EXPLAIN THE RESPECTIVE ROLES AND RESPONSIBILITIES OF MANAGEMENT AND AUDITORS IN THE PREVENTION AND DETECTION OF FRAUD. The primary responsibility for fraud detection lies with management. This arises due to a contractual duty of care. Directors are able to discharge their duty toward prevention and detection of fraud and error in many ways‚ for example: * Complying with the Combined Code on Corporate Governance * Developing a code of conduct‚ monitoring compliance and taking action against
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Are Hong Kong people too concerned about how much they weigh? Hong Kong people‚ especially teenagers‚ are focusing too much on their weight‚ or their body shape in other words. It has always been a hot topic among teenagers about how to lose weight even though they are actually thin enough. This essay will evaluate the reasons behind this strange phenomenon‚ and it is mainly because teenagers face pressure from their peers and is imperceptibly influenced by the mass media. Peer pressure has
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Auditor Independence: An Impossible Dream In recent months there has been much discussion about the independence of CPA auditors; the leadership of the AICPA‚ the Auditing Standards Board‚ the Public Oversight Board‚ the Independence Standards Board‚ and most recently the proposed independence rules promulgated by the SEC have all attempted to clarify and strengthen auditor independence. Several newspaper and magazine articles have also addressed the issue. In my opinion‚ all the efforts to
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Financial Reporting Problem‚ Part I ACC/290 March 18‚ 2013 Tony Ames Financial Reporting Problem‚ Part I In today’s markets there are several factors that make up a public company and allow it to be desired by investors. * Total Current Assets: Previous Annual Reporting Period * * The total current assets at the end of the previous annual reporting period‚ December 31‚ 2011‚ was $22‚985‚000 in comparison to the most current year of 2012’s results of $22‚706‚000. Therefore
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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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There are many important reasons to be at the right time and place for reporting and accountability. The main reasons of importance are knowing the soldiers wellbeing‚ information‚ accountability‚ movements‚ and punishments. The first reason being that allows the Chain of Command to know that the soldier is well. Many issues could arise from the soldier not being ok. Not only worries of personal safety to the soldier (aka not dead in a ditch somewhere)‚ but as well to the Army‚ and OPSEC as
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LEARNING OBJECTIVES Meaning and objectives of vouching Importance of vouching Types of vouchers Vouch various transactions like vouching of trading Transactions and vouching of cash transactions VOUCHING • Meaning • Vouching is concerned with examining documentary evidence to ascertain the authenticity of entries in books of entries in books of accounts. • Evidence supporting and substantiating the transaction made in the books. • It is a technique to judge the truth of
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Should people be concerned of the food they consume daily? What exactly‚ is food? New Oxford Dictionary Second Edition calls it “any nutritious substance that people or animals eat or drink‚ or that plants absorb‚ in order to maintain life and growth.” That doesn’t help so much unless you define nutritious. Nutritious food‚ it says here‚ “provides those substances necessary for growth‚ health‚ and good condition.” Many people nowadays does not too concerned on the food they consume. According to
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Lisa Wilson Strick’s article “What’s So Bad about Being So-So?” states that‚ in today’s society‚ people are too serious to the point that no one does things just for fun‚ but only for competition. There are children who are acting like grown adults instead of children because they are so stressed out about being the best in everything that they do. Friendships are being ruined because no one is safe from today’s competitive edge. Strick’s article tries to instill the thought that we need to go back
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Auditor Responsibility The expectation is that an auditor should be held responsible for the quality of his/her work. This is because a major error or omission by the auditor can result in a false opinion. Auditors have a moral‚ professional and legal responsibility. In the Companies Act 2006‚ Section 507 prevents auditors knowingly or recklessly causing an audit report to include any matter that is “misleading‚ false or deceptive in a material way”. To be proved in cases of civil liability
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