There are numerous procedures that an audit firm must perform before accepting an audit client: a. Firstly‚ review the reason why the company is looking for a new auditor or why it needs to start being audited. b. Review business structure of the client (look for red flags) c. Review client’s past history‚ including its legal history‚ tax problems‚ litigations‚ regulatory actions‚ etc. Ensure that the firm only accepts client with high ethical standards to avoid damaging the firm’s reputation
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Ethical (General) Standards Competence – adequate technical training and proficiency. Competence is knowing what to do. 1. Recognize the assertion being made by management in each element (account) of a financial statement. 2. Decide which evidence is relevant for supporting or refusing the assertion 3. Select and perform procedures of obtaining the evidence 4. Evaluate the evidence and decide whether management assertions correspond to reality and GAAP - Objectivity
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PLANNING THE IT OPERATIONS AUDIT The mere mention of an "audit" is enough to make anyone nervous. But‚ put in proper perspective‚ an audit of IT operational policies and procedures is an effective means of assessing the viability of IT services and functions. An audit will serve its intended purpose if two primary objectives are reached: 1. Audit goals are clearly defined in advance‚ stating the purpose of the audit and the expected results. 2. Audit results are applied to improve
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The aim of 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
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Standardized Testing Should Not Be The Standard Standardized testing can be deemed as unfair and should not be solely be used to judge a student’s academic performance. Once quoted‚ “If my future were determined just by my performance on a standardized test‚ I wouldn’t be here. I guarantee you that” (Obama). Standardized testing has been the go-to way to test a student’s intellectual ability since before World War II. Most tests consist of several hours filled with tedious multiple choice questions
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Dollarama Inc. for the current fiscal year-end as at January 29‚ 2012. Please find in the following pages a report on the audit plan that was used to conduct our audit for the year ended January 29‚ 2012. Even though the audit of 2012 was performed by PWC‚ the assumption used for this project was that our firm was the new auditor for 2012. Please do not hesitate to contact us if you have any questions. Yours Sincerely‚
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Corporate Social Responsibility The process of building a corporate social responsibility: Corporations while they need to conduct a strategy to become socially responsible‚ they usually passes through a process that leads it at the end to achieve what is called by “Civil learning”. In order to achieve this level –which is the highest level of a corporate social responsibility- ‚ they are two dimensions: • The organizational level • The societal level The case of Nike as famous corporate
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independence of an internal auditor. In doing this‚ both the international and local requirements‚ where different‚ regarding the functions and operations of an internal auditor are considered. DEFINITION OF INTERNAL AUDITOR Many definitions have been forwarded for internal auditor. The following are some of them: • The Institute of Internal Auditors (IIA) defines an internal auditor as an individual within an organisation’s internal auditing department who is assigned the responsibility of
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Should the sexual double standard still exist? What is sexual double standard? Should both Men and Women judge one another on their sexual life? No‚ I do not think there should be a sexual double standard‚ but unfortunately it still exist. In today’s world everyone knows there is a double sexual standard. Ask any survey male or female and they’ll tell you that women are judged more harshly than men for engaging in the same actions‚ especially when those behaviors are casual sex or sex with lots
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AUDITING ASSIGNMENT Topic: Auditing Assurance Standard IX Using the Work of an Expert By: Yash Mehta Tybcom – B 182 Acknowledgment I would like to thank Geeta ma’am for the opportunity given to us for making this informative project Would also like to thank KC COLLEGE for the knowledge we gain through such an interactive project.
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