client representation letter‚ and (e) performing analytical procedures. 19-3. a. Subsequent events are events that occur between the balance sheet date and the issuance date of the auditor’s report (which is not the same as the date of the report) that may affect the financial statements on which the report is rendered. The subsequent events period extends from the balance sheet date to the end of field work on the engagement. b. The types are: • Type 1 consists of those events that
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REGULATORY ENVIRONMENT 3 CHAPTER 2 – PROFESSIONAL AND ETHICAL CONSIDERATIONS 8 CHAPTER 3 – PRACTICE MANAGEMENT 13 CHAPTER 4 – ASSIGNMENTS I: THE AUDIT OF FINANCIAL STATEMENTS 16 CHAPTER 5 – ASSIGNMENTS II: GROUP AUDITS 42 CHAPTER 6 – AUDIT REPORTS AND OTHER REPORTS 45 CHAPTER 7 – ASSIGNMENTS III: OTHER ASSIGNMENTS 57 CHAPTER 8 – CURRENT ISSUES AND DEVELOPMENTS 63 INTRODUCTION TO THE PAPER AIM OF THE PAPER The aim of the paper is to apply relevant knowledge‚ skills and exerciseprofessional
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Abstract This report focuses on ways to improve communication between auditors and external users via audit report. Problems with current audit report are identified and two alternatives are proposed‚ which are: • Short-form audit report • Free-form audit report The report also evaluates these two alternatives respectively and concludes that before any change in relevant legislation and social environment‚ it is feasible for professions to make the report more concise and readable while the introducing
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irregularity on the audit report by BS • It is a requirement of the Auditing Profession Act not to issue an unqualified report if there has been a chance to report irregularities. • If the reportable irregularity affects fair presentation then the auditor must qualify the report in accordance with ISA 705 • If the reportable irregularity does not affect fair presentation but exists‚ the audit report must be modified by inclusion of an additional paragraph in the audit report • Ignoring the impact
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fake identity cards were used and over-evaluated properties were pledged as collateral. A report submitted by the General Manager Audit to the bank president on May 25th 2010 revealed that the bank‚ instead of listening to earlier warnings‚ released more money to such companies with which it was supposed to be careful in its future deals. The GM Audit Muhammad Hanif says he gave three consecutive reports in the series of Audits conducted for the business deals with this group and its allied names
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our economy well but significant parts are outmoded or have become redundant‚ and they are enshrined in law that is often unnecessarily complicated and inaccessible. Therefore‚ in July 2001 the Company Law Review Steering Group published a Final Report called "Modern Company Law for a Competitive Economy" which aim was to provide a legal framework for all companies which reflect the needs of the modern economy and to ensure that framework can be kept up-to-date in the future. A White Paper‚ "Modernising
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MAA350 ETHICS AND FINANCIAL SERVICES Trimester 2‚ 2013 ASSIGNMENT: LIVENT‚ INC.: An Instructional Case PART A Question A1 Outline the frauds identified in the case and explain the inconsistencies with proper accounting treatment. Relate your answer to broad accounting concepts and accounting standards where relevant. (8 marks; approximately 800 words) Answer: Livent Inc. is a theatre production corporation registered in Toronto‚ Canada. Therefore‚ all
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Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services‚ which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four categories of attestation services are audits of historical financial statements‚ attestation on the effectiveness of internal
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out by a neutral third party‚ such as a professional accounting firm which specializes in audits. Typically in both cases without fail the financial records of that company will be checked by the auditors this includes payroll‚ official published reports accounts payable etc. The auditors check for any discrepancies and if any are found then they have to get sorted immediately and possibly in the most extreme cases criminal action could be taken. I feel that this topic is a very important one and
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BTEC National Diploma in Public Services Unit 20 - Communication and Technology used in the uniformed public services P1 - Describe four different examples of formal written communication used in the public services The Uniformed public services use many different ways to communicate in formal text‚ some of these include; ▪ Email – Electronic mail‚ commonly called email is a method of exchanging digital messages from an author to one or more recipients. It is Informal in style but
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