CHAPTER 1 Auditing and Assurance Services LEARNING OBJECTIVES | | |Exercises and | | | |Problems | | |Review Checkpoints | | |
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Chapter 1—Auditing and Internal Control TRUE/FALSE 1. Corporate management (including the CEO) must certify monthly and annually their organization’s internal controls over financial reporting. ANS: F PTS: 1 2. Both the SEC and the PCAOB require management to use the COBIT framework for assessing internal control adequacy. ANS: F PTS: 1 3. Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy. ANS: F PTS: 1 4. A qualified opinion
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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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Business Case Study Contest 2013 1. About Company Tallmart is one of the largest non-food retailers in USA with headquarters in San Francisco‚ California. It was established in 1990 and its first department store was launched in downtown San Francisco. The department store focused on giving the customer the latest in various product categories that it offered‚ at better prices than other retailers. Customers immensely liked the choice of products offered by Tallmart‚ and the store became #1
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GOVERNANCE AT AMAZON Amazon or Amazon.com was found in 1994 by Jeff Bezos. It is an American e-commerce and cloud computing company. It‚ since then‚ has evolved significantly and today is the largest online retailer in regard to market capitalization and total sales. It initially started off as an online bookstore. Then‚ later on‚ it diversified its product range to include almost everything that a person can think of ranging from electronics to clothes‚ food‚ furniture and so much more. Amazon also makes
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Thinking “Outside The Box” There are always those people who stand out against others because of their beliefs‚ styles‚ and mindset among other things. These are the people in our society who are deemed adjectives such as weird‚ outrageous‚ unique‚ or even crazy. But it is always these “outside-the-box” mind states of people that put them in a above and beyond category‚ and many of these people go on to achieve great things because they think above and have strong beliefs and ideals that
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I’m not good at writing papers so the steps that I want to learn to accomplish and learn from this class are is how to talk to different audiences using tones‚ and purposes. When I’m writing papers what I mainly do is talk a little about the subject and talk about how I feel and what can change about the subject. When writing documents and using tones I tend to be sarcastic with my words. It’s not being two be rude or disrespectful‚ it is just the way I talk and carry myself. That is why I want
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the following recommendations: 1. Develop and implement a B2B exchange for supplier’s manufacturers‚ distributors‚ and retailers to use. 2. Amazon should expand its online auctions. 3. Develop an effective differentiating enterprise wide strategy to survive and prosper over the competition for the long-term future. 4. Amazon should use a web-based model to personalize service. 5. Increase advertisement to have brand awareness. I. The Company’s Current Objectives
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A. FIRM AND ITS OBJECTIVE: Conventional theory of firm assumes profit maximization is the sole objective of business firms. But recent researches on this issue reveal that the objectives the firms pursue are more than one. Some important objectives‚ other than profit maximization are: (a) Maximization of the sales revenue (b) Maximization of firm’s growth rate (c) Maximization of Managers utility function (d) Making satisfactory rate of Profit (e) Long run Survival of the firm (f) Entry-prevention
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dermatologist friend Dr Richard Desnoes and we expressed concern about skin-bleaching in Jamaica. As a pharmacist‚ I thought I knew almost everything about skin-bleaching but the experiences and expertise which Dr Desnoes shared were a true eye-opener. What is skin-bleaching? The dictionary tells us that to bleach is to make something white or colourless mainly by using chemicals. With skin-bleaching‚ chemicals are used to lighten (or whiten) the skin. The chemicals are applied to the skin directly or
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