Mandatory Audit Rotation: As an attempt to strengthen the audit independence and the audit quality‚ mandatory audit rotation is to be considered as a very good proposal to safeguard the audit independence. It is‚ however‚ limited number of years above that the audit firm or the engagement partner (For instance‚ the U.K. approach is to change only the engagement partner. While in the U.S. approach it is mandatory to change the whole audit firm) can no longer be or continue as the auditor of a company
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Wonderful post! While using a sociological perspective‚ a person sees a phenomenon (your personal experience) with objectivity in a sociological way. This may involve the critical evaluation of certain things and still accepting what the reality even if it is not very pleasing. This perspective helps us in thinking about several phenomenon critically with respect to sociology and as a result of that many questions may arise which enhances one’s knowledge. Great post! When we talk about advantages
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this report is to develop an audit plan using the 2007/2008 annual reports of the WesFarmers. This report will provide an understanding of the underlying concepts of an overall audit strategy. This strategy will bring forward the direction and scope of the WesfFarmers audit plan. This report will address five major points these are as follows: • Understanding the entity and its environment • Making preliminary judgements about materiality levels • Considering the audit risk • Understanding internal
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The Printing Press The Renaissance is the French translation of “Rebirth." This was reflected in the outburst of art and culture‚ inspired by the revival of classic art and the intellect of Greece and Rome. Literature had flourished; the technological advancement of the invention of the printing press was a major contribution to the renaissance and had drastically revolutionized the nature of book publishing and the accessibility of knowledge in Europe and ultimately the world. Prior to the
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assignment requires brief explanations. Save the fluff for another time. Auditing Insight p. 91-Things add up at HealthSoouth EY’s audit plan for HealthSouth included a materiality level of $5‚000 for all expenses. 1. Briefly explain why this was or was not appropriate‚ assuming there was no fraud? 2. What audit procedure(s) could have detected the fraud? 3. Why is fraud always material‚ no matter the amount? Auditing Insight p. 97-Interviewing. Some audit procedures require interviewing client personnel
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Dear Client‚ It has come to my attention that you have some questions about the information I have asked for. It is my intention in this letter to explain why I have asked for the information in question. I will outline adjusting lower cost or market inventory on valuation‚ capitalizing interest on building construction‚ recording gain or loss on asset disposal‚ and adjusting good will for impairment. Adjusting lower cost or market inventory on valuation When a company purchases
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1) Why do you think financial markets require ? 1. Financial market are somewhat a challenge to Monetary Control‚ financial innovation has profoundly changed the structure of the financial sector itself. More and more financial transactions now take place outside the deposit taking sector‚ meaning (among other things) that the portion of firms and assets subject to the stricter rules associated with bank regulation has shrunk too. This dynamic further complicates the task of economic management
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WINDOWS 7- RELEASE 11.0 GSN-PWS Release 11 .0 Image for Xerox Field Service May 2011 Read_Me.doc ************PLEASE READ ME CAREFULLY************ Welcome to Win7 SP1 PWS Release 11.0 Release Date: May 31‚ 2011 This document contains important information regarding your PWS Image which will help get you started and will address issues that you may encounter. 1. Whenever you connect to a network‚ you will be asked to select a network profile of either Public‚ Work‚ or Home. It is recommended
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using auditors for gathering project requirements. My opinion is that they can be invaluable in this process‚ because: they can leverage prior audit documentation to quickly get up to speed on new or proposed projects; they can use established relationships with stakeholders; and‚ they are already accustomed to the interviewing process. The manner in which this topic will be tackled is by examining the similarities of tasks performed by auditors and project managers. Guidelines and standards used
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Commentary on HBR Case: When Consultants and Clients Clash -by Vinodkumar Pralia‚ Section-D1‚ 341/47 Is the business relationship between the Statler Group and Kellogg-Champion Securities a lost cause? How should the consultants and the client handle the status meeting? The crux of the problem is the incorrect framing of tasks to be undertaken by Statler Group consultants. This has been the cumulative result of the lack of understanding of merger situations by Kellogg and over-estimation of
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