Risk Management in the Shipping Industry Shipping is a business that is extremely in tune with prevailing market sentiment. Its success depends on a prospering economy‚ due to the increased global trade. It is also partially sheltered from temporary downturns because businesses will switch from more expensive air freight‚ and save costs by using shipping as their means of transporting their goods instead. The industry is also an extremely competitive one‚ as there are only two main considerations
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ACCG 340 group Assignment Reflective assay ACCG 340‚ auditing and assurance service is one of the subjects that interest me most among other units. One of the assessments of ACCG 340 is a group assignment for Qantas case study. Basically‚ we act like an auditor in determine and establishing any necessary control test to discover any potential financial risks associated with Qantas group. As an international student I have learned to appreciate the group working style more‚ even sometime I have
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CHAPTER 1 Auditing and Assurance Services LEARNING OBJECTIVES | | |Exercises and | | | |Problems | | |Review Checkpoints | | |
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Chapter 1 SOLUTIONS FOR EXERCISES AND PROBLEMS 1.47 Audit‚ Attestation‚ and Assurance Services Students may encounter some difficulty with this matching question because the Special Committee on Assurance Services (SCAS) listed many things that heretofore have been considered “attestation services” (long before assurance services were invented). As a result‚ we believe that this question is a good vehicle for discussing the considerable overlap between attestation and assurance services.
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Abstract In this globally competitive and volatile shipping industry‚ it is supported by the four significant shipping markets. Although these markets possess different business characters‚ they may share the same trading players‚ i.e. the ship owners. Hence their activities are closely correlated. (Stopford 2009)Any fluctuations or changes in sentiments will affect the cycle of the markets. Based on the article by Reyes‚ B. (2013)‚ „Scrapping activity slows to a crawl‟ in Lloyd‟s List‚ this paper
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1.26 Value of auditing Required: Would you obtain an audit for this company? Explain the reasons for your decision. Yes‚ audits exist because of regulatory mandate (required by government). There are three theories which propose reasons why demand for audits might exist without regulatory mandate: 1. Agency theory (The focus of the agency demand for auditing is more related to the stewardship role of accounting- which is more an examination of what has happened.) The separation of ownership
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True/False Questions 1. Fraud is defined as failure to use reasonable care in the performance of services. Answer: False Difficulty: Easy 2. Most of the burden of affirmative proof is on the defendant under common law. Answer: False Difficulty: Medium 3. The Ultramares v. Touche case held that auditors could be held liable to any foreseen third party for ordinary negligence. Answer: False Difficulty: Medium 4. The Securities
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Stomp the Yard: My favorite Movie There are millions of movies that have caught my attention. To choose between Drumline and Stomp the Yard were very hard. However‚ Stomp the Yard is by far one of the best captivating and entertaining movie I have ever watched. This movie is about an inner city krump dancer‚ DJ‚ who moves to Atlanta‚ Georgia for a fresh start. In the movie‚ DJ role is arrogant‚ over-confident‚ and determine to win the heart of April Palmer. The plot of the movie is so
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B) What are the most significant risks to financial reporting at this company? C) What level of assurance do your procedures provide with respect to the annual financial statements? D) How do you calculate materiality and what is your materiality threshold for the engagement? 25. The Code of Professional Conduct derives its authority from the A) Securities and Exchange Commission. B) Bylaws of the American Institute of CPAs. C) Financial Accounting Standards Board. D) Auditing Standards
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investors’ next step was to sue the auditors of Stanford Financial Group. BDO‚ the accounting firm that was responsible for auditing Stanford’s financial statements‚ is currently the target of a major lawsuit. BDO did not act in accordance with the responsibilities of an auditor and thus led to audit risk‚ lack of independence‚ and various violations of the PCAOB’s auditing standards regarding investment securities. BDO consistently issued unqualified reports when there were material misstatements
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