ACFI3214 Audit and Assurance Lecture 14 (Week 18): Audit Procedures to Verify Inventories Instructions 1 Read pages 1 and 2 of today’s handout down to The Importance of Inventory in Financial Statements (4 minutes) 2 ACFI3214 Lecture 14 (Week 18) Overheads The Importance of Inventory in FS Where year end inventory is incorrect: GP‚ operating profit and PBT all incorrect Profitability %s incorrect Tax charge incorrect EPS incorrect Current assets‚ total assets
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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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TYPES OF AUDITS Operational PURPOSE: To evaluate whether operating procedures are efficient and effective USERS: Management of the organization NATURE: Highly non-standard; often subjective FREQUENCY: PAs: Frequently AGs: Frequently CRA: Never Internal: Frequently Compliance PURPOSE: To determine whether the client is following specific procedures set by higher authority USERS: Authority setting down procedures‚ internal or external NATURE: Highly non-standard; often subjective FREQUENCY: PAs:
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Audit Planning Name: Course: Tutor: Date: Audit Planning Introduction Auditing is a vital activity‚ in every business activity. The International Auditing and Assurance Standards Board (IAASB) is the overall organization that sets international standards for assurance‚ auditing and other related fields‚ globally. The organization ensures that there is the harmonization of all international and national auditing and assurance standards to enhance uniformity‚ in accounting
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CASE 2 Shih Hong Lin A. What distinguishes management fraud from defalcation? Defalcation is misappropriation of assets such as employee fraud‚ embezzlement and larceny. Management fraud has deliberate intention that uses fraudulent financial statement to covey wrong messages to its investor‚ creditor and the public. The major difference is the intention that distinguishes management fraud from defalcation. In defalcation‚ people who commit such crime is out of greedy. However‚ in management fraud
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Learning outcomes ...................................................................................................... 3 Module Leader ............................................................................................................ 3 Choosing a topic .......................................................................................................... 4 How the module works ............................................................................................... 5 Assessment
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an international perspective 4th Edition MODULE GUIDE 2012/2013 [pic][pic] MODULE LEADER - Derek Harwood / John Dixon-Dawson Table of Contents Important Notes 2 Introduction 4 Lecture and Seminar Programme 4 Sunspace – Module information 4 University Documentation 5 Module Feedback 5 Assessment 6 MODULE DESCRIPTION 7 Introductory Lecture 10 Introductory Seminar : Review module guide and assessment! 11 Lecture One: ‘The Strategy
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Module 4: Review and Critical Thinking Review Questions 1. What are the three types of fingerprints found in the human population? How often does each occur? 60-65 percent of the population has loop fingerprints. 30-35 percent have whorl fingerprints. 5 percent have arch fingerprints. 2. What is a medulla? What do forensic scientists use this for? A medulla is a set of cells that run through the hair and is different depending on the species it came from. 3. What is a precipitin test? What is
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COMMUNICATIONS AUDIT I. Definition Communications Audit is a study to analyze the productivity of companies that allocate a large budget and work energy for their marketing communications and image building as well as those companies that are planning an IPO. II. Measurings covered by the audit The most important feature of a Communications Audit is that it can measure qualitative as well as quantitative values. The items that can be measured are: · Precision of the implementation
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Introduction SESSION CONTENT START "When you want to represent beautiful figures‚ since it is not easy to find everything without a flaw in a single human being‚ do you not then collect from a number what is beautiful in each‚ so that the whole body may appear beautiful?" -- Socrates The destruction of the Minoan and Mycenaean civilizations led to a decline in the knowledge of reading‚ writing‚ building‚ and art. This period is often called the Dark Ages of Greece. It was a time of poverty‚ depopulation
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