Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments of inherent and
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1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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for their health. These three factors are like base of healthy life. Factors may include: the individual needs‚ age and abilities of the children and young people specific risks to individuals such as pregnancy‚ sensory impairments the needs of carers where relevant the function and purpose of environments and services offered duty of care desired outcomes for the children and young people lines of responsibility and accountability Factors to Consider When Planning a Programby Kate
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of managing reported earnings and the reasons behind each way may be different. (1) Report lower earnings. Managers intend to report lower earnings for mainly three reasons. Firstly‚ they want to hide profit for future use. In some years‚ the company presents a strong performance and has earned huge profit; however the manager may worry that the company’s future performance would not be as strong as current year‚ which gives them the incentive to save the profit by reporting a managed lower earning
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FACTORS TO CONSIDER WHEN CHOOSING A COMMUNICATION CHANNEL The purpose of communication is to get your message across to others clearly and unambiguously. It’s a process that can be fraught with error‚ with messages often misinterpreted by the recipient. To avoid tremendous confusion‚ wasted effort and missed opportunity you have to consider factors before selecting a channel of communication. The channel of communication may be defined as any means or way used for transmitting a message from the
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Internal Audit Report for ABC Company Abstract The purpose of this report is to notify the accounting department about an accounting error that was discovered in a recent audit. Because of a weak internal control system‚ an adjusting entry for prepaid insurance was not recorded for the first three months in the amount of $500 per month. This report will identify three limitations of the internal control system‚ it will identify and explain two examples of internal control procedures‚ find symptoms
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which are not covered in this revision guide‚ may appear in the exam. 2. You should refer primarily to other material‚ such as textbook‚ lecture notes and class exercises. 3. When you use this guideline‚ try to understand the fundamental principles and please don’t try to memorize the information. Topic 3B- Management assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions‚ balances
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effective 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 Hong Kong and internationally‚ KPMG has identified a number of best practices in relation to the role played by the board audit and/or risk management
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Accepting others is a very important part of life. Especially the way they are. If you can’t learn how to do that then you will miss out on a lot of friends in life. Life is hard enough and when you have to try to "fit in" the cliques of life‚ it makes life much harder. When you go to school you always have to worry about the way you look or how you walk or who your friends are in order to "fit in". If you don’t have a model body or an "Abercrombie and Fitch" boyfriend/girlfriend you don’t really
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Professionalism‚ Ethical Codes and the Internal Auditor: A Moral Argument Mary Ann Reynolds ABSTRACT. This paper examines the case of the internal auditor from a sociological and ethical perspective. Is it appropriate to extend the designation of professional to internal auditors? The discussion includes criteria from the sociology literature on professionalism. Further‚ professional ethical codes are compared. Internal auditors’ code of ethics is found to have a strong moral approach‚ contrasting
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