report Table 4 Domain Physics for Copy of 23 0709 alfa Table 5 Boundary Physics for Copy of 23 0709 alfa 4. Tabulated Results Table 6 Pump Performance Results Table 7 Summary Data 5. Blade Loading Charts
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Abstract Financial audit is about the opinion expressed by auditor with all material respects and any relevant legislation for instance corporation act 2001. A good financial audit should be provided with true and fair view. It is responsible for auditors to provide a truth and fairness opinion as well as information involved in a financial report (MORONEY‚ CSMPBRLL & HAMILTON 2011). Pre-consideration of develop audit strategy is the assessments of materiality‚ audit risk (the relationship
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INTRODUCTION Service tax is a tax on Services. Service tax is not a tax on profession / trade but it is a tax on the service provided in exercise of the profession / trade. It is leviable only if there is provision of service. SALE V/S SERVICE Service is different from sale. The fact that some goods have been used in the course of providing service’ doesn’t make that transaction a sale. The nature of the transaction depends on the intention of the parties. If the parties intended to enter into
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Chapter 1: Auditing: Integral to the Economy TRUE/FALSE 1. The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. ANS: T PTS: 1 OBJ: Demand for Assurances NAT: AACSB-Analytical skills | AICPA BB-Critical thinking 2. An audit of financial statements is a form of attestation service. ANS: T PTS: 1 OBJ: Auditing Defined NAT: AACSB-Analytical skills | AICPA BB-Critical
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------------------------------------------------- Consultancy Services Indian CST: Consultancy Services (Indian CST) aims to bridge the divide between formal Governmental institutions and the citizens across the world by bolstering National/State organs of governance and other public and citizen centric entities with technology‚ public policy‚ change management consultancy and knowledge sharing. Indian CST provides its consultancy expertise to Central Governments‚ State Governments‚ Central
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Auditing Theory 1. A control which relates to all parts of the EDP system is called a(n) a. Systems control c. Applications control b. General control d. Universal control 2. Which of the following is not an output control? a. Proper authorization of transaction b. Control totals c. Check digits d. Adequate documents 3. Should the auditor feel‚ after obtaining an understanding of the EDP internal control structure‚ that control risk cannot be reduced‚ he or she will a. Issue a disclaimer b. Issue
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Principles of auditing are defined in the ISO 19011‚ the principles are designed to make an audit an effective and reliable tool for business performance improvements. The audit principles are also designed to achieve consistent conclusions from performed by independent auditors. There are six audit principles that are prerequisites that should be adhered with to achieve consistent audit results. The six principles are integrity‚ fair presentation‚ due professional care‚ confidentiality‚ independence and evidence
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