...PA2 EXAMINATION BLUEPRINT 2011/2012 Effective Date: December 2011 This document is the property of: CGA-Canada 100-4200 North Fraser Way Burnaby, British Columbia Canada V5J 5K7 Phone: 604 669-3555 Fax: 604 689-5845 www.cga.org/canada Updated: April 18, 2011 CGA-Canada PA2 Examination Blueprint 2011/2012 Table of Contents About the Examination Blueprint ......................................................................................................................... 2 PA2 Examination ................................................................................................................................................... 2 PA2 Course ........................................................................................................................................................ 2 Prerequisite Courses for the PA2 Examination .................................................................................................. 3 Competency Weightings ....................................................................................................................................... 3 Structure of the Examination ................................................................................................................................ 5 Examination Competency Coverage ..................................................................................................................... 6 Scoring Model and Evaluation of Candidate Performance .......
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...PA1 EXAMINATION BLUEPRINT 2014/2015 Effective Date: December 2014 This document is the property of: CGA-Canada 100-4200 North Fraser Way Burnaby, British Columbia Canada V5J 5K7 Phone: 604 669-3555 Fax: 604 689-5845 www.cga.org/canada Updated: January 21, 2014 CGA-Canada PA1 Examination Blueprint 2014/2015 Table of Contents About the Examination Blueprint ......................................................................................................................... 2 PA1 Examination ................................................................................................................................................... 2 PA1 Course ........................................................................................................................................................ 2 Prerequisite Courses for the PA1 Examination .................................................................................................. 3 Competency Weightings ....................................................................................................................................... 3 Structure of the Examination ................................................................................................................................ 5 Examination Competency Coverage ..................................................................................................................... 6 Scoring Model and Evaluation of Candidate...
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...CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics 1. 2. 3. Subject matter of accounting. Environment of accounting. Role of principles, objectives, standards, and accounting theory. Historical development of accounting standards. Authoritative pronouncements and standards-setting bodies. Questions 1 2, 3, 4 5, 6, 7, 8 Cases 1 3, 4 2, 4 4. 8, 9, 10, 11, 12 5, 17 5. 13, 14, 15, 16, 17, 18, 19, 20, 21, 22 23, 24, 25, 26, 27 28 29 6, 7, 8, 10, 11, 12, 13, 15, 16 6. 7. 8. Role of pressure groups. International accounting. Ethical issues. 9, 18, 19 15 14 1-1 ASSIGNMENT CHARACTERISTICS TABLE Item C1-1 C1-2 C1-3 C1-4 C1-5 C1-6 C1-7 C1-8 C1-9 C1-10 C1-11 C1-12 C1-13 C1-14 C1-15 C1-16 C1-17 C1-18 C1-19 Description Financial accounting. Objectives of financial reporting. Accounting numbers and the environment. Need for accounting standards. AICPA’s role in standards setting. FASB role in standards setting. Government role in standards setting. Meaning of generally accepted accounting principles. Politicalization of standards setting. Models for setting accounting standards. Standards-setting terminology. Accounting organizations and documents issued. Accounting pronouncements. Issues involving standards setting. Securities and Exchange Commission. Standards-setting process. History of standards-setting organizations. Economic Consequences. Standards-setting process, economic consequences. Level of Difficulty...
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...resolved. They include the following: • Matters that are significant and involve issues regarding the appropriate selection, application and consistency of accounting principles pertaining to the financial statements, including related disclosures. Such matters often relate to accounting for complex or unusual transactions or to estimates and uncertainties and any applicable management assumptions. Results of auditing procedures that indicate the financial statements or disclosures could be materially misstated or that the auditing procedures need to be significantly modified. Circumstances that cause the auditor significant difficulty in applying auditing procedures he or she considers necessary. Other findings that could result in modification of the auditor’s report. Compliance of Auditing Standards and Audit Documentation – a must for all practice units satisfy any applicable legal or regulatory requirements for records retention. Internationally the norm is assemble the final audit file and submit it for archiving within 60 days from the date of our audit report. The PCAOB standard has shortened this period to 45 days. 51 The auditor would also need to adopt procedures that enable him or her to gain access to the documentation throughout that period. One way for auditors to accomplish this is by creating a policy to maintain electronic documentation. One needs to bear in mind that archiving needs to be done in a format that ensures its compatibility with newer versions...
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...transactions or accounts and detect fraud has been present since the advent of trade and accounting. Thus the goal of auditing, in this sense, has not changed since. Teck-Heang Lee observed that “auditing serves as a mechanism to monitor conduct and performance, and to secure and enforce accountability (Lee 2008). All in all, an audit function plays a crucial role in maintain welfare and stability in society.” However, what has changed is how the roles and responsibilities of auditors have changed to reflect the needs of the business environment of the time. As such, auditors and the auditing profession have always played a very important role in business and, more recently, in society in general. As business in today’s world becomes more dynamic, accounting (and therefore by extension auditing) must also evolve to become more dynamic. The evolution of auditing is a complicated history that has always been changing through historical events. This can be seen in the shift in the role of external auditors from a cyclical audit approach to now more of a top-down risk-based continuous audit. The factors that have played a major role in this shift of role and responsibilities are the cycle of fraud, regulation, and compliance; and also the rise and importance of technology in the Information Age we currently live in. The combination of these two factors has had a profound impact on the auditing profession and has helped solidify its place in society as serving the public interest. This...
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...organisation of the practice administration. To ensure all company procedures as set out in Branch Procedures Manual** are carried out effectively. To ensure all financial information is reported correctly and accurately to Support Office and administrative protocols are in place. Ensure the reception area is staffed effectively and the management and efficiency/co-ordination is managed to be best needs of the business. Ensure that all employees are aware of the fact that all clients are to pay on departure and with the Clinical Director have responsibility for managing this requirement.. Main responsibilities: General Management Office Management • Be able to reconcile receipts, day sheets, income reports, bank deposits and the petty cash, and understand the essential components of any reconciling system. . • Be able to set and enforce effective credit control – to include monitoring debtors, sending regular invoices and statements, dealing with overdue account collection and the small claims court, queries on accounts, setting up payment agreements. Be able to complete pet insurance claims and deal with queries. • Be able to deal effectively with day to day banking transactions, e.g. credits, automated credits and debits, standing orders, cash handling, returned cheques etc. Be able to reconcile bank statements. • Have a working knowledge of basic book-keeping procedures – cash book, purchase and nominal ledger, producing the VAT return...
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...interpretation has been given by various groups of people on their understanding of the phrase “true and fair”. This has created great confusion as to the interpretation of the audit reports. This has been proven by the fall of many multinationals and the audit pioneers, Andersens. This is one of the causes of audit fraud and it is also seen that as the auditors face an enormous challenge as they enter the twenty-first century, they should be willing to change their attitudes towards their clients. Professionalism should be in the forefront, and an overhaul in the concept of “true and fair” could probably be the solution to harmonisation of the economy. Research limitations/implications – This paper lacks statistical data on the views of the authors. It is based purely on secondary data. Practical implications – Provides awareness to the auditors, corporations and general public on the necessity...
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...REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC) Cambodia ACCOUNTING AND AUDITING May 15, 2007 Contents Executive Summary Preface Abbreviations and Acronyms I. Introduction II. Institutional Framework III. Accounting Standards as Designed and as Practiced IV. Auditing Standards as Designed and as Practiced V. Perception of the Quality of Financial Reporting VI. Policy Recommendations EXECUTIVE SUMMARY This report provides an assessment of accounting and auditing practices within the corporate sector in Cambodia with reference to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and the International Standards on Auditing (ISA) issued by the International Federation of Accountants (IFAC). This assessment is positioned within the broader context of the Cambodia’s institutional framework and capacity needed to ensure the quality of corporate financial reporting Cambodia is putting in place an institutional framework with regard to accounting, auditing, and financial reporting practices. However, institutional weaknesses in regulation, compliance, and enforcement of standards and rules still exist. The accounting and auditing statutory framework suffers from inconsistencies among different laws. Although the national accounting standards and auditing standards are based on IFRS, and ISA, respectively, they appear outmoded and have gaps in comparison with the international equivalents. There are varying...
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...vol. 14, no. 1/2010 57 Changing Methodologies in Financial Audit and Their Impact on Information Systems Audit Doctoral School – Accounting and Management Information Systems Academy of Economic Studies, Bucharest, Romania dan.vilsanoiu@gmail.com, mihaela.serban@gmail.com This paper tries to provide a better understanding of the relation between financial audit and information systems audit and to assess the influence the change in financial audit methodologies had on IS audit. We concluded that the COSO Internal Control – Integrated Framework was the starting point for fundamental changes in both financial and IS audit and that the Sarbanes-Oxley Act should be viewed as an enabler rather than an enforcer in establishing strong governance models. Finally, our research suggests that there is a direct causality effect between the employment of BRA (business risk audit) methodologies and the growing importance of IS audit. Keywords: Financial Audit Methodologies, Business Risk Audit, Information Systems Audit, Internal Controls Framework 1 Introduction The objective of this article is to provide a better understanding of the relation between financial audit and information systems audit and to assess the influence the change in financial audit methodologies had on IS audit. In order to achieve our objective, we reviewed existing research from both academics and professionals regarding financial and information systems audit methodologies. We also obtained and reviewed...
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...Financial Reporting and Disclosure Corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership, and governance of the company Importance of Corporate Governance Disclosures * Stakeholders are paying more attention to what is reported * The global financial crisis has sharpened the lens through which corporate governance structures are held to account and expectations around transparency. * To drive improvements in reputation * Public understanding of structure and activities * Relationships with the communities * Environmental issues Public disclosure is typically required, at a minimum, on an annual basis though some countries require periodic disclosure on a semi-annual or quarterly basis, or even more frequently in the case of material developments affecting the company. Companies often make voluntary disclosure that goes beyond minimum disclosure requirements in response to market demand. A strong disclosure regime that promotes real transparency is a pivotal feature of market-based monitoring of companies and is central to shareholders’ ability to exercise their ownership rights on an informed basis. Experience in countries with large and active equity markets shows that disclosure can also be a powerful tool for influencing the behaviour of companies and for protecting investors. A strong disclosure regime...
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... 3. Auditors should conduct their work with an attitude of professional skepticism. 4. A bank using Milton Company's financial statements to determine the creditworthiness of a potential loan to Milton is a good example of the need for unbiased reporting. 5. An integrated audit requires the auditor to assess the effectiveness of internal controls. 6. In all states, a CPA must have completed at least 150 hours of college semester hours to receive their license. True False 7. The Center for Audit Quality was started by the International Federation of Accountants. True False 8. The Center for Audit Quality has the primary authority to set auditing standards. True False 9. In an audit, management is considered the “client”. True False 10. Auditing is the process of attesting to assertions about economic actions and events. True False 11. Auditing is the process of verifying the accuracy of the financial statements. True False 12. Internal auditing only provides assurance about internal control effectiveness. True False 13. Auditing exists because users need unbiased information on which to assess management performance and make economic decisions. True False 14. A free market can only...
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...Accounting, Organizations and Society 38 (2013) 596–620 Contents lists available at ScienceDirect Accounting, Organizations and Society journal homepage: www.elsevier.com/locate/aos An accountability framework for financial statement auditors and related research questions Mark E. Peecher a,⇑, Ira Solomon b,1, Ken T. Trotman c,2 a Department of Accountancy, College of Business, University of Illinois at Urbana-Champaign, 1206 South Sixth Street, Champaign, IL 61820, United States A.B. Freeman School of Business, Tulane University, 7 McAlister Drive, New Orleans, LA 70118, United States c School of Accounting, Australian School of Business, University of New South Wales, Sydney 2052, Australia b a b s t r a c t We address the following overarching questions: What kind of accountability framework could regulators use to (a) motivate auditors to improve audit quality, and (b) evaluate how well auditors have carried out their duties? We draw on research in accounting, economics, psychology, and neuroscience to critique the accountabilities, incentives, and learning opportunities embedded in auditors’ extant regulatory environment. We first establish that forward-looking estimates are the basis for most financial statement information and that some of these estimates are highly uncertain, which increases the challenges faced by auditors. We propose an accountability framework with two dimensions: rewards versus penalties and processes versus outcomes. We...
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...SyCip Gorres Velayo & Co. (SGV & Co.) SGV & Co. is currently the Philippines' largest multidisciplinary professional services firm with eight offices across the country. The Firm employs over 3,200 professionals from various disciplines delivering value-added services to over 5,000 esteemed clients. We provide integrated solutions that draw on diverse and deep competencies in assurance, tax, transaction and advisory services. We uphold the highest standards of quality. In fact, SGV & Co. remains the only ISO 9001-certified professional services firm in the Philippines – a distinction we have maintained since 1996. Our track record has remained unmatched in the region. We have accumulated invaluable resources in our 67 years of operations - highly qualified and competent staff, state-of-the-art facilities and an enviable international network. SGV & Co. is a member practice of Ernst & Young, a global leader in assurance, tax, transaction and advisory services. Worldwide, its 167,000 people are united by shared values and an unwavering commitment to quality. SGV & Co. and Ernst & Young make a difference by helping our people, clients and wider communities achieve their potential. Our Values * • People who demonstrate integrity, respect and teaming * • People with energy, enthusiasm and the courage to lead * • People who build relationships based on doing the right thing FAQ SGV audits: » 54 of the top 100 corporations...
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...Accounting theory and conceptual frameworks After studying this chapter you should be able to: & explain what accounting theory is & describe the main attempts at constructing an accounting theory & appraise current developments in the area & describe and discuss the contents of the IASB Framework & appraise the quality and usefulness of the IASB Framework in the context of its self-declared purposes & describe and discuss the parts of IAS 1 relating to accounting concepts and policies & appraise the overall effect of the Framework and comparable parts of IAS 1. Introduction This chapter is about to deal with something that many people believe does not exist – a single generally accepted accounting theory. There is no generally accepted accounting theory at this time even though many attempts have been made to formulate one. According to Eldon S. Hendriksen in Accounting Theory (1977), Theory as it applies to accounting is the coherent set of hypothetical, conceptual and pragmatic principles forming the general frame of reference for a field of inquiry. Thus accounting theory may be defined as logical reasoning in the form of a set of broad principles that 1 Provide a general frame of reference by which accounting practices can be evaluated and 2 Guide the development of new practices and procedures. Accounting theory may also be used to explain existing practices to obtain a better understanding of them. But the most important goal of accounting theory should be to provide...
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...8 Accounting theory and conceptual frameworks After studying this chapter you should be able to: & explain what accounting theory is & describe the main attempts at constructing an accounting theory & appraise current developments in the area & describe and discuss the contents of the IASB Framework & appraise the quality and usefulness of the IASB Framework in the context of its self-declared purposes & describe and discuss the parts of IAS 1 relating to accounting concepts and policies & appraise the overall effect of the Framework and comparable parts of IAS 1. Introduction This chapter is about to deal with something that many people believe does not exist – a single generally accepted accounting theory. There is no generally accepted accounting theory at this time even though many attempts have been made to formulate one. According to Eldon S. Hendriksen in Accounting Theory (1977), Theory as it applies to accounting is the coherent set of hypothetical, conceptual and pragmatic principles forming the general frame of reference for a field of inquiry. Thus accounting theory may be defined as logical reasoning in the form of a set of broad principles that 1 Provide a general frame of reference by which accounting practices can be evaluated and 2 Guide the development of new practices and procedures. Accounting theory may also be used to explain existing practices to obtain a better understanding of them. But the most important goal of accounting theory should be to provide...
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