The document provides instructions for using an audit assistance workbook from Cambridge Associates to help clients prepare for audits of their alternative investment fund holdings. The workbook includes checklists of materials to gather and worksheets to organize the information. Users fill out a worksheet for each fund in their portfolio to document their due diligence process. They also classify each fund's holdings based on pricing observability. Once completed, the worksheets are printed and compiled into a binder for the auditor. The workbook is designed to clearly present the client's audit preparation process.
This document provides an overview of new accounting standards and interpretations issued through September 2012. Key highlights include:
- Several new standards on consolidation, joint arrangements, and disclosure of interests in other entities that will change consolidation analysis and disclosure requirements.
- New standards on fair value measurement and amendments to presentation of other comprehensive income that will impact financial statement presentation.
- Revisions to standards on employee benefits, related party disclosures, and accounting for government loans that will require changes to accounting policies.
- Annual improvements resulting in numerous minor changes to various IFRS standards to clarify wording or correct minor unintended consequences, inconsistencies, or oversights.
- Expected future pronouncements from the
This chapter discusses the key pillars of accounting under IFRS. It covers the International Harmonisation Project which developed global standards and interpretations. The Framework establishes objectives, qualitative characteristics and elements for financial statements. IAS 1 addresses presentation requirements like fair presentation, going concern, accrual basis, materiality, and comparability. It outlines the minimum components of financial statements, including the statement of financial position which distinguishes current and non-current assets and liabilities. Classification, offsetting, refinancing and covenant issues are discussed through examples.
Accounting process 1 powerpoint presentation templatesSlideTeam.net
The document describes the accounting process using a flowchart diagram with 7 steps:
1. Financial transactions are recorded in journals.
2. Journals are posted to ledgers.
3. Trial balances are prepared.
4. Reversing entries are made.
5. Income statements and balance sheets are prepared.
6. Closing entries are made.
7. Balance day adjustments are made.
The document discusses professional standards and regulations for auditors and accounting firms. It covers the authorities that set standards, such as the PCAOB and AICPA. It also discusses generally accepted auditing standards, including general standards, standards of fieldwork, and standards of reporting. The hierarchy of accounting guidance under GAAP is presented. The roles of auditing organizations in regulating the profession are defined.
This report provides a summary of schedule, cost, and labor information for Project 10FP17, the ACME prototype cryo data logger development project. The project is 3 weeks behind schedule due to issues with firmware development, and is slightly over budget but improving. Labor reporting shows time spent by project team members on each work breakdown structure element.
This document provides a summary of new and revised IFRS standards and interpretations that will become effective in 2009. Key changes include revisions to IAS 1 regarding financial statement presentation, IAS 27 and IFRS 3 introducing a single consolidation model, and IFRS 8 bringing segment reporting in line with US GAAP. Other standards are also amended relating to borrowing costs, business combinations, financial instruments, and share-based payments. The document outlines the implementation dates and provides high-level details of the changes required by each new or revised standard.
The document provides an exclusive financial analysis of Power Grid Corporation of India including a summary of latest results, valuation metrics, income statement, balance sheet, cashflow statement, quarterly results, growth analysis, comparative analysis, ratio analysis, and technical analysis. It was prepared by Tanay Roy, a CFA and Peu Karak, an MBA, through their company Finalytics for providing financial research and investment management. The document disclaims verification of the accuracy, completeness or correctness of the information contained within.
The document provides statistics on private equity fund performance for various time periods. It shows that for the quarter ending June 30, 2012, the Cambridge Associates LLC U.S. Private Equity Index returned -0.12%, outperforming most stock market benchmarks. The document also analyzes fund performance by vintage year, showing average returns, multiples, and other metrics for funds launched between 1986-1996.
This document provides an overview of new accounting standards and interpretations issued through September 2012. Key highlights include:
- Several new standards on consolidation, joint arrangements, and disclosure of interests in other entities that will change consolidation analysis and disclosure requirements.
- New standards on fair value measurement and amendments to presentation of other comprehensive income that will impact financial statement presentation.
- Revisions to standards on employee benefits, related party disclosures, and accounting for government loans that will require changes to accounting policies.
- Annual improvements resulting in numerous minor changes to various IFRS standards to clarify wording or correct minor unintended consequences, inconsistencies, or oversights.
- Expected future pronouncements from the
This chapter discusses the key pillars of accounting under IFRS. It covers the International Harmonisation Project which developed global standards and interpretations. The Framework establishes objectives, qualitative characteristics and elements for financial statements. IAS 1 addresses presentation requirements like fair presentation, going concern, accrual basis, materiality, and comparability. It outlines the minimum components of financial statements, including the statement of financial position which distinguishes current and non-current assets and liabilities. Classification, offsetting, refinancing and covenant issues are discussed through examples.
Accounting process 1 powerpoint presentation templatesSlideTeam.net
The document describes the accounting process using a flowchart diagram with 7 steps:
1. Financial transactions are recorded in journals.
2. Journals are posted to ledgers.
3. Trial balances are prepared.
4. Reversing entries are made.
5. Income statements and balance sheets are prepared.
6. Closing entries are made.
7. Balance day adjustments are made.
The document discusses professional standards and regulations for auditors and accounting firms. It covers the authorities that set standards, such as the PCAOB and AICPA. It also discusses generally accepted auditing standards, including general standards, standards of fieldwork, and standards of reporting. The hierarchy of accounting guidance under GAAP is presented. The roles of auditing organizations in regulating the profession are defined.
This report provides a summary of schedule, cost, and labor information for Project 10FP17, the ACME prototype cryo data logger development project. The project is 3 weeks behind schedule due to issues with firmware development, and is slightly over budget but improving. Labor reporting shows time spent by project team members on each work breakdown structure element.
This document provides a summary of new and revised IFRS standards and interpretations that will become effective in 2009. Key changes include revisions to IAS 1 regarding financial statement presentation, IAS 27 and IFRS 3 introducing a single consolidation model, and IFRS 8 bringing segment reporting in line with US GAAP. Other standards are also amended relating to borrowing costs, business combinations, financial instruments, and share-based payments. The document outlines the implementation dates and provides high-level details of the changes required by each new or revised standard.
The document provides an exclusive financial analysis of Power Grid Corporation of India including a summary of latest results, valuation metrics, income statement, balance sheet, cashflow statement, quarterly results, growth analysis, comparative analysis, ratio analysis, and technical analysis. It was prepared by Tanay Roy, a CFA and Peu Karak, an MBA, through their company Finalytics for providing financial research and investment management. The document disclaims verification of the accuracy, completeness or correctness of the information contained within.
The document provides statistics on private equity fund performance for various time periods. It shows that for the quarter ending June 30, 2012, the Cambridge Associates LLC U.S. Private Equity Index returned -0.12%, outperforming most stock market benchmarks. The document also analyzes fund performance by vintage year, showing average returns, multiples, and other metrics for funds launched between 1986-1996.
The new guidance establishes the core principle that revenue should be recognized in an amount that reflects the consideration expected in exchange for goods or services transferred to a customer. It affects any entity that enters into contracts with customers, replacing much of the revenue recognition guidance in U.S. GAAP and IFRS. A company would apply a five-step model to achieve the core principle: 1) identify contracts with customers, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue upon satisfaction of obligations. The standards aim to improve comparability of revenue recognition practices globally.
This document provides guidance on using an audit practice manual to conduct audits in compliance with relevant standards. It discusses the manual's referencing system, forms, photocopying, control procedures, planning, and documentation of the audit process. The manual is a standalone system that provides all necessary documentation to comply with auditing standards. It allows customization to each client's audit and efficient documentation of the audit work performed.
This document provides guidance on using an Audit Practice Manual for audits in Bangladesh. It discusses:
- The manual contains all documentation needed to comply with Bangladesh auditing standards.
- It uses a referencing system to facilitate review of working papers.
- Forms are designed to encourage review and conclusions, with spaces for preparers and reviewers.
- Sections provide guidance on documentation of accounts, partner review, ensuring compliance with standards, and completing the audit file.
EY compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2016 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C.
Highlights of the 2016 AICPA National Conference on Current SEC and PCAOB Dev...Julien Boucher
Our compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2016 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C. The highlights include:
• SEC staff remarks about the implementation of new accounting standards and related transition disclosures required under SAB Topic 11.M
• SEC staff observations on non-GAAP financial measures and recent comments
• Update from FASB and IASB representatives on standard-setting activities
• Comments from SEC and PCAOB officials on the importance of internal control over financial reporting
event. However, many executives would rather not discusscrisBetseyCalderon89
This document discusses the results of a survey on corporate crisis preparedness. While over 60% of respondents were confident in their organization's preparedness for a major crisis in key business areas like legal, insurance, finance, and accounting, one-third of respondents were not concerned about their company's overall preparedness. Those who had experienced a recent crisis were less confident in their organization's readiness. The survey suggests that companies who have undergone a crisis see a lower level of preparedness in many of their key business processes compared to companies who have not faced a crisis.
The document discusses International Accounting Standards. It defines accounting standards as policy documents issued by accounting bodies that relate to measuring, treating, and disclosing accounting transactions and events. The standards specify which economic items should be recorded as assets and liabilities, at what values, and when and how changes should be measured. They also determine what financial information should be disclosed and which financial statements should be prepared. The purposes of standards are to standardize accounting policies, make statements comparable, and provide rules for measurement. They promote uniformity, common principles, consistency, and comparability among financial statements.
The document summarizes proposed changes to International Standards on Auditing regarding auditor reporting. Key proposals include requiring auditors to communicate key audit matters in listed entity audits, including areas of significant risk, difficulty, or modification to planned procedures. A going concern section would replace emphasis paragraphs on material uncertainties. Auditors would need to explicitly state compliance with independence standards. The engagement partner would be named in listed entity audit reports.
What are the basic components of the conceptual framework What are .pdfanaxeetech
What are the basic components of the conceptual framework? What are your opinion about the
success of the conceptual framework
Solution
Conceptual Framework Underlying Financial Accounting
The development of accounting standards or any other accounting guidelines need a foundation
of underlying principles. In July 1989, The International Accounting Standards Committee
(IASC) issued a \"Conceptual Framework\" to serve as a basis for accounting standards. The
Accounting Standards Board of the ICAI has issued a similar framework for same purpose in
July 2000. This framework serves as a constitution and provides the fundamental basis for
development of new accounting standards as also for review of existing standards. The principle
areas covered by the framework are as follows:
Components of financial statements
>Balance sheet
>Profit & Loss A/c
>Cash Flow Statement
>Notes & Schedules to Accounts
Objectives of Financial Statements:
Objectives require financial statements to show the results of business operations and
stewardship or accountability of the management in respect of resources entrusted to it, to the
diversified stakeholders of the business.
Assumptions Underlying Financial statements:
Three fundamental accounting assumptions are as follows:
>Going Concern
>Consistency
>Accrual
Qualitative Characteristics of Financial Statements:
>Understandability
>Relevance
>Reliability
>Comparability
>True & Fair View
Elements of Financial Statements:
The five financial elements are assets, Liabilities, Equity, Income/Gains, and Expenses/losses.
Principles of Measurement of Financial Statements:
Measurement is the process of determining money value at which an element can be recognised
in the balance Sheet or statement of profit or loss. The framework recognises four alternative
bases for the purpose. These bases relate explicitly to the valuation of assets and liabilities. In
preparation of financial statements, all or any of the below can be used in varying combinations
to assign money values to financial items:
(a) Historical Values
(b) Current Cost
(c) Realisable(Settlement) Value and
(d) Present Value
PURPOSE OF THE FRAMEWORK
The framework sets out the concepts underlying the preparation and presentation of general
purpose financial statements prepared by enterprises for external users.
The main purpose of the framework is:
(a). To assists enterprises in preparation of their financial statements in compliance with the
accounting standard and in dealing with the topics not yet covered by any accounting standard.
(b). To assists ASB in its task of development and review of accounting standards.
(c). To assists ASB in promoting harmonisation of regulations, accounting standards and
procedures relating to the preparation and presentation of financial statement by providing a
basis for reducing the number of alternative accounting treatments permitted by accounting
standards.
(d). To assists auditors in forming an opinion as to whether financial sta.
Week 5 Learning Team Assignment Grading GuideACC492 Version.docxcockekeshia
Week 5 Learning Team Assignment Grading Guide
ACC/492 Version 8
2
Learning Team Assignment: Week 5 Learning Team Assignment
Purpose of Assignment
Prior to completing the audit, the auditor needs to identify any activity that might affect their reporting. Identification of contingent liabilities and subsequent events are key links between completing fieldwork and issuing the auditors’ report.
A contingent liability is a potential liability (e.g. damages to be paid for a pending lawsuit or a product warranty). For example, if the outcome of a lawsuit and/or amount to be paid in a lawsuit is unknown or unknowable, the company cannot or should not record the amount owed in a particular period in its financial statements. The company may be found not liable for the lawsuit. However, because there is the potential for damages payments, this information needs to be disclosed so the reader of the financial statements can factor that information into their analysis of the company. Likewise, use of warranties is often an unknown.
Consequently, how the company plans to account for these should be disclosed.
According to the AICPA, “An independent auditor's report ordinarily is issued in connection with historical financial statements that purport to present financial position at a stated date and results of operations and cash flows for a period ended on that date. However, events or transactions sometimes occur subsequent to the balance-sheet date, but prior to the issuance of the financial statements. This can have a material effect on the financial statements and therefore require adjustment or disclosure in the statements. These occurrences hereinafter are referred to as "subsequent events." (AU 560).
The purpose of this assignment is to give the student some experience in addressing two key steps an auditor goes through as they complete fieldwork and begin preparing for the reporting phase of the audit.
Grading Guide
Content
Met
Partially Met
Not Met
Comments:
Explains the importance of reviewing for contingent liabilities and subsequent events.
Describes the requirements for reviewing for contingent liabilities and subsequent events.
Presentation consists of 10 to 12-slides and is appropriate for the audience.
The presentation includes relevant media and visual aids that are consistent with the content.
Total Available
Total Earned
X
#/X
Presentation Guidelines
Met
Partially Met
Not Met
Comments:
The presentation is laid out with effective use of headings, font styles, font sizes, and white space.
Intellectual property is recognized with in-text citations and a reference slide.
The presentation includes an introduction and conclusion that preview and review major points.
Major points are stated clearly; are supported by specific details, examples, or analysis; and are organized logically.
Rules of grammar and usage are followed including spelling and punctuation.
Total Available
To.
The U.S. GAAP Financial Accounting Standards Board (FASB) Codification™ is fully effective for all entities. The Codification is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification has created an entirely new topically organized system for all accountants to learn.
Learn more about Codification at:
http://ugaap.com/blog/?p=234#comments
ISA 701 (New) Detailed
Communicating Key Audit Matters in the Independent Auditor’s Report
المعيار الدولي للتدقيق 701 (جديد)
إيصال أمور التدقيق الرئيسية في تقرير المدقق المستقل
The document discusses financial reporting standards and their implications for financial analysis. It covers several topics:
1) The objectives of financial reporting standards are to provide comparability between firms while allowing some flexibility. Standards bodies set accounting rules and regulations that governments enforce.
2) Analysts must understand the accounting methods used to construct financial statements and how choices affect reported figures. Earnings computed under aggressive vs conservative methods may warrant different valuation multiples.
3) Financial statements have constraints that prioritize some qualities like reliability over relevance. Standards also involve tradeoffs between balance sheet and income statement relevance. Analysts must consider these effects.
The document summarizes the International Accounting Standards Board's (IASB) completion of the first phase of its conceptual framework project, which established new chapters on the objective of general purpose financial reporting and the qualitative characteristics of useful financial information. It provides background on the goals of the project to develop a principles-based conceptual framework and update the outdated 1989 framework. It describes the project phases, feedback received, and key changes made in response to comments received during consultation, such as clarifying the objective to include decisions about management accountability and stewardship.
Introduction to Accounting Standards_7iWCuHN.pdfPriyaGhosh47
The document discusses accounting standards, including:
1. The objectives and benefits of accounting standards such as standardizing accounting treatments and improving comparability.
2. The standards setting process in India, which involves identification of areas for standards, drafting standards, public comments, and finalization.
3. The status of accounting standards in India, which are developed by ICAI's Accounting Standards Board and notified by the Ministry of Corporate Affairs.
4. The need for convergence with global standards like IFRS to facilitate cross-border investment and improve confidence in financial reporting.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
The new guidance establishes the core principle that revenue should be recognized in an amount that reflects the consideration expected in exchange for goods or services transferred to a customer. It affects any entity that enters into contracts with customers, replacing much of the revenue recognition guidance in U.S. GAAP and IFRS. A company would apply a five-step model to achieve the core principle: 1) identify contracts with customers, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue upon satisfaction of obligations. The standards aim to improve comparability of revenue recognition practices globally.
This document provides guidance on using an audit practice manual to conduct audits in compliance with relevant standards. It discusses the manual's referencing system, forms, photocopying, control procedures, planning, and documentation of the audit process. The manual is a standalone system that provides all necessary documentation to comply with auditing standards. It allows customization to each client's audit and efficient documentation of the audit work performed.
This document provides guidance on using an Audit Practice Manual for audits in Bangladesh. It discusses:
- The manual contains all documentation needed to comply with Bangladesh auditing standards.
- It uses a referencing system to facilitate review of working papers.
- Forms are designed to encourage review and conclusions, with spaces for preparers and reviewers.
- Sections provide guidance on documentation of accounts, partner review, ensuring compliance with standards, and completing the audit file.
EY compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2016 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C.
Highlights of the 2016 AICPA National Conference on Current SEC and PCAOB Dev...Julien Boucher
Our compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2016 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C. The highlights include:
• SEC staff remarks about the implementation of new accounting standards and related transition disclosures required under SAB Topic 11.M
• SEC staff observations on non-GAAP financial measures and recent comments
• Update from FASB and IASB representatives on standard-setting activities
• Comments from SEC and PCAOB officials on the importance of internal control over financial reporting
event. However, many executives would rather not discusscrisBetseyCalderon89
This document discusses the results of a survey on corporate crisis preparedness. While over 60% of respondents were confident in their organization's preparedness for a major crisis in key business areas like legal, insurance, finance, and accounting, one-third of respondents were not concerned about their company's overall preparedness. Those who had experienced a recent crisis were less confident in their organization's readiness. The survey suggests that companies who have undergone a crisis see a lower level of preparedness in many of their key business processes compared to companies who have not faced a crisis.
The document discusses International Accounting Standards. It defines accounting standards as policy documents issued by accounting bodies that relate to measuring, treating, and disclosing accounting transactions and events. The standards specify which economic items should be recorded as assets and liabilities, at what values, and when and how changes should be measured. They also determine what financial information should be disclosed and which financial statements should be prepared. The purposes of standards are to standardize accounting policies, make statements comparable, and provide rules for measurement. They promote uniformity, common principles, consistency, and comparability among financial statements.
The document summarizes proposed changes to International Standards on Auditing regarding auditor reporting. Key proposals include requiring auditors to communicate key audit matters in listed entity audits, including areas of significant risk, difficulty, or modification to planned procedures. A going concern section would replace emphasis paragraphs on material uncertainties. Auditors would need to explicitly state compliance with independence standards. The engagement partner would be named in listed entity audit reports.
What are the basic components of the conceptual framework What are .pdfanaxeetech
What are the basic components of the conceptual framework? What are your opinion about the
success of the conceptual framework
Solution
Conceptual Framework Underlying Financial Accounting
The development of accounting standards or any other accounting guidelines need a foundation
of underlying principles. In July 1989, The International Accounting Standards Committee
(IASC) issued a \"Conceptual Framework\" to serve as a basis for accounting standards. The
Accounting Standards Board of the ICAI has issued a similar framework for same purpose in
July 2000. This framework serves as a constitution and provides the fundamental basis for
development of new accounting standards as also for review of existing standards. The principle
areas covered by the framework are as follows:
Components of financial statements
>Balance sheet
>Profit & Loss A/c
>Cash Flow Statement
>Notes & Schedules to Accounts
Objectives of Financial Statements:
Objectives require financial statements to show the results of business operations and
stewardship or accountability of the management in respect of resources entrusted to it, to the
diversified stakeholders of the business.
Assumptions Underlying Financial statements:
Three fundamental accounting assumptions are as follows:
>Going Concern
>Consistency
>Accrual
Qualitative Characteristics of Financial Statements:
>Understandability
>Relevance
>Reliability
>Comparability
>True & Fair View
Elements of Financial Statements:
The five financial elements are assets, Liabilities, Equity, Income/Gains, and Expenses/losses.
Principles of Measurement of Financial Statements:
Measurement is the process of determining money value at which an element can be recognised
in the balance Sheet or statement of profit or loss. The framework recognises four alternative
bases for the purpose. These bases relate explicitly to the valuation of assets and liabilities. In
preparation of financial statements, all or any of the below can be used in varying combinations
to assign money values to financial items:
(a) Historical Values
(b) Current Cost
(c) Realisable(Settlement) Value and
(d) Present Value
PURPOSE OF THE FRAMEWORK
The framework sets out the concepts underlying the preparation and presentation of general
purpose financial statements prepared by enterprises for external users.
The main purpose of the framework is:
(a). To assists enterprises in preparation of their financial statements in compliance with the
accounting standard and in dealing with the topics not yet covered by any accounting standard.
(b). To assists ASB in its task of development and review of accounting standards.
(c). To assists ASB in promoting harmonisation of regulations, accounting standards and
procedures relating to the preparation and presentation of financial statement by providing a
basis for reducing the number of alternative accounting treatments permitted by accounting
standards.
(d). To assists auditors in forming an opinion as to whether financial sta.
Week 5 Learning Team Assignment Grading GuideACC492 Version.docxcockekeshia
Week 5 Learning Team Assignment Grading Guide
ACC/492 Version 8
2
Learning Team Assignment: Week 5 Learning Team Assignment
Purpose of Assignment
Prior to completing the audit, the auditor needs to identify any activity that might affect their reporting. Identification of contingent liabilities and subsequent events are key links between completing fieldwork and issuing the auditors’ report.
A contingent liability is a potential liability (e.g. damages to be paid for a pending lawsuit or a product warranty). For example, if the outcome of a lawsuit and/or amount to be paid in a lawsuit is unknown or unknowable, the company cannot or should not record the amount owed in a particular period in its financial statements. The company may be found not liable for the lawsuit. However, because there is the potential for damages payments, this information needs to be disclosed so the reader of the financial statements can factor that information into their analysis of the company. Likewise, use of warranties is often an unknown.
Consequently, how the company plans to account for these should be disclosed.
According to the AICPA, “An independent auditor's report ordinarily is issued in connection with historical financial statements that purport to present financial position at a stated date and results of operations and cash flows for a period ended on that date. However, events or transactions sometimes occur subsequent to the balance-sheet date, but prior to the issuance of the financial statements. This can have a material effect on the financial statements and therefore require adjustment or disclosure in the statements. These occurrences hereinafter are referred to as "subsequent events." (AU 560).
The purpose of this assignment is to give the student some experience in addressing two key steps an auditor goes through as they complete fieldwork and begin preparing for the reporting phase of the audit.
Grading Guide
Content
Met
Partially Met
Not Met
Comments:
Explains the importance of reviewing for contingent liabilities and subsequent events.
Describes the requirements for reviewing for contingent liabilities and subsequent events.
Presentation consists of 10 to 12-slides and is appropriate for the audience.
The presentation includes relevant media and visual aids that are consistent with the content.
Total Available
Total Earned
X
#/X
Presentation Guidelines
Met
Partially Met
Not Met
Comments:
The presentation is laid out with effective use of headings, font styles, font sizes, and white space.
Intellectual property is recognized with in-text citations and a reference slide.
The presentation includes an introduction and conclusion that preview and review major points.
Major points are stated clearly; are supported by specific details, examples, or analysis; and are organized logically.
Rules of grammar and usage are followed including spelling and punctuation.
Total Available
To.
The U.S. GAAP Financial Accounting Standards Board (FASB) Codification™ is fully effective for all entities. The Codification is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification has created an entirely new topically organized system for all accountants to learn.
Learn more about Codification at:
http://ugaap.com/blog/?p=234#comments
ISA 701 (New) Detailed
Communicating Key Audit Matters in the Independent Auditor’s Report
المعيار الدولي للتدقيق 701 (جديد)
إيصال أمور التدقيق الرئيسية في تقرير المدقق المستقل
The document discusses financial reporting standards and their implications for financial analysis. It covers several topics:
1) The objectives of financial reporting standards are to provide comparability between firms while allowing some flexibility. Standards bodies set accounting rules and regulations that governments enforce.
2) Analysts must understand the accounting methods used to construct financial statements and how choices affect reported figures. Earnings computed under aggressive vs conservative methods may warrant different valuation multiples.
3) Financial statements have constraints that prioritize some qualities like reliability over relevance. Standards also involve tradeoffs between balance sheet and income statement relevance. Analysts must consider these effects.
The document summarizes the International Accounting Standards Board's (IASB) completion of the first phase of its conceptual framework project, which established new chapters on the objective of general purpose financial reporting and the qualitative characteristics of useful financial information. It provides background on the goals of the project to develop a principles-based conceptual framework and update the outdated 1989 framework. It describes the project phases, feedback received, and key changes made in response to comments received during consultation, such as clarifying the objective to include decisions about management accountability and stewardship.
Introduction to Accounting Standards_7iWCuHN.pdfPriyaGhosh47
The document discusses accounting standards, including:
1. The objectives and benefits of accounting standards such as standardizing accounting treatments and improving comparability.
2. The standards setting process in India, which involves identification of areas for standards, drafting standards, public comments, and finalization.
3. The status of accounting standards in India, which are developed by ICAI's Accounting Standards Board and notified by the Ministry of Corporate Affairs.
4. The need for convergence with global standards like IFRS to facilitate cross-border investment and improve confidence in financial reporting.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
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On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Top 10 Free Accounting and Bookkeeping Apps for Small BusinessesYourLegal Accounting
Maintaining a proper record of your money is important for any business whether it is small or large. It helps you stay one step ahead in the financial race and be aware of your earnings and any tax obligations.
However, managing finances without an entire accounting staff can be challenging for small businesses.
Accounting apps can help with that! They resemble your private money manager.
They organize all of your transactions automatically as soon as you link them to your corporate bank account. Additionally, they are compatible with your phone, allowing you to monitor your finances from anywhere. Cool, right?
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This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
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INCLUDED FRAMEWORKS/MODELS:
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2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
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18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
Innovation Management Frameworks: Your Guide to Creativity & Innovation
Audit Assistance Start Here
1. cambridge associates, llc
Audit Assistance Workbook
ar l in gton | b oston | d a lla s | lon d on | me n lo pa r k | si ng apo re | sydney
2. audit assistance workbook
Table of Contents
introduction 3
How to use this workbook 5
workbook assembly instructions 7
guide to classification levels classification_levels_guide.pdf
Hedge Funds audit HF_worksheet.pdf
private equity audit pe_worksheet.pdf
cambridge associates, llc index
3. audit assistance workbook
Introduction
Welcome to the second edition of our Cambridge Associates Audit Assistance Workbook. We developed
the workbook in 2009 as part of our ongoing effort to help clients prepare for upcoming audits of their
alternative investment fund holdings. By way of history, in 2006, the American Institute of Certified Public
Accountants (AICPA) issued a practice aid to provide guidance for the auditing of alternative investments.
Since then, Cambridge Associates has issued several working papers to assist clients with their audits and
to clarify evolving accounting issues related to this topic:1
• Auditing Alternative Investments: An Endowment Investment Perspective
September 2006
• Endowments and Alternative Investments: Preparing for the Next Audit
June 2007
• “Mark to Market” Accounting: An Endowment’s Guide to the New Valuation (FAS 157)
October 2008
VALUATION STANDARDS HAVE BEEN DEFINED
In January 2009, an AICPA task force issued complex draft guidance that would have required investors
to adjust funds’ reported NAVs. In response to the many comments on this matter—including a detailed
comment from CA on behalf of our clients2 — the Financial Accounting Standards Board (FASB) decided
not to require investors to adjust their funds’ reported NAVs. Investors may use NAV as a practical
expedient, in most cases, to report the fair value of their alternative investments; however, FASB requires
new disclosures for each category of alternative investments. The effective date of this guidance is the
first annual or interim reporting period ending after December 15, 2009. Thus, the 2010 edition of the
Audit Assistance Workbook includes a suggested matrix for documenting these disclosures and a section
1. Cambridge Associates responded
listing criteria for using NAV as a practical expedient. on behalf of our clients. Visit the
client website to read our letter to
the AICPA.
2. In spring of 2010 we expect to
issue a report on new governance
guidelines, including expanded
disclosures mandated by FAS 117-
1, some of which might be included
in your audit resources.
cambridge associates, llc intro 3
4. audit assistance workbook
Introduction
CAMBRIDGE ASSOCIATES’ AUDIT ASSISTANCE WORKBOOK
It is not our intention to provide specific accounting or legal advice. We encourage you to work with
the appropriate professionals for legal and accounting matters, and as with all accounting changes, we
strongly recommend that you consult with your auditors early and often about how the changes will affect
your financial statements.
Perhaps the most confusing change is the terminology. Fair value guidance is now called Topic 820
rather than FAS 157. We will add to this workbook as Topic 820 guidance evolves. In the meantime, this
workbook can be a starting point for conversations with your auditor.
Presenting your auditor with a clear process for gathering and examining information is a helpful first
step toward satisfying Topic 820-specific audit requirements. This workbook helps define critical items
clients should include as part of this process.
cambridge associates, llc intro 4
6. audit assistance workbook
How to Use this Workbook
Enter the fund’s classification level in the box provided within the worksheets section; mousing over
and clicking the words “Classification Level” will take users to the Topic 820 (FAS 157) Guide to
Classification Levels PDF. This guide is a suggested framework for approaching the development of
your own disclosure (classification) methodology. For all except separately managed accounts, portfolio
holdings should be classified at the fund level. Classifying holdings based upon the observability of their
pricing is a requirement that came into effect on December 31, 2008.
Clients should follow the guide for suggestions on how to think about hedge fund, private equity,
equity and fixed income investments in light of the Topic 820 (FAS 157) disclosure requirements. Keep in
mind that if you have a separate account, the guidelines require that you classify each of the underlying
holdings in that account. Your custodian may be able to help you classify the underlying holdings. In
addition to using a custodian that supplies this classification leveling service, investors who subscribe to
Cambridge Associates’ performance measurement services and, further, to portfolio analysis, may find
these useful for looking through to the holdings in separate accounts.1
As you complete HF and/or PE worksheets for each fund in your portfolio, title the completed PDFs (e.g.,
“Generic Fund IV”), and save the completed PDFs to your hard drive. For example: if you have 30 funds
in your portfolio, you should have 30 separately titled PDFs saved to your hard drive that document
your considerations for each item. You can print these and place them in a binder for your auditor.
(Alternatively you can use the checklist without the worksheets. Just check the boxes as you gather each
item using your own process.)
We stress that thorough due diligence is critical. Neither the checklists, worksheets nor the leveling guide
is substitute for a thorough due diligence process.
1. Without custodian assistance,
relying on these analytics is
preferred to simply attempting to
decipher custodian statements. C|A
offers a “Full Report” and a “Short
Report.” The former provides
additional detail on the individual
underlying portfolio companies.
cambridge associates, llc intro 6
7. audit assistance workbook
Workbook Assembly Instructions
1 Download the appropriate blank worksheet template(s)—
Hedge Fund (HF) or Private Equity (PE)—found adjacent
to this introductory PDF under “Research Library” on the
2 Starting with the essentials checklist on page 1 of each worksheet,
complete and save a single worksheet for each fund in your portfolio.
client website.
Fund 1 Fund 2 Fund 3...
Hedge Funds Private Equity
Audit Worksheet Audit Worksheet
3 Fill out the binder cover document and print it and
all of your worksheets. 4 the top margin, insert into a 3-ring binder and submit to the auditor.
My Organization
Audit Worksheet My Organization
Audit Worksheet
Date
Date
cambridge associates, llc intro 7