straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with the existing auditing firm has been changed. Objective An auditor has to be objective and fair. Auditor has to be fairness and objective to provide financial report. The client’s point of view must not affect auditor’s objective. In this case‚ Games Ltd has been named
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that have an impact on the financial reporting framework in an organization. Q2 (a) Outline four audit procedures you would carry out to verify the following items: i. Leased property ii. Goodwill (b) Makau and Associates‚ an accounting firm‚ are the auditors of Eastview Petroleum Ltd. For the year ended 31 December 2012. You are a member of the audit team and the following information relates to the client: 1. The company has six petrol stations located in different parts of the country
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Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions Solution of Practising Problems 14-4 BestSellers.com could integrate its online ordering system with its inventory system so that a book shipment is made only after the customer’s credit card company approves the customer’s purchase. Because credit card issuers often transfer funds electronically almost immediately after a sale‚ BestSellers.com could also set up their system to
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BCAF-05: ADVANCED AUDITING (MAJOR) Objective: This course aims at imparting knowledge about the advanced methods of auditing and there applications. Unit- I: Audit of Limited Companies: Inspection of documents Books and Registers. Audit of Preliminary expanses‚ profit prior to incorporation‚ public deposits‚ managerial remunerations‚ share capital. The Visible profits and dividends- meaning‚ provisions of Companies act in regard to declaration and payment of dividend. Auditor’s
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12/17/2013 Professor Andersen Amazon.com Amazon is one of the largest companies selling products online. They specialize in vendors and/or have individuals send an item to the Amazon company warehouse and Amazon.com can sell the product. This company is versatile and sells all items from sleep wear to cook ware. Basically‚ vendors‚ individuals‚ and Amazon’s warehouse can all sell goods and make it available to do so. Like all companies‚ Amazon has policies and procedures to protect both the
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for assurance services is expected to grow as the demand for forward looking information increases as more real time information becomes available through the internet. Attestation Services- A type of assurance service in which the public accounting firm issues written communication that expresses a conclusion about the reliability of a written assertion of another person. There are three categories of attestation services; audit of historical financial statements‚ review of historical financial statements
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AUDITING 4 INTERNAL CONTROL In business control is required for optimum utilizatiion of resources and for maximising the profits.business operations are carried on with the help of human agents and equipments.both require supervision to ensure that tasks assigned to them are carried out properly to avoid wastes and losses. Internal control required for small business is not identical with that required for a large business in the sense that in case of the former‚the entire control
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Case 4: Amazon: One E-Store to Rule Them All 1) The CEO of Amazon.com‚ Jeff Bezos‚ effectively employed both intuitive and systematic thinking when he developed the Kindle for sale. Through Bezos’s creative idea in the Kindle‚ one can see that he makes decisions that seem to be based off of intuitive thinking. With this approach‚ people make decisions according to their past experiences and gut feelings‚ as opposed to analyzing all of the facts. Bezos took a risk in the creation of the Kindle
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Auditing – acc546 (3 credits) In this course‚ students focus on the auditing practice performed by public accountants. Topics include the CPA profession and the auditor’s role‚ planning the audit‚ audit reporting and required communications‚ evaluating internal controls‚ audit programs for current assets and liabilities‚ and audit programs for other business cycles. This graduate-level course is 6 weeks. To enroll‚ speak with an Enrollment Advisor. Topics and Objectives The CPA Profession
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Contents Executive Summary 2 Methodology 3 Introduction 4 Findings 5 A. Inventory balances and purchases transactions 5 B. Trade receivables and credit sales system 5 C. Property‚ Plant and equipment (PPE) 6 D. Trade payables transactions and balances 6 Implications 8 A. Inventory balances and purchases transactions 8 B. Trade receivables and credit sales system. 10 C. Property‚ Plant and equipment (PPE) 12 D. Trade payables transactions and balances 15 Conclusion The following conclusions
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