This information sheet gives general informati
on for creditors on the approval of an external
administrator’s fees in a liquidation of an insolven
t company, voluntary administration or deed of
company arrangement.
If a company is in financial difficulty, its shareholde
rs, creditors or the court can put the company into
liquidation.
This information sheet provides general informa
tion for employees of companies in liquidation.
Employees should also read ASIC information sheet INFO 45. for more info, visit: http://www.svpartners.com.au/uploads/197.pdf
This document discusses fiduciary responsibility for retirement plans. It covers ERISA standards of fiduciary duty, determining fiduciary status, specific fiduciary responsibilities, delegating fiduciary duties to committees and service providers, fiduciary governance practices, and action planning for prudent fiduciaries. The key points are that fiduciaries must operate solely in participants' interests, act prudently, follow the plan document, provide diversified investment options, and can delegate duties but remain responsible. It provides guidance on complying with fiduciary obligations under ERISA.
Business Law & Order - September 16, 2013 - What you don't know can cost you ...AnnArborSPARK
Compensating employees with equity compensation is not uncommon, particularly with start-up companies. Unfortunately, what also is not uncommon are unforeseen consequences detrimental to the business or employee when equity plans are poorly structured. Our panel of experienced attorneys will discuss a myriad of equity related issues, including: positive and negative aspects of stock options (ISOs or NQOs?); founders stock, restricted stock and 83(b) elections, as well as common pitfalls, including fair market value, change in control and permissible payment dates under Code Section 409A; which employees are given equity; what equity grant vesting and buyback restrictions are typical and why, and what impact does equity compensation have on mergers and IPOs?
Moderator:
Melvin J. Muskovitz
Dykema Gossett PLLC
Panelists:
Charles M. Russman
Bodman PLC
Margaret Hunter
Dykema Gossett PLLC
This information sheet provides general inform
ation for unsecured creditors of companies in
receivership. For more info, visit: http://www.svpartners.com.au/
Developments in Personal Insolvency & BankruptcyJim Stafford
Discussion of developments in Irish Personal Insolvency & Bankruptcy legislation with a particular focus on Personal Insolvency Arrangements and the treatment of pensions.
The document outlines corporate governance guidelines and codes for companies including:
1. Requiring at least annual general shareholder meetings with specified agendas and information provided.
2. The management must provide documents and reports to the board including briefing the board on strategic decisions that could impact finances.
3. The board must specify the management's information and reporting duties in detail and ensure confidentiality is followed.
4. Disclosure requirements, management compensation, conflicts of interest policies, and financial reporting standards are also covered.
If a company is in financial difficulty, its shareholde
rs, creditors or the court can put the company into
liquidation.
This information sheet provides general informa
tion for employees of companies in liquidation.
Employees should also read ASIC information sheet INFO 45. for more info, visit: http://www.svpartners.com.au/uploads/197.pdf
This document discusses fiduciary responsibility for retirement plans. It covers ERISA standards of fiduciary duty, determining fiduciary status, specific fiduciary responsibilities, delegating fiduciary duties to committees and service providers, fiduciary governance practices, and action planning for prudent fiduciaries. The key points are that fiduciaries must operate solely in participants' interests, act prudently, follow the plan document, provide diversified investment options, and can delegate duties but remain responsible. It provides guidance on complying with fiduciary obligations under ERISA.
Business Law & Order - September 16, 2013 - What you don't know can cost you ...AnnArborSPARK
Compensating employees with equity compensation is not uncommon, particularly with start-up companies. Unfortunately, what also is not uncommon are unforeseen consequences detrimental to the business or employee when equity plans are poorly structured. Our panel of experienced attorneys will discuss a myriad of equity related issues, including: positive and negative aspects of stock options (ISOs or NQOs?); founders stock, restricted stock and 83(b) elections, as well as common pitfalls, including fair market value, change in control and permissible payment dates under Code Section 409A; which employees are given equity; what equity grant vesting and buyback restrictions are typical and why, and what impact does equity compensation have on mergers and IPOs?
Moderator:
Melvin J. Muskovitz
Dykema Gossett PLLC
Panelists:
Charles M. Russman
Bodman PLC
Margaret Hunter
Dykema Gossett PLLC
This information sheet provides general inform
ation for unsecured creditors of companies in
receivership. For more info, visit: http://www.svpartners.com.au/
Developments in Personal Insolvency & BankruptcyJim Stafford
Discussion of developments in Irish Personal Insolvency & Bankruptcy legislation with a particular focus on Personal Insolvency Arrangements and the treatment of pensions.
The document outlines corporate governance guidelines and codes for companies including:
1. Requiring at least annual general shareholder meetings with specified agendas and information provided.
2. The management must provide documents and reports to the board including briefing the board on strategic decisions that could impact finances.
3. The board must specify the management's information and reporting duties in detail and ensure confidentiality is followed.
4. Disclosure requirements, management compensation, conflicts of interest policies, and financial reporting standards are also covered.
Sometimes it’s difficult to decide which type of buy sell agreement to recommend when dealing with QPSC, S Corp, and LLCs. Should it be a stock redemption plan funded with employer owned insurance or a cross purchase plan funded by cross owned insurance?
Get expert insight from Russell E. Towers JD, CLU, ChFC
Vice President, Business & Estate Planning at Brokers' Service Marketing Group ( A brokerage general agency for financial professionals).
Compliance issues are at the front of every manager's and fiduciary’s mind these days. It used to be that all the worry came from a creative plaintiffs’ bar calling a business's conduct into question, but those days are long gone. Public and private companies are investigated by not only the United States federal government, but also local, state, and foreign governments. Self-regulating entities also add a layer of scrutiny. Under the insulation of the attorney-client privilege, an effective internal investigation can help marshal the facts to inform corporate decisions about past or existing violations and prevent potential future violations. An internal investigation can protect management from the violation and records the company's response to an incident or violation. However, most importantly, it serves to send a clear message that the company is serious about compliance and that it sets transparency as a priority. This webinar surveys recent compliance trends and discusses best practices regarding the attorney-client privilege, joint defense agreements, the use of experts, witness interviews, the consequences of self-disclosure and how to control the impact on the company.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/internal-investigations-101-2021/
ESOPs 101 (Series: Cross-Training for Business Lawyers 2020) Financial Poise
Employee stock ownership plans (ESOPs) are plans regulated by the Employee Retirement Income Security Act (ERISA) and designed to allow employees to invest in the stock of their employer. The shareholder participants/employees as well as the sponsoring company generally receive tax benefits through the use of the plan. And while they are generally touted as designed to promote employees’ interest and efforts in maximizing the value of the company for the benefit of both employer and employees, ESOPs are often used as a method of corporate finance by the sponsoring company.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/esops-101-2020/
US/ Canada cross-border tax planning could be impacted by the recent finalization of Section 385 regulations by the IRS and Treasury Department. Because most of these new rules apply with an effective date reaching back to April 5, 2016, it is imperative that Canadian companies with U.S. activities assess their potential impact and develop a strategy for managing their exposure to these rules.
Paying for Litigation- Hourly, Contingency, Third Party Financing & More (Ser...Financial Poise
This webinar discusses various fee arrangements attorneys can use to pay for litigation services, including hourly fees, contingent fees, limited scope engagements, fixed fees, hybrid agreements, and third party litigation financing. It explores the benefits and drawbacks of each method from the perspective of both attorneys and clients. The webinar is part of a series aimed at educating new litigators on fundamental aspects of civil litigation.
The document discusses consolidation under IFRS. There are two main methods for consolidation under IFRS - the equity method and proportionate consolidation. The equity method involves initially recognizing investments at cost and subsequently adjusting the carrying amount to reflect the investor's share of profits or losses after acquisition. Proportionate consolidation involves including the venturer's share of assets, liabilities, income and expenses of the jointly controlled entity in its financial statements. IFRS 10 addresses consolidation and defines control as having power over an investee along with exposure or rights to variable returns and the ability to use power to affect returns. Control is the basis for consolidation under IFRS 10.
Directors of financial institutions have three main responsibilities in a downturn economy:
1) Closely monitor key financial indicators like capital adequacy, loan quality, and performance compared to peers.
2) Respond promptly to regulatory warnings by reviewing issues raised and documenting board discussions and decisions.
3) Focus on credit underwriting standards, concentrations of credit, and ensuring policies address compliance with laws on areas like insider loans.
Goi guideline for selection of consultants 2006Probodh Mallick
This document provides guidelines for the selection and contracting of consultants by the Government of India. It discusses the purpose of engaging consultants when specialized expertise is needed. Key aspects covered include the expression of interest process for shortlisting consultants, preparation of the request for proposals, evaluation of technical and financial proposals, and types of contract agreements. The selection process aims to be transparent while ensuring quality of services and value for money. Committees are formed at different stages to oversee the process in an objective manner.
The document discusses plan expenses and fees that retirement plan sponsors must understand and evaluate. It explains that as fiduciaries, sponsors are responsible for ensuring fees are reasonable and services necessary. It provides an overview of the main types of plan fees including administrative, individual service, and investment fees. It also discusses hidden fees and how fees can substantially impact retirement savings over time. The document advises sponsors to establish an objective process to evaluate fees and services when selecting and monitoring service providers and investment options.
Directors of Oil and Gas companies are currently faced with challenging market conditions. This presentation will act as a introductory guide to directors about the options available to improve the position of their companies.
Post AIFMD Compliance - Outsourcing and Delegation requirementsGECKO Governance
The AIFMD introduces new requirements for AIFM’s regarding the delegation and outsourcing of business activities to third parties.
This Global Perspectives presentation summarises the main Outsourcing and Delegation requirements in the post AIFMD Compliance environment.
This includes:-
• General provision of delegation
• Objective reasons to delegate
• Conflicts of interest
• Rules relating to the delegation of specific activities including:-
• Delegation of portfolio or risk management duties
o Delegation of depositary duties
o Delegation to third countries
o Rules surrounding sub-delegation
Presentation by Maurice Blackburn head of Superannuation John Berrill to the Association of Superannuation Funds of Australia (ASFA) National Conference, Melbourne, 2014.
View John's profile: http://www.mauriceblackburn.com.au/our-people/lawyers/john-berrill/
We live in a world where people conduct businesses in multiple countries. This creates a Multi-Jurisdictional conundrum for any client exposed to multiple jurisdictions:
The need, to know what you don’t
Achieve greater certainty through pension deriskingLori Jones
The presentation provided an overview of the changing landscape for defined benefit pension plans including higher PBGC premiums, new mortality tables and improved funding status as a result of favorable investment performance. These changing conditions have encouraged plan sponsors to consider “de-risking” defined benefit pension plans through annuitization and lump sum windows.
Lori provided insight into legal issues within the context of de-risking including a background of applicable ERISA fiduciary rules, recently issued recommendations from the ERISA Advisory Council, IRS private letter rulings and a pending case involving Verizon’s annuitization of its pension plan.
This document discusses the requirements of IND AS 7 regarding the statement of cash flows. It defines cash flows, cash, and cash equivalents. It explains the three categories of cash flows - operating, investing and financing activities. It provides examples of cash flow activities that fall under each category. It discusses the direct and indirect methods for preparing the statement of cash flows. It addresses the classification and disclosure requirements regarding interest, dividends, taxes, acquisitions and disposals.
Este documento presenta 20 ideas para usar dispositivos móviles en educación. Algunas ideas incluyen grabar videos cooperativos sobre murga y candombe, identificar elementos geométricos en fotos, crear podcasts sobre nuevas tecnologías, y producir un spot publicitario para promover la ciudad. El documento proporciona objetivos y descripciones breves para cada actividad sugerida.
Sometimes it’s difficult to decide which type of buy sell agreement to recommend when dealing with QPSC, S Corp, and LLCs. Should it be a stock redemption plan funded with employer owned insurance or a cross purchase plan funded by cross owned insurance?
Get expert insight from Russell E. Towers JD, CLU, ChFC
Vice President, Business & Estate Planning at Brokers' Service Marketing Group ( A brokerage general agency for financial professionals).
Compliance issues are at the front of every manager's and fiduciary’s mind these days. It used to be that all the worry came from a creative plaintiffs’ bar calling a business's conduct into question, but those days are long gone. Public and private companies are investigated by not only the United States federal government, but also local, state, and foreign governments. Self-regulating entities also add a layer of scrutiny. Under the insulation of the attorney-client privilege, an effective internal investigation can help marshal the facts to inform corporate decisions about past or existing violations and prevent potential future violations. An internal investigation can protect management from the violation and records the company's response to an incident or violation. However, most importantly, it serves to send a clear message that the company is serious about compliance and that it sets transparency as a priority. This webinar surveys recent compliance trends and discusses best practices regarding the attorney-client privilege, joint defense agreements, the use of experts, witness interviews, the consequences of self-disclosure and how to control the impact on the company.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/internal-investigations-101-2021/
ESOPs 101 (Series: Cross-Training for Business Lawyers 2020) Financial Poise
Employee stock ownership plans (ESOPs) are plans regulated by the Employee Retirement Income Security Act (ERISA) and designed to allow employees to invest in the stock of their employer. The shareholder participants/employees as well as the sponsoring company generally receive tax benefits through the use of the plan. And while they are generally touted as designed to promote employees’ interest and efforts in maximizing the value of the company for the benefit of both employer and employees, ESOPs are often used as a method of corporate finance by the sponsoring company.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/esops-101-2020/
US/ Canada cross-border tax planning could be impacted by the recent finalization of Section 385 regulations by the IRS and Treasury Department. Because most of these new rules apply with an effective date reaching back to April 5, 2016, it is imperative that Canadian companies with U.S. activities assess their potential impact and develop a strategy for managing their exposure to these rules.
Paying for Litigation- Hourly, Contingency, Third Party Financing & More (Ser...Financial Poise
This webinar discusses various fee arrangements attorneys can use to pay for litigation services, including hourly fees, contingent fees, limited scope engagements, fixed fees, hybrid agreements, and third party litigation financing. It explores the benefits and drawbacks of each method from the perspective of both attorneys and clients. The webinar is part of a series aimed at educating new litigators on fundamental aspects of civil litigation.
The document discusses consolidation under IFRS. There are two main methods for consolidation under IFRS - the equity method and proportionate consolidation. The equity method involves initially recognizing investments at cost and subsequently adjusting the carrying amount to reflect the investor's share of profits or losses after acquisition. Proportionate consolidation involves including the venturer's share of assets, liabilities, income and expenses of the jointly controlled entity in its financial statements. IFRS 10 addresses consolidation and defines control as having power over an investee along with exposure or rights to variable returns and the ability to use power to affect returns. Control is the basis for consolidation under IFRS 10.
Directors of financial institutions have three main responsibilities in a downturn economy:
1) Closely monitor key financial indicators like capital adequacy, loan quality, and performance compared to peers.
2) Respond promptly to regulatory warnings by reviewing issues raised and documenting board discussions and decisions.
3) Focus on credit underwriting standards, concentrations of credit, and ensuring policies address compliance with laws on areas like insider loans.
Goi guideline for selection of consultants 2006Probodh Mallick
This document provides guidelines for the selection and contracting of consultants by the Government of India. It discusses the purpose of engaging consultants when specialized expertise is needed. Key aspects covered include the expression of interest process for shortlisting consultants, preparation of the request for proposals, evaluation of technical and financial proposals, and types of contract agreements. The selection process aims to be transparent while ensuring quality of services and value for money. Committees are formed at different stages to oversee the process in an objective manner.
The document discusses plan expenses and fees that retirement plan sponsors must understand and evaluate. It explains that as fiduciaries, sponsors are responsible for ensuring fees are reasonable and services necessary. It provides an overview of the main types of plan fees including administrative, individual service, and investment fees. It also discusses hidden fees and how fees can substantially impact retirement savings over time. The document advises sponsors to establish an objective process to evaluate fees and services when selecting and monitoring service providers and investment options.
Directors of Oil and Gas companies are currently faced with challenging market conditions. This presentation will act as a introductory guide to directors about the options available to improve the position of their companies.
Post AIFMD Compliance - Outsourcing and Delegation requirementsGECKO Governance
The AIFMD introduces new requirements for AIFM’s regarding the delegation and outsourcing of business activities to third parties.
This Global Perspectives presentation summarises the main Outsourcing and Delegation requirements in the post AIFMD Compliance environment.
This includes:-
• General provision of delegation
• Objective reasons to delegate
• Conflicts of interest
• Rules relating to the delegation of specific activities including:-
• Delegation of portfolio or risk management duties
o Delegation of depositary duties
o Delegation to third countries
o Rules surrounding sub-delegation
Presentation by Maurice Blackburn head of Superannuation John Berrill to the Association of Superannuation Funds of Australia (ASFA) National Conference, Melbourne, 2014.
View John's profile: http://www.mauriceblackburn.com.au/our-people/lawyers/john-berrill/
We live in a world where people conduct businesses in multiple countries. This creates a Multi-Jurisdictional conundrum for any client exposed to multiple jurisdictions:
The need, to know what you don’t
Achieve greater certainty through pension deriskingLori Jones
The presentation provided an overview of the changing landscape for defined benefit pension plans including higher PBGC premiums, new mortality tables and improved funding status as a result of favorable investment performance. These changing conditions have encouraged plan sponsors to consider “de-risking” defined benefit pension plans through annuitization and lump sum windows.
Lori provided insight into legal issues within the context of de-risking including a background of applicable ERISA fiduciary rules, recently issued recommendations from the ERISA Advisory Council, IRS private letter rulings and a pending case involving Verizon’s annuitization of its pension plan.
This document discusses the requirements of IND AS 7 regarding the statement of cash flows. It defines cash flows, cash, and cash equivalents. It explains the three categories of cash flows - operating, investing and financing activities. It provides examples of cash flow activities that fall under each category. It discusses the direct and indirect methods for preparing the statement of cash flows. It addresses the classification and disclosure requirements regarding interest, dividends, taxes, acquisitions and disposals.
Este documento presenta 20 ideas para usar dispositivos móviles en educación. Algunas ideas incluyen grabar videos cooperativos sobre murga y candombe, identificar elementos geométricos en fotos, crear podcasts sobre nuevas tecnologías, y producir un spot publicitario para promover la ciudad. El documento proporciona objetivos y descripciones breves para cada actividad sugerida.
Este documento resume las características básicas de Facebook, incluyendo su surgimiento en 2004 como red social para estudiantes de Harvard, su fundador Mark Zuckerberg, y cómo los usuarios pueden crear perfiles, páginas y grupos. También describe brevemente cómo funciona el algoritmo Edgerank de Facebook y proporciona datos sobre el uso de Facebook en Uruguay.
Este documento presenta 48 actividades educativas que utilizan dispositivos móviles. Las actividades cubren una variedad de temas como técnicas de estudio, fotomontaje digital, identificación de partes de una computadora, participación en proyectos colaborativos, conocimiento del barrio, cálculo mental, geografía, escritura de cartas, relajación, gestión del tiempo, celebraciones tradicionales, deportes, periodismo, fotografía y más. Las actividades utilizan aplicaciones como Skitch, Evernote, Dropbox
Este documento introduce las redes sociales. Explica que las redes sociales pueden verse de dos formas diferentes: como lugares de encuentro con amigos o como antros de perdición. Describe los diferentes tipos de redes como redes horizontales (como Facebook y Twitter) y redes verticales. Finalmente, discute cómo se pueden usar las redes sociales en educación, ya sea utilizando las redes horizontales existentes o creando redes específicas.
Este documento describe el uso de las redes sociales en educación. Explica que las redes sociales conectan a personas a través de relaciones e identidades digitales. Luego detalla algunas redes sociales educativas populares como Edmodo y SocialGO, e indica cómo las escuelas y maestros pueden usar estas herramientas para mejorar la comunicación, colaboración y aprendizaje entre estudiantes y maestros. Finalmente, discute los beneficios y desafíos del uso de redes sociales en el aula.
Este documento describe las aplicaciones educativas de las redes sociales. Explica que una red social es una estructura que representa las relaciones entre individuos. Luego, describe las características y objetos de una red social educativa como Ning, incluyendo grupos de clases, blogs y foros de discusión. Finalmente, explica cómo las redes sociales pueden mejorar las relaciones entre estudiantes y profesores, facilitar el aprendizaje y el uso de las TIC en la educación.
If a company is in financial difficulty, its shareholders, creditors or the court can put the company into
liquidation.
This information sheet provides general information for unsecured creditors of companies in
liquidation.
This information sheet provides general information for employees of companies in receivership. Employees should also read ASIC’s information sheet INFO 54 Receivership: a guide for creditors. For more info, visit: http://www.svpartners.com.au
This information sheet gives general information for shareholders on the three most common forms of external administration (liquidation, voluntary administration and receivership).
The Corporate Insolvency Handbook provides an overview of the options available to both companies (in distress) and creditors – liquidation and voluntary administration, as well as the different types of corporate insolvency and voluntary administration.
Voluntary administration a guide for creditorsSV Partners
This document provides a summary of the voluntary administration process for unsecured creditors of companies in financial difficulty. Key points include:
- A voluntary administrator takes control of the company to try and resolve its financial issues, typically through a deed of company arrangement or winding up the business.
- Creditors decide the company's future at a second meeting, usually 5 weeks after appointment, where they vote on options recommended by the administrator.
- The administrator investigates the company's affairs and reports to creditors on alternatives like ending administration, approving a deed, or liquidation. This report informs creditors' vote.
- Creditors can participate in meetings to provide direction and replace the administrator if desired. Voting entitlements
2017 Dean-Willcocks Advisory Presentation | Minimising exposure of profession...Ron Dean-Willcocks
Utilising over 80 years of experience, Dean-Willcocks Advisory provides expert insolvency solutions throughout Australia. In April 2017 Dean-Willcocks Advisory presented their paper on minimising exposure of professional advisors in the event of client insolvency to professionals in Bathurst and Dubbo, NSW.
This document discusses current regulations on auditors providing non-audit services and the issues of independence. It provides details on the types of non-audit services, including tax services, IT services, corporate finance, and other audit-related services. It also outlines prohibited non-audit services like tax advocacy and internal control design. Regulations require pre-approval of non-audit services above a value limit and restrict non-audit fees to no more than 70% of audit fees. Stakeholder expectations are that auditors maintain independence and provide an unbiased opinion, as there is an agency relationship between shareholders and auditors.
This is a brief explanation of some of the te
rms you may come across in company insolvency
proceedings. Please note that this glossary is for ge
neral guidance only. Many of the terms have a
specific technical meaning in certain c
ontexts that may not be covered here.
Independence of external administratorsSV Partners
If a company is insolvent or in financial difficulty,
it can be put into external administration. Here are the three
most common forms of external administration.
Liquidation is winding up of an entity and the selling of its assets to distribute them, depending on the factor whether the company is solvent or insolvent.
This document provides an overview of key concepts related to bankruptcy, including types of bankruptcies, common shocks experienced during bankruptcy, out-of-court settlement options, steps to file UCC documents, issues related to distressed debtors, actions creditors can take after a bankruptcy filing is made, and definitions of key terms like reclamation and bankruptcy priorities. The document covers corporate and individual bankruptcy filings and considerations, as well as non-bankruptcy liquidation and restructuring alternatives.
The document discusses the various roles involved in managing a retirement fund, including administrators, actuaries, benefit consultants, investment consultants, investment managers, insurers, and auditors. It notes that the board of trustees is fully responsible for appointing these roles and overseeing the fund. However, given the complexity of funds, legislation, and investment options, an independent consultant is needed to coordinate activities, provide unbiased advice to the board, simplify choices, and guide the fund in line with best practices and legislation. The independent consultant plays an important role in navigating conflicts of interest and complexity without being controlled by other stakeholders.
The document discusses the roles and responsibilities of auditors for companies. It covers:
- Audits of company annual accounts are mandatory to ensure accountability to shareholders.
- Statutory auditors must be technically qualified, independent, and able to withstand management pressure.
- Only chartered accountants are qualified to audit companies. Auditors have rights like access to books and ability to seek expert advice.
- Auditors' main responsibilities include examining accounts, reporting on true and fair financial reporting, and alerting shareholders on issues.
AUDITING Accounts PayableDiscussion TopicIm Done Top .docxrock73
AUDITING
Accounts Payable
Discussion Topic
I'm Done
Top of Form
Due July 30 at 11:59 PM
Starts Jul 24, 2017 1:00 AM
Bottom of Form
Do you think accounts payable confirmation can be useful to the auditor? How? What are the limitations of accounts payable confirmation? What are some alternatives to accounts payable confirmation?
Replies
1
The confirmation of accounts payable is not a generally accepted auditing procedure. The auditor is required to obtain confirmation of accounts receivable only. The evidence supporting accounts payable, such as vendors' invoices and statements, is produced by outside sources. Determining that all payables are recorded is the primary objective of the accounts payable audit. It follows that confirmations are very useful in supplying supporting evidence for receivables but that auditing procedures other than confirmation are required to verify that all payables are recorded. The selection of accounts payable for confirmation would be from the following groups: (1) large accounts including important suppliers even though the account balance is small at balance sheet date; (2) accounts for which monthly statements are unavailable; (3) accounts with unusual transactions; and (4) accounts with zero balances that had substantial activity earlier in the year.
The main limitation of accounts payable confirmation is that it does not prove the completeness of recorded accounts payable. The accounts payable confirmation procedures are not always used because reliable externally generated evidence supporting accounts payable balances are generally available for audit inspection on the premises of client. Some auditors believe that it is not required to confirm accounts payable because the search for unrecorded liabilities is the basic means of testing for completeness of accounts payable.
The alternative procedures are generally performed for non replies of accounts payable confirmations and or selected unconfirmed accounts. This includes examination of unpaid invoices, receiving reports and bills supporting the recorded balances. The examination of vendor statement dated near the balance sheet date can also be made. The statement balances shall be reconciled to the balance in client account. The subsequent payment of liability shall be vouched. The invoices from few selected vendors for the purchase of goods and services after balance sheet date shall be inspected. It shall be determined whether invoices show an amount that was owed as on balance sheet date. Generally alternative procedures on non replies are not required because the search for unrecorded liabilities compensates for such procedures. The main benefit of this alternative procedure is that it provides 100% confirmation about the existence of accounts payable. The limitation is that this process is quite time taking and wastes auditor’s precious time. It is not very result oriented because performing basic or alternative audit procedures for acco ...
Audit is the process and Assurance is the product. Auditors go through the process of testing client’s financial reports (audit) in order to give the client the confidence that their report is what it seems to be (assurance).
The above is based on a business concept often referred to as “agency theory”.
The secondary agent (auditor) delivers assurance to the principal (shareholder) that the report (financial statements) provided by the primary agent (director) is what it appears to be (shows a true and fair view).
External audit is the name given to the formal audit process of auditing financial statements prepared by directors in order to give an opinion on the truth and fairness of those financial statements to shareholders. External audit is by far the most common form of audit but its objective is the same as the objective of any other audit service. The objective of external audit is assurance. The purpose of external audit is the delivery of confidence in financial statements to the shareholders.
Income and Its Management_Iqbal Hossain.pptssuser3afa77
The Slides will present Various aspects about how the Income is managed to present Window Dressing of any company based on Unethical Management Influence
Ca firm admission test question and answer.pdfRubelKhan38
This document provides sample questions and answers related to a CA firm admission test. It includes 55 multiple choice questions covering topics like statutory audit, internal audit, external audit, accounting, taxation, and financial statements. The questions define key terms and concepts and test understanding of accounting principles and practices.
How to... audit your auto-enrolment scheme complianceJohnsonFleming
This document discusses the importance of auditing an auto-enrollment pension scheme for compliance. It outlines four key areas that should be audited: the auto-enrollment scheme itself, communication processes, assessment and contribution processes, and scheme certification. The audit should ensure the scheme meets all regulatory requirements, proper documentation is maintained, and contributions are being correctly deducted and allocated. Regular audits are important to identify any issues and ensure ongoing compliance.
This document is a Financial Services Guide provided by Synchron to inform clients about their services and responsibilities. It discloses contact details for Synchron and authorised representatives, how remuneration is received, what to do in the event of a complaint, and the financial planning advice process. The guide is in two parts - this document (Part 1) provides general information, while Part 2 (the Adviser Profile) contains specific details about the client's adviser. Fees may be charged for advice and clients have rights to request information on files and complain about advice received.
Similar to Approving fees: A guide for creditors (20)
What are the common challenges faced by women lawyers working in the legal pr...lawyersonia
The legal profession, which has historically been male-dominated, has experienced a significant increase in the number of women entering the field over the past few decades. Despite this progress, women lawyers continue to encounter various challenges as they strive for top positions.
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
The Future of Criminal Defense Lawyer in India.pdfveteranlegal
https://veteranlegal.in/defense-lawyer-in-india/ | Criminal defense Lawyer in India has always been a vital aspect of the country's legal system. As defenders of justice, criminal Defense Lawyer play a critical role in ensuring that individuals accused of crimes receive a fair trial and that their constitutional rights are protected. As India evolves socially, economically, and technologically, the role and future of criminal Defense Lawyer are also undergoing significant changes. This comprehensive blog explores the current landscape, challenges, technological advancements, and prospects for criminal Defense Lawyer in India.
Receivership and liquidation Accounts
Being a Paper Presented at Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Friday, August 18, 2023.