Question: Define audit and accounting risk‚ give 3 specific example of each type of risk and explain why they are called audit and accounting risk. * Accounting risk is the risk that errors associated with forecasts used in GAAP accounting estimates are not properly disclosed. Accounting risk is primarily the responsibility of accounting standards. It is dealt with only indirectly in accounting standards. For example: * Bad debts on loans had an historic rate of 1% of outstanding loans
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Ecosystem Components The Tarkine rainforest is located off Australia‚ on an island known as Tasmania. The Tarkine rainforest is the second largest temperate rainforest in the world. Temperate rainforests are extremely rare. It runs continuous for more than 70 kilometers and contains the Rapid‚ Keith‚ Donaldson‚ and Savage River systems. Globally‚ this is one of the most significant rainforests‚ which is temperate‚ left of the plant. The Tarkine rainforest contains three out four of Tasmania’s
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Task 1 To help you improve your overall physical fitness‚ produce an information sheet that describes one method of assessing the main components of fitness i.e. flexibility‚ strength‚ BMI‚ speed‚ power and aerobic and muscular endurance. P1 Flexibility- The range of movement possible at joints The sit and reach test is a common measure of flexibility‚ and it specifically measures the flexibility of the lower back and hamstring muscles. This test involves sitting on the floor
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ASSERTION -Audit assertion are those charged with governance of an entity are responsible for ensuring the financial report gives true and fair view of entity and the operation of its. -Management make assertions abt each account and related disclosures in the notes. -Assertion statement made by management regarding the recognition‚ measurement‚ presentation and disclosure of items include in the financial report. auditor use assertion for transaction‚ account balance and presentation and disclosure
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Phillip Canamar Accounting Case Analysis LP1 Assignment: Audit Failure 1. Analyze the actions of the auditors in both cases and identify any errors in judgment made by the auditors. The action of the Auditors‚ Audit Committee‚ and top management that worked for Molex Corporation were in error because FASB Concept Statement #2 (materiality defined) appears to apply to this case and should have know the appropriate way to handle the situation that conforms with GAAP and adjust the financials
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Social Audit A social audit is a business statement presented annually to understand‚ measure‚ report and improve the organization ’s social and ethical performance. Usually‚ social audit is addressed to employees‚ investors‚ market analysts‚ shareholders and lastly‚ the community. This is considered to be the main ground for practicing corporate social responsibility. With social audit‚ it strengthens the relationship between company‚ society and environment and at the same time showing the
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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 the importance
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The internal audit function plays a key role in assisting the board to discharge its governance responsibilities. Yet how does the board – and its audit committee – satisfy itself that internal audit is functioning effectively and efficiently? The board’s responsibility for internal controls Through working with a broad range of organisations in Australia and internationally‚ KPMG has identified a number of better practices in relation to the role played by the board audit and/or risk
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mobility population‚ and enlargement of the healthcare field. The healthcare field consist of four major personal care services which are‚ prevention‚ treatment‚ prevention‚ and rehabilitation. The five most essential components that make up the healthcare system. The components are economic support‚ management‚ organizational‚ resource‚ and delivery system. The department
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Pantawid Pamilyang Pilipino Program: “Kaya ng Pinoy tumawid sa Kaunlaran” One afternoon‚ I bought chips and drinks in a mini-mart. I fall in a long line with people who are too busy checking up their groceries. I heard one talking about the money that they have to budget in a week or two that in some sort helps them in their living. The cash that they had was from a program. I was too curious about the program that they were talking about‚ what comes next was I found myself talking to one of these
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