456 Chapter Eleven Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments
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Subject: Cash Pooling Supervisor: Dr. Nasser Abu Mustafa University: NYIT Cash Management: Cash pooling Abstract The role of the corporate cash manager has been continuously revised over the past few years‚ as a result of the demand for more effective and efficient ways to support the core needs of the organization. This has resulted in new responsibilities for the corporate treasurer and cash manager. The cash management function is demanding
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Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing
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Interim An audit which conducted in between the two annual audits with a view to find out interim profits to enable the company to declare an interim dividend is known as Interim Audit. It is a kind of audit which is conducted between the two periodical or balance sheet audits. Objectives Of Interim Audit 1. To know profit or loss of interim period. 2. To distribute interim dividend. 3. To get loan on the basis of interim account. 4. To get information about the financial position
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Differences between the philosophies of the east and west Western philosophy has its roots in Athens‚ Rome and JudeoChristianity while Eastern philosophy is derived from Confucianism‚ Taoism and Mahayana Buddhism. As Greek and Latin are to Western civilisation‚ so classical Chinese is to East Asian civilisation. I will focus on four major differences between Eastern and Western philosophies. 1. Western Individualism and Eastern Collectivism In the Greco‑Roman tradition‚ the image of Prometheus
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Of Things Invisible to Mortal SightThe Holy Bible is in many ways a story of origins. The history recounted both in the Old and New Testaments has at its base the perception of a fallen humanity; beginning with the fall from Eden and the nature of evil‚ to the means of regaining Gods grace and the discussion of free will‚ it emphasizes humanitys inability to fully comprehend the nature of God and of the universe. In writing his epic Paradise Lost‚ John Milton is fully aware of his limitations as
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sales summaries. D. Each sales invoice should be supported by a shipping document. 11. If the objective of a test of details is to detect overstatements of sales‚ the auditor should trace transactions from the A. Cash receipts journal to the sales journal. B. Sales journal to the cash receipts journal. C. Source documents to the accounting records. D. Accounting records to the source documents. 12. Which of the following is least likely to be considered when assessing inherent risk? A. Nonroutine
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CHAPTER 1 THE PROBLEM AND ITS BACKGROUND INTRODUCTION The changing nature of the work environment‚ the emergence of technology driven processes and the diversified needs of the industry are challenges that will test the ability of colleges and universities to meet the demand for employable graduates. The determination of graduates in the job-search mode‚ lead time‚ and employment conditions are realities where the knowledge acquired in schools are used at work‚ in promotions‚ and job satisfaction
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for. Crimson was said to be one of the only animals that would ever be able to take his father’s place. He has the agility‚ strength‚ and determination that his father had at everything. Crimson is now 2 years old and is slowly starting to work with all the other animals. Right away people could tell he would be a great and hard worker. He was very mature for his young age and had already adopted his father’s old motto of “I Will Work Harder.”
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90-day Treasury bill is quoted as 10.00. What continuously compounded return (on an actual/365 basis) does an investor earn on the Treasury bill for the 90-day period? The cash price of the Treasury bill is The annualized continuously compounded return is Problem 6.9. It is May 5‚ 2010. The quoted price of a government bond with a 12% coupon that matures on July 27‚ 2014‚ is 110-17. What is the cash price? The number of days between January 27‚ 2010 and May 5‚ 2010 is 98. The number of days
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