Agency Problems‚ Auditing‚ and the Theory of the Firm: Some Evidence Author(s): Ross L. Watts and Jerold L. Zimmerman Source: Journal of Law and Economics‚ Vol. 26‚ No. 3‚ (Oct.‚ 1983)‚ pp. 613-633 Published by: The University of Chicago Press Stable URL: http://www.jstor.org/stable/725039 Accessed: 29/06/2008 23:14 Your use of the JSTOR archive indicates your acceptance of JSTOR ’s Terms and Conditions of Use‚ available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR ’s Terms and
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Q1 Executive Summary (a).Organisational structure Qantas Airways Limited ’s core business is passenger transport‚ air freight services‚ sale of holiday tours and associated support activities including catering‚ information technology‚ group handing and engineering and maintenance (Qantas n.d.). As a consequence of the revised structure that commenced in December 2013‚ the Qantas Groups split its international and domestic operations into two separate corporate entities (Qantas 2014a). This has
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officers. For this reason‚ auditing and assurance services must sign-off or attest to the credibility and reliability of written assertions. Creditors rely on the accuracy of financial reports when calculating the risk and interest rate of loans. Investors and employees need reliable information when allocating their precious resources. Governmental agencies require transparency and compliance to insure the public is not being victimized by fraud. Do increased auditing requirements guarantee that
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include Consider how fraud can be perpetrated and concealed Consider ROI for fraud Consider industry conditions Consider operating characteristic and financial stability 4. Obtain additional information about fraud risk a. through specific procedures such as : Inquiry the management and others (e.g. audit
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Chapter Fourteen Review Questions: 1. Bill of Lading- Is a written contract between the carrier and the seller. It is prepared at the time of shipping goods to a customer. On the Bill of Lading one will find a description of the goods‚ quantities shipped‚ and any other relevant data. Once goods have been shipped‚ the bill of lading generates related sales invoices as well as the entry in the sales journal. An original copy of the bill of lading is sent to the customer while the rest are retained
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Case Study A Case Study in Corporate Governance & Ethical Auditing Satyam Fiasco & Role of PwC as an Auditor Group I Submitted By: Aditya Zutshi Ambrish Mani Piyush Anandani Ravinder Pal Singh Dhillon Abstract & Approach On Dec 16‚ 2008‚ Satyam declared to buy entire stakes in Maytas Properties for $1.3 Billion & 51% stakes in Maytas Infra for another $300 Million. By this action‚ the investors were furious. This was because of the move to invest in a promoter-related
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BFA303 AUDITING THE FUTURE DIRECTIONS OF THE AUDIT PROFESSION Word Count: 1995 Executive Summary This report discusses the historical and current practices required by audit professionals. This is broken down into three main subject areas‚ being:- 1 The Monitoring of the Profession’s Quality Issue; 2 The Skills and Auditor Needs To Posses; and‚ 3 The Structure of an Audit and Non Audit Service Engagement. It is found from a comprehensive review of various literature available
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Homework #1 Bonne Consulting Group Based on the information giving‚ the internal controls missing in Helen’s company is the separation of duties. This company should have in place internal controls where a person works with consultant‚ another person or department initiate the payment process someone else authorize payments and accounting should disburse payments. Also the fact the company merge with a bigger company and no one controlled other accounts such as the Jackson & Company shows the
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Auditing Introduction Letter Leslie Brian ACC/546 August 6‚ 2012 Eddie Loussararian Auditing Introduction Letter Greetings! To start off‚ I would like to introduce myself; my name is Leslie Brian‚ and I am a lead auditor for Nortex‚ Inc. Our organization is a leading firm in the industry‚ with offices in more than 20 states. We appreciate your company’s interest in our services. I have taken the opportunity to outline the following: the services we offer and their benefits
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1. Research online news services to identify recent developments impacting the accounting and auditing profession in Japan. Briefly summarize these developments in a bullet format. The 5-S auditing. Managerial Auditing Journal It has been recognized that Japanese firms are clean and orderly. The same is true for high quality western firms. Over the last two decades‚ the Japanese have formalized the technique and named it 5-S practice. As the name is new to most western societies‚ the objective
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