The document discusses auditing principles and provides an overview of auditing. It notes that auditing is a systematic process of obtaining and evaluating evidence to determine if assertions match established criteria. Auditors aim to provide assurance and attest to the reliability of information. Key aspects of auditing include independence, professional skepticism, compliance with standards, and expressing an opinion to provide confidence to information users. Auditors help satisfy the demand for reliable information needed for decision making in complex business environments.
IT CONTAINS BASICS OF AUDIT AND AUDITOR
MEANING OF AUDIT, DEFINITION, ORIGIN AND DEVELOPMENT, TYPES OF AUDIT, DIFFERENCE BETWEEN ACCOUNT AND AUDIT, AUDITOR
IT WILL HELP THE STUDENTS TO UNDERSTAND THE BASIC OF AUDIT.
Management Override: Common Tactics and How to Audit For Red FlagsFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud in a High Crime Climate. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on the subject in the title
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
IT CONTAINS BASICS OF AUDIT AND AUDITOR
MEANING OF AUDIT, DEFINITION, ORIGIN AND DEVELOPMENT, TYPES OF AUDIT, DIFFERENCE BETWEEN ACCOUNT AND AUDIT, AUDITOR
IT WILL HELP THE STUDENTS TO UNDERSTAND THE BASIC OF AUDIT.
Management Override: Common Tactics and How to Audit For Red FlagsFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud in a High Crime Climate. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on the subject in the title
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
This was the informative seminar on the basic taxation principles in the Philippines. It was an hour-long speech on the basics of the Philippine Tax system presented to the students of the Mindanao State University - Iligan Institute of Technology on 12 August 2011 for the Political Science 2 Lecture Series by Vivienne Cemine.\. The document was uploaded by JR Lopez Gonzales of www.politikalon.blogspot.com.
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
This is a short presentation for beginners wanting to learn a bit about the Indian Income-tax Act. It gives a snapshot of some of the basic terms in the Indian income-tax law. Hard core tax practitioners may kindly stay away! It's only the common man.
Internal.docRunning head Accounting information 1Acco.docxmariuse18nolet
Internal.doc
Running head: Accounting information
1
Accounting information
2
Accounting information
Student Name
University Name
Picket, n.d. defines internal controls as mechanisms to ensure objectives are achieved. Good controls encourage efficiency, compliance with laws and regulations, sound information, and seek to eliminate fraud and abuse. Internal control is also a process designed to provide assurance regarding the achievement of objectives in the effectiveness and efficiency of operations, reliability and internal and external reporting, and compliance with applicable laws and regulations and internal policies.
Everyone in the organization has some role to play in the organization’s internal control system. The board of directors is responsible for the company’s system of internal control and it sets appropriate policies on internal control and seek regular assurance to ensure that the system of internal control is effective in managing risks in the manner which it has approved. It is also the role of the management to implement board policies on risk and control and all the employees of an organization have some responsibility for internal control as part of their accountability for achieving objectives. Management also needs to review the effectiveness of internal control by forming its own view on effectiveness after due and careful enquiry based on the information and assurances provided to it.
A few examples of internal control activities are as follows: (1) Tracking of major agency achievements and comparing these to the plans, goals and established objectives by the management. (2) Establishing physical control to secure and safeguard vulnerable assets. (3) Use a variety of control activities in information processing. (4) There should be a proper execution of transactions by making sure they are authorized and executed only by persons
acting within the scope of their authority. (5) Segregate the key duties and responsibilities to reduce the risk of error or fraud. (6) Appropriate documentation of transactions and other
significant events and they should be readily available for examination. (7) Establish finance committee to spearhead planning and monitoring of financial activities and reporting. (8) Design an effective organizational structure that takes into account the culture of the organization which is critical for effective financial management. (9) Effective management controls which includes methods of financial planning and budgeting and reporting of actual results and follow-up of variances between budgeted and actual amounts.
There are two groups of users of accounting information: internal users and external users. The internal users are the company managers who use the accounting information to decide how to plan and control operations on a daily and long-term basis while the external users are the existing or the potential investors, creditors, analysts, financial advise.
10 Commandments for Achieving Operational ExcellenceMitch Ackles
This white paper is intended to provide a useful framework and guide for all Investment Management Firms.
Over the past 20 years the investment management industry, and specifically hedge funds, has achieved tremendous growth. As assets under management increased, so did diversification in strategies and investments. During that time investors have become very sophisticated in their selection of investments as well as the operational due diligence process. This growth and sophistication has reinforced the critical role of operational executives, and their teams’ responsibility to effectively manage the operational infrastructure. These are the people, functions and technology that are an integral part of keeping these firms thriving.
I have been on the operational side of the hedge fund business for 23 years, holding various senior positions. The first 8 years I had the privilege of being at Tiger Management, one of the premier firms at that time. The people I worked with were brilliant, the standards were high, the positive energy was contagious, and I felt honored to be a part of it. My background includes leading Global Operations for Tiger Management and Highbridge Capital, as well as having several COO positions for emerging managers.
I’ve witnessed and participated in the evolution of the operational side of hedge funds. In the early years hedge funds launched with mainly portfolio managers and traders, and relied heavily on their prime brokers to fulfill their back office needs. As assets grew so did the investment process, and subsequently, it was imperative to start building out an “operations group” within a hedge fund. Expansion from U.S. to foreign investments began, as well as diversifying from only equities and bonds to now including all types of derivatives and over the counter contracts. Also happening was the addition of multiple prime brokers to meet their “shorting” requirements. All these changes were occurring simultaneously.
The investment side of the business was growing so rapidly that the operations side had to quickly adapt to meet the challenge. As this expansion was happening the prime brokers were not as equipped to take on these new investments since their early model was built principally to support equity investments. Additionally, with hedge funds now engaging with multiple prime brokers, supporting them was even more challenging. Therefore, hedge fund operations, especially the larger firms, were taking back some of these functions from prime brokers to manage them more closely.
FOR MORE CLASSES VISIT
www.acc291genius.com
ACC 291 is a online tutorial store we provides ACC 291 Entire Course And Final Guide You can find here.
Current assets
When it comes to a company's classified balance sheets you will find current assets sheet. Current assets is cash or cash equilivants that the company will use. What you will find on a current asset sheet is Cash and equilvants, Short term investments, Accounts receivables, and other assets.
Understand the Value of Your InsurTech CompanyMercer Capital
Valuing an InsurTech company can be complicated and difficult, but carries important significance for employees, investors, and stakeholders for the company. While all InsurTech companies have differences, including what niche (distribution, claims, benefits, etc.) they operate in or what stage of development the company is in, understanding the value of the business is critically important.
An Analysis of Factors Influencing Customer Creditworthiness in the Banking S...Dr. Amarjeet Singh
This research is based on Bahraini bankers’ perception on the factors influencing customer creditworthiness in the banking sector of Kingdom of Bahrain. We consider that the research was done in the Kingdom of Bahrain which has a growing banking industry. To enhance the whole procedure of the creditworthiness, it is vital for an employer to understand the most important factors influencing customer creditworthiness. The purpose of the study was to investigate the factors influencing customers creditworthiness in the banking industry. The creditworthiness can be assessed through qualitative factors, quantitative factors and risk factors. The research was conducted through a survey, using the questionnaire as the research instrument. The respondents of the study are employees of banks across the Kingdom dealing with creditworthiness. The statistical tools used in the study are Multiple Regression Analyses and weighted mean. The researcher has found that there is significant relationship between all three factors and creditworthiness, and they don’t equally influence the creditworthiness. The research provides recommendations to banks in assessing the creditworthiness. The researcher recommended that employees must use the most effective methods such as credit scoring to conduct the analysis of creditworthiness in order to make effective decisions. Moreover, the researcher recommended that analysts should take into considerations the most effective factors in the analysis process and they must not neglect other.
Solution manual for Auditing & Assurance Services A Systematic Approach 12th ...ssuserf63bd7
Solution manual for Auditing & Assurance Services A Systematic Approach 12th Edition by William Messier Jr.docx
Full download contact u84757@protonmail.com or
https://qidiantiku.com/solution-manual-for-auditing-assurance-services-a-systematic-approach-12th-edition-by-william-messier-jr.shtml
This is a sample from "Solution Manual Auditing & Assurance Services 9th Edition by Timothy Louwers & Penelope Bagley".
About the main textbook:
“Auditing & Assurance Services” authored by Timothy Louwers and Penelope Bagley is a comprehensive textbook focusing on the principles and practices of auditing and assurance services. Here’s an overview of what you might expect from this book:
Fundamentals of Auditing: The book likely begins with an introduction to auditing, covering its purpose, objectives, and the role of auditors in providing assurance to stakeholders. It may also discuss the legal and ethical responsibilities of auditors.
Auditing Standards and Regulations: This section typically covers the auditing standards and regulations that auditors must adhere to. This includes internationally recognized auditing standards such as those issued by the International Auditing and Assurance Standards Board (IAASB) as well as jurisdiction-specific regulations.
Audit Planning and Risk Assessment: Auditing involves assessing the risks associated with the client’s business and designing audit procedures to address those risks. This section likely discusses the process of audit planning, risk assessment methodologies, and the development of an audit strategy.
Internal Control Evaluation: Understanding and evaluating the client’s internal control environment is crucial for auditors. The book may cover the concepts of internal control, the components of internal control systems, and the auditor’s responsibilities regarding internal control assessment.
Audit Evidence and Documentation: Auditors gather evidence to support their conclusions about the client’s financial statements. This section likely covers the types of audit evidence, methods of gathering evidence, and the importance of proper documentation of audit procedures and findings.
Audit Sampling: Auditors often use sampling techniques to select items for testing when conducting audits. The book may discuss different sampling methods, sample size determination, and the evaluation of sample results.
Audit Procedures and Techniques: This section likely provides detailed coverage of various audit procedures and techniques used to gather evidence and assess the client’s financial statements. Topics may include substantive testing, analytical procedures, and tests of controls.
Audit Reporting and Communication: Auditors communicate their findings and opinions through audit reports. The book may discuss the content and format of audit reports, as well as the different types of audit opinions that auditors may issue based on their findings.
Special Topics in Auditing: Depending on the edition, the book may also cover special topics such as audits of specific industries, audit considerations related to information tec
In the complex world of finance, businesses and individuals alike rely on professionals with the expertise to manage their financial affairs, ensure compliance with regulations, and provide valuable insights for strategic decision-making. One such crucial figure in the financial landscape is the Certified Public Accountant (CPA).
An individual or an organization needs to manage its wealth well. Although, there are varied economic counsellors, for an organization, a financial analyst provides in-depth and logical inputs and reports to decision makers for a favourable economic outcome. Essentially, he researches macro and micro economic situations, with multiple economic inputs, such as company fundamentals, governmental policies, industry trends, business cycles and competitive environment to make business related industry recommendations. Usually, the financial analysts analyses multiple economic parameters and recommends a view on the likely performance of a company's stock. These stock reports could be based on technical or fundamental analysis.
Plant Assets, Plant assets and equipment, land, land improvements, Building, depreciation, computing depreciation, depreciation methods, straight line, units of activity, depreciation and taxes, plant assets disposal, retirement of plant assets, gain on disposal, lost on disposal, jose cintron, advance business consulting, jose cintron, MBA, mba4help.com, Plant Assets, Plant assets and equipment, land, land improvements, Building, depreciation, computing depreciation, depreciation methods, straight line, units of activity, depreciation and taxes, plant assets disposal, retirement of plant assets, gain on disposal, lost on disposal, jose cintron, advance business consulting, jose cintron, MBA, mba4help.com
Accounting, accountant, debits and credits, accounting equation, internal users of accounting, external user of accounting, assets, liabilities, equity, T accounts, natural balance, accounting cycle. Accounting principles, Jose Cintron, MBA, Advance Business Consulting, Jose Cintron, mba4help.com
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
2. Business Risk
All businesses make a countless number of decisions each and every day.
Decisions to purchase or sell goods or services, lend money, enter into
employment agreements, or buy or sell investments depend in large part
on the quality of useful information. These decisions affect business
risk, the chance a company takes that customers will buy from
competitors, that product lines will become obsolete, that taxes will
increase, that government contracts will be lost, or that employees will
go on strike. In other words, business risk is the risk that an entity will
fail to meet its objectives.
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3. Business Risk
If the company fails to meet its objectives enough times, the company
may ultimately fail. To minimize these risks and take advantage of other
opportunities presented in today's competitive business environment,
decision makers such as chief executive officers (CEOs)
demand timely, relevant, and reliable information. Similarly, investors
and creditors demand high-quality information to make educated
financial decisions. Information professionals (such as accountants,
auditors, and other information assurance providers) help satisfy this
demand.
www.mba4help.com
4. Complexity
Four environmental conditions increase user demand for
relevant, reliable information:
Complexity. Events and transactions in today's global business
environment are numerous and often very complicated. Investors and
other decision makers may not have your level of expertise when dealing
with these complex transactions. Furthermore, they are not trained to
collect, compile, and summarize the key operating information
themselves. They need the services of information professionals to make
the information more understandable for their decision processes.
www.mba4help.com
5. Remoteness
Remoteness. Decision makers are usually separated from current and
potential business partners not only by a lack of expertise but also by
distance and time. Investors may not be able to visit distant locations to
check up on their investments. They need to employ full-time
information professionals to do the work they cannot do for themselves.
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6. Time-sensitivity
Time-sensitivity. Today's economic environment requires businesses,
investors, and other financial information users to make decisions more
rapidly than ever before. The ability to promptly obtain high-quality
information is essential to businesses that want to remain competitive in
our global business environment.
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7. Consequences
Consequences. Decisions can involve significant investment of
resources. The consequences are so important that reliable information,
obtained and verified by information professionals, is an absolute
necessity. Enron's stock dropped from $90 to $0.90 in little more than a
year, leaving employees who had invested their life savings in the
company virtually penniless. To put this drop in perspective, an investor's
$5 million investment in Enron stock in 2000 (enough for an enjoyable
retirement) was worth only $50,000 a year later.
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8. Bernard Madoff
Bernard Madoff, a former chairman of the NASDAQ Stock Market and a
respected Wall Street adviser and broker for the past 50 years, was
arrested after his sons turned him in for running “a giant Ponzi scheme,”
bilking investors out of an estimated $50 billion. Many investors,
including actors, investment bankers, politicians, and sports
personalities, lost their life savings. Some who had already retired, now
in their 70s and 80s, were forced to go back to work. Others lost their
retirement homes. Charities and pensions that had invested heavily were
wiped out.
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9. Information risk
A further complication in effective decision making is the presence of
information risk. Information risk is the probability that the information
circulated by a company will be false or misleading. Decision makers
usually obtain their information from companies or organizations with
which they want to conduct business, to provide loans, or to buy or sell
stock. Because the primary source of information is the target company
itself, an incentive exists for that company's management to make their
business or service appear to be better than it actually may be.
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10. Assurance
Potential conflict of interest between information providers and users,
along with financial statement frauds such as those
of Enron and WorldCom, leads to a natural skepticism on the part of
users. Thus, they depend on information professionals to serve as
independent and objective intermediaries who will lend credibility to the
information. This lending of credibility to information is known as
providing assurance. When the assurance is provided for specific
assertions made by management, we refer to the assurance provided
asattestation. And, when the assertions are embodied in a company's
financial statements, we refer to the attestation as auditing.
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11. Auditing
Our focus of this book is on the financial statement auditing process, by
far and away the most common type of auditing and assurance service
provided in today's market
AAA- American Accounting Association
Auditing is a systematic process of objectively obtaining and evaluating
evidence regarding assertions about economic actions and events to
ascertain the degree of correspondence between the assertions and
established criteria and communicating the results to interested users.
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12. Auditing -systematic Process.
Auditing is a systematic process. It is a purposeful and logical process
and is based on the discipline of a structured approach to reaching final
decisions.
Auditing has a logical starting point, proceeds along established
guidelines, and has a logical conclusion. It is not haphazard, unplanned,
or unstructured.
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14. Competence and Capabilities
Competence and capabilities begin with education in accounting because
auditors hold themselves out as experts in accounting standards, financial
reporting, and auditing.
Auditors are also required to participate in continuing professional
education throughout their careers to ensure that their knowledge keeps
pace with changes in the accounting and auditing profession.
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15. External Auditors
The purpose of obtaining and evaluating evidence is to ascertain the
degree of correspondence between the assertions made by the
information provider and established criteria. Auditors will ultimately
communicate their findings to interested users. To communicate in an
efficient and understandable manner, auditors and users must have a
common basis for measuring and describing financial information.
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16. Auditor’s Responsibilities
The fundamental principle of responsibilities relates to the personal
integrity and professional qualifications of auditors. This principle
addresses the following responsibilities of auditors:
Auditors are responsible for:
Having appropriate competence and capabilities to perform the audit.
Complying with relevant ethical requirements; and,
Maintaining professional skepticism and exercising professional
judgment, throughout the planning and performance of the audit.
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17. Independence and Due Care
The responsibilities principle requires auditors to comply with
appropriate ethical requirements; two important requirements relate
to independence and due care. Auditors must maintain independence in
mental attitude; that is, auditors are expected to be unbiased and
impartial with respect to the financial statements and other information
they audit.
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18. Professional skepticism
Professional skepticism and professional judgment are necessary
responsibilities of auditors throughout the entire audit process.
Professional skepticism is a state of mind that is characterized by
appropriate questioning and a critical assessment of audit evidence.
Auditors evaluate and consider:
1.Contradictory audit evidence obtained through different procedures.
2. The reliability of documentary evidence.
3. The reliability of information obtained from management.
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20. Audit Purpose
The purpose of an audit is to enhance the degree of confidence that
intended users can place in the financial statements. This is achieved by
the expression of an opinion by the auditor on whether the financial
statements are prepared, in all material respects, in accordance with an
applicable financial reporting framework. In the case of most general
purpose frameworks, that opinion is on whether the financial statements
are presented fairly, in all material respects. An audit conducted in
accordance with generally accepted auditing standards and relevant
ethical requirements enables the auditor to form that opinion.
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21. Other attestations
Many people appreciate the value of auditors' attestations on historical
financial statements, and, as a result, they have found other types of
information to which certified public accountants (CPAs) can attest.
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22. Attestation
While auditing refers specifically to expressing an opinion on financial
statements and attestation refers to expressing an opinion on an
expanded set of financial information beyond financial statements or a
specified element of financial statement information, assurance services
include many areas of information, including nonfinancial information.
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23. Assurance Services
While they are subsets of assurance services, attestation and audit
services are highly structured and intended to be useful for large groups
of decision makers (e.g., investors, lenders). On the other
hand, assurance services other than audit and attestation services tend to
be more customized for use by smaller, targeted groups of decision
makers
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24. Examples of Assurance Services
Public accounting firms must pick and choose the services that they wish
to provide to the market, based on the expertise that lies within the firm.
Enterprise risk management assessment.
Information risk assessment and assurance.
Third-party reimbursement maximization.
Rental property operations review.
Customer satisfaction surveys.
Evaluation of investment management policies.
Fraud and illegal acts prevention and deterrence.
Accounts receivable review and cash enhancement.
Internal audit outsourcing.
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25. Attestation and Audit Services
Attestation and audit services are special types of assurance services, but
consulting services are not. In providing consulting services, CPAs use
their professional skills and experiences to provide recommendations to a
client.
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26. Independence and Due Care
The responsibilities principle requires auditors to comply with
appropriate ethical requirements; two important requirements relate
to independence and due care. Auditors must maintain independence in
mental attitude; that is, auditors are expected to be unbiased and
impartial with respect to the financial statements and other information
they audit.
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27. To Express an opinion
To express an opinion, the auditor obtains reasonable assurance about
whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error. To obtain reasonable
assurance, which is a high but not absolute level of assurance, the
auditor:
1. plans the work and properly supervises any assistants.
2. determines and applies appropriate materiality level.
3. identifies and assesses risks of material misstatement.
4. obtains sufficient appropriate audit evidence about whether material
misstatements exist.
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28. Reasonable Assurance
The concept of reasonable assurance recognizes that a GAAS audit
may not detect all material misstatements and auditors are not “insurers”
or “guarantors” regarding the fairness of the entity's financial statements.
However, auditors should provide a high level of assurance (or
confidence) regarding their work. Auditors provide reasonable assurance
through considering various risks relating to the likelihood of material
misstatement in the financial statements and performing audit procedures
to control the overall risk to an acceptably low level.
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29. Engagement Planning
After obtaining or retaining the engagement, the next major stage of the
audit is planning. The professional standards contain several
considerations for planning and supervising an audit. They are concerned
with (1) preparing an audit plan and supervising the audit work, (2)
obtaining knowledge of the client's business, and (3) dealing with
differences of opinion among the accounting firm's own personnel
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30. Types of Fraud
Financial statements may be materially misstated as a result of errors or
fraud.
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31. Employee Fraud
Embezzlement is a type of fraud involving employees or nonemployees
wrongfully misappropriating funds or property entrusted to their care,
custody, and control, often accompanied by false accounting entries and
other forms of deception and cover-up.
Larceny is simple theft; for example, an employee misappropriates an
employer's funds or property that has not been entrusted to the custody of
the employee.
Defalcation is another name for employee fraud, embezzlement, and
larceny. Auditing standards also call it misappropriation of assets.
Errors are unintentional misstatements or omissions of amounts or
disclosures in financial statements.
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32. Speaker-Available presentations
Social media marketing
Internet Marketing
Facebook
Twitter
LinkedIn
YouTube
Blogger
Google pay per click
Yahoo pay per click
Facebook pay per click
LinkedIn pay per click
Email marketing
Search Engine Optimization
Google
Reputation Management
Social media press release
SEO-Website optimization
Local Directories
Business
Business Plan
Business Startup
SMM strategies
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