the external auditor and the management of the entity being audited with relation fraud and error. 1.Introduction Fraud is defined as something that is intended to deceive people and error is defined as something unintentionally done wrong‚ e.g. as a result of poor judgment or lack of care by Encarta English Dictionary. After the collapse of great companies like Enron‚ and World com to mention a few‚ it has raised eyebrows the involvement of auditors in these failed companies and have put the importance
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Scope of Banking 32.1 Introduction You have studied in lessons 7 and 10 that banking is an important aid t idsr ad tae ad ta i as poie a vrey o srie o nuty n rd‚ n ht t lo rvds ait f evcs to the public in general. Indeed banking may be regarded as an indispensable part of the economy of every country. The significance of banking has increased all over the world with the rise in income levels and growth in the volume of financial transactions. In this lesson‚ we shall study about the nature
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Assignment Does Opinion Shopping Impair Auditor Independence and Audit Quality? by: Tong Lu Journal of Accounting Research‚ Vol. 44‚ No.3 (Jun.‚ 2006)‚ pp.561-583 Additional articles: Ghosh‚ A.‚ Moon‚ D.‚ (2005). Auditor Tenure and Perceptions of Audit Quality. The Accounting Review‚ Vol. 80(2)‚ pp.585-612. Myers‚ J. N.‚ Myers‚ L. A.‚ Omer‚ T. C.‚ (2003). Exploring the Term of the Auditor-Client Relationship and the Quality of Earnings: Case for Mandatory Auditor Rotation? The
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SUMMARY OF THE INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NIGERIAN ENAMELWARE PLC. NAME OF THE COMPANY: Nigerian Enamelware Plc. NAME OF THE AUDITORS: Akintola Williams Deloitte‚ Charted Accountant‚ Lagos Nigeria. SOURCE OF INFORMATION: Annual Report & Accounts 2012. SCOPE: The financial statement audited by the auditors include; the balance sheet‚ profit and loss account‚ statement of cash flow‚ value added statement‚ financial summary‚ significant accounting policies and other
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Illegal Immigration: Dream Act Voluminous of illegal immigrants leave their country in hoping to come to the United States to receive a better education and standard of living. Immigrants truly believe that coming to America could open a diverse of opportunities for them. However‚ when the issue of illegal immigration comes to play there are debates‚ opinions‚ and doubts that discriminate them in our society. Each year in the United States‚ thousands of students graduate from high school and have
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Question: Do you have any memories about Pearl Harbor or World War II? Do you know people who served in World War II? In what ways did World War II affect you personally? Answer: “The was was over in 1945 and I was born in 1947. I saw movies growing up. My dad was in the Navy and he was on the destroyers. My dad worked a lathe‚ he built torpedoes. One time I even got one. I did know people in WWII. I remember relatives talking about the big loss that our country had experienced.” Question: Do you remember
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managers have superior information on their firms’ business strategies and operation; 2) Managers’ incentives are not perfectly aligned with all shareholders’ interests; and 3) Accounting rules and auditing are imperfect. When these conditions are met in reality‚ John could get profit by using trading strategies designed to exploit any systematic ways in which the publicly available data are ignored or discounted in the price-setting process. Q2) Three types of potential errors in financial
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Chapter 3 FINANCIAL STATEMENT ANALYSIS Copyright ©2015 Pearson Education‚ Inc. All rights reserved. 2-1 Financial Statement Analysis • Investors often use accounting statements to: – Compare the firm with itself by analyzing how the firm has changed over time – Compare the firm to other similar firms using a common set of financial ratios Copyright ©2015 Pearson Education‚ Inc. All rights reserved. 2-2 Why are ratios useful? • Ratios standardize numbers and facilitate
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When I hear the question‚ “Do you have any siblings?”‚ I am forced to reply yes. “An older and younger brother”‚ I explain. Though‚ often times‚ I feel as though I do not have an older brother. As children‚ our differences blurred. Both him and I could run across sandy beaches and green hills with the same laughter coursing throughout our bodies. We could battle against each other in Pokemon and watch Saturday morning cartoons together. Yet‚ with time it became clear to my parents that something
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(Name of the Corporation) Notes to Financial Statements For the year ended (Date) ------------------------------------------------- 1. CORPORATE INFORMATION (This portion will depend on the nature of the business) (Corporation’s Name) is a duly registered non stock corporation under registration number (Registration Number) and its principal office is located at (Address). The amended articles of incorporation were approved on (Date of Approval) and the expiration is on (Date of Expiration)
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