...|Details of Assessment | |Term and Year |3, 2013 |Time allowed |Week 9 | |Assessment Type |Assignment |Assessment Weighting |20% Total | |Date | |Room | | |Details of Subject | |Qualification |FNS60210 Advanced Diploma of Accounting | |Subject Name |Auditing and Reporting | |Details of Unit(s) of competency | |Unit Code |FNSACC602A |Unit Title |Audit and Report on Financial systems and records | |Details of Student | |Student...
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...1 OVERVIEW OF THE EAGLE PROGRAM APPROACH PAGE 1. INTRODUCTION 1.1 What is EAGLE?...........................................................................................................5 1.2 What is the Purpose of EAGLE? ...................................................................................6 1.3 Program Expectations and Timeline ..............................................................................6 1.4 Guidance Manual and Training Program.......................................................................7 2. OVERVIEW OF INTERNAL CONTROLS OVER FINANCIAL REPORTING 2.1 2.2 2.3 2.4 2.5 Introduction ....................................................................................................................8 Definition of Internal Control ........................................................................................8 COBIT..........................................................................................................................11 Responsibility for Internal Control System .................................................................13 Conclusion ...................................................................................................................14 3. TOP-DOWN, RISK-BASED APPROACH 3.1 3.2 3.3 3.4 3.5 Introduction ..................................................................................................................15 Risk Identification.....................................
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...Plan, set targets, and align strategic initiatives 4. Enhance strategic feedback and learning 4 Where Did the BSC Come From? A long time ago in a far away galaxy… Then (pre 1970s) Now (post 1970s) Industrial Revolution Financial Measures Tangible Assets Lagging Indicators (aka: outcome measures, historic measures) Information Age Financial plus non-financial Measures Non-tangible assets (invisible assets) Leading Indicators (aka: performance drivers, predictive measures) 5 The Balanced Scorecard Framework 6 The BSC reflects the balance between: Short and long term objectives Financial and non-financial measures Lagging and leading indicators (i.e., outcome measures vs performance drivers) External and internal performance perspectives 7 Some Generic BSC Measures Perspective Financial Customer Internal Business Learning and Growth Measure Return on investment and economic value-added Satisfaction, retention, market, and account share Quality, response time, cost, and new product introductions Employee satisfaction and information systems availability BALANCED SCORECARD PERSPECTIVES AND OBJECTIVES CUSTOMER - Customer Satisfaction - Effective Service/Partnership 8 FINANCIAL - Optimum Cost Efficiency of Purchasing Operations MISSION VISION STRATEGY LEARNING AND GROWTH -...
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...Commonwealth Bank Open Advice Review program Fourth Report Prepared by Promontory 2 February 2016 Promontory Financial Group Australasia Level 32, 1 Market St | Sydney, NSW, 2000 +61 2 9275 8833 | promontory.com Commonwealth Bank Open Advice Review program Fourth Report 2 February 2016 Promontory Financial Group Australasia (Promontory) has been engaged by the Commonwealth Bank Group (Bank) as an Independent Expert to oversee the Bank’s Open Advice Review program (Program). Promontory is responsible for monitoring, reviewing and reporting on the Program and its progress. This Report provides an update on the Program for the period between 1 September 2015 and 31 December 2015. A legal representative of the Bank reviewed a draft of this Report to identify any information subject to a claim for legal professional privilege. There were no such instances identified. Promontory also provided a draft of the Report to the Bank for the purposes of identifying any errors. Promontory retained final judgement on all views and information in this Report. Promontory’s role in the Program is limited and may not incorporate all matters that might be pertinent or necessary to a third party’s evaluation of the Program or any information contained in this Report. No third party beneficiary rights are granted or intended. Promontory is neither a law firm nor an accounting firm. No part of the services performed constitutes legal advice, the rendering of legal services...
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...formulation process Explain the concept of accounting cycles and discuss their importance to the audit opinion formulation process Copyright © 2014 South-Western/Cengage Learning 5-2 LEARNING OBJECTIVES 5. 6. 7. 8. Describe the assertions that are inherent to financial statements and explain their importance to the audit opinion formulation process Define audit evidence and describe the purpose and types of audit procedures used to obtain audit evidence Discuss the importance of audit documentation and provide examples Discuss audit activities in Phase I of the audit opinion formulation process Copyright © 2014 South-Western/Cengage Learning 5-3 LEARNING OBJECTIVES 9. 10. 11. 12. Discuss audit activities in Phase II of the audit opinion formulation process Discuss audit activities in Phase III of the audit opinion formulation process Discuss audit activities in Phase IV of the audit opinion formulation process Discuss audit activities in Phase V of the audit opinion formulation process Copyright © 2014 South-Western/Cengage Learning 5-4 LEARNING OBJECTIVES 13. 14. Apply the concepts related to the auditor’s assessment of internal control design effectiveness, implementation, and operating effectiveness Apply...
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...accounting information that in light of surrounding circumstances which could influence the economic decision users and matter that can affect professional judgment. Audit risk model provides the foundation for the current emphasis on the risk-based audit account balance or class of transaction. Audit risk model can be specified as, AUDIT RISK = INHERENT RISK x CONTROL RISK x DETECTION RISK Inherent risk is the measure of the auditor’s assessment of the possibility that there is material misstatement in an account balance before taking into account the effectiveness of internal control. Control risk is the risk that material misstatement will not be prevented or detected on a timely basis by an entity’s internal control. Detection risk is the risk that the substantive audit procedures performed will not detect a material misstatement that exists in an account balance or class of transactions. 2. C) i) Inherent risk incurred from enviroment of business or likehood that a material misstatement exist in the financial statement without any consideration of internal control.it is due to economic downturn, the slow collection of debt from the government has increased the level of debt. ii) control risk is the that material misstatement that could occur will not be prevented or detected and corrected by in ternal controls. In this case,it occur when the company do not have proper internal control, the management use manual accounting system and the plan to upgrade...
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...Business KapStone Paper and Packaging Corporation was formed in Delaware as a special purpose acquisition corporation on April 15, 2005 to establish operating business in the paper, packaging, forest products and related industries. The Company operates in one segment, the integrated manufacture and sale of containerboard, corrugated products, and specialty paper for industrial and consumer markets. The Company has been actively and continued to be engaged in evaluating a number of potential acquisition opportunities, in an effort to diversify and/or grow the Company’s business. KapStone’s annual revenues exceed $2.3 billion as of fiscal year ended in 2014, which was comprised of $1.5 billion of containerboard and corrugated products and $0.8 million of specialty paper. KapStone’s business is affected by cyclical industry condition and general economic conditions in the U.S. and in the countries where the Company export their products. Export sales may also be affected by fluctuations in foreign exchange rates and trade policies and relations. Industry KapStone competes in the paper, packaging, forest products and related industries with concentrations in the containerboard, corrugated products, and specialty paper markets. Industry Risks * The paper, packaging, forest products and related industries are highly competitive and comprised of many participants. * The paper, packaging, forest products and related industries are highly cyclical. Fluctuations in the...
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...about the reliability of a written assertion of another party. Audit of historical financial statements: A form of attestation services, the auditor issues a written report expressing an opinion about whether the F/S is in material conformity (一致) with accounting standards. e.g.: listed company must provide shareholders with annual financial statements that are audited by an independent accounting firm. Review of historical cost financial statements: A form of attestation services, a public accounting firm issues a written report that provides less assurance than an audit as to whether the financial statements are in material conformity with accounting standards. Auditing standards: Establish mandatory (强制) requirements and provide explanatory (解释) guidance to auditors in fulfilling their professional responsibilities in the audit of financial reports. Auditing: Is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be performed by a competent, independent person. Compliance audit: 合规性审计 One of three primary types of audits, a review of an organization’s financial records performed to determine whether the organization is following specific procedure, rules or regulations set by some higher authority. An audit performed to determine whether an entity that receives financial assistance from the Federal Government has complied with specific laws and regulations...
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...history: Received 15 September 2010 Received in revised form 24 May 2012 Accepted 25 May 2012 Available online 7 June 2012 We investigate the effect of standard setters in standard setting. We examine how certain professional and political characteristics of FASB members and SEC commissioners predict the accounting ‘‘reliability’’ and ‘‘relevance’’ of proposed standards. Notably, we find FASB members with backgrounds in financial services are more likely to propose standards that decrease ‘‘reliability’’ and increase ‘‘relevance,’’ partly due to their tendency to propose fair-value methods. We find opposite results for FASB members affiliated with the Democratic Party, although only when excluding financialservices background as an independent variable. Jackknife procedures show that results are robust to omitting any individual standard setter. & 2012 Elsevier B.V. All rights reserved. JEL classification: D72 D78 G18 K22 L51 M41 Keywords: Accounting FASB Politics Relevance Reliability Standard setting 1. Introduction As the Financial Accounting Standards Board (FASB) closes in on four decades, the role of its standards in shaping U.S. and international corporate reporting is widely acknowledged. An empirical literature on the political economy of FASB standard setting has emerged over that period to explore the origins of accounting standards largely through an analysis of constituent comment-letter lobbying (e.g., Watts and Zimmerman, 1978). But such...
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...SAMPLE RISK MANAGEMENT PLAN INTRODUCTION The following guidelines have been developed to assist employees to meet the intent and to gain the benefits of our organisations Risk Management Policy. The overall aim of the risk management program is to ensure that our organisation is able to meet its strategic, operational and compliance goals and objectives in an environment of possible risks. We recognise that our organisation will have to incur risks in the pursuit of its business and corporate objectives. The purpose of these guidelines is to provide a consistent framework which will assist all employees to recognise and manage risks inherent in the conduct of their activities We encourage all employees to act in ways which controls and treat risks in order to minimise potential injures, damage to assets and setbacks which will adversely affect our organisations pursuit of excellence and leadership. SCOPE These guidelines apply to all departments within our organisation and its controlled entities. They apply to all Departments, Divisions, Centres, controlled entities and joint ventures. RESPONSIBILBITIES As per the Risk Management Policy, risk management is a whole-of-organisation activity. All members of our organisation have a role to play; in particular, staff should take an active role in the identification of potential business and operational risks facing their department or Division, programs, research, business or work unit and take steps to successfully...
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...is responsible for the financial statements presented, for maintaining effective internal control over financial reporting, and for its assessment of internal control. Our responsibility is to express an opinion on these financial statements, an opinion on management’s assessment, and an opinion on the effectiveness of the company’s internal control over financial reporting based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audit of the financial statements including examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. A company’s internal control over financial reporting is a process...
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...for designing an audit program. 6. Understand the relationship of transaction-related audit objectives to balance-related audit objectives. 7. Integrate the four phases of the audit process. 1. Audit program The importance of the audit program cannot be underemphasized. It contains all the procedures that the auditor considers necessary in the circumstances. The specific knowledge needed to construct the audit program for tests of transactions (tests of details of balances) is covered in Chapter 13 (15). 2. Risk Assessment Procedures - The auditor is required to perform risk assessment procedures, including procedures to gain an understanding of the internal control system (Ch. 10). This includes sufficient documentation and inquiries, as well as a walk-through to support the understanding. 3. Types of Tests - there are four types of further audit procedures auditors perform after performing risk assessment procedures: | | |Relation to | | | |Risk Model | |Test |Name |CR |PDR | |TOC |Tests of Controls |X | | |STOT |Substantive Tests of Transactions |X |X | |AP ...
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...Code; Course Name and assessment item number. Course Code: IBA134 Course Name: Business Statistics Due Date: 11 / 08 / 13 Assessment Item #: 2 Enrolment: External On Campus Campus (enrolled): Course Tutor: Ms Lucille Wong Course Convenor: Professor E Selva Selvanathan ASSESSMENT COVER SHEET DATE RECEIVED Postmark: / / Please provide your STUDENT NUMBER or affix Student Barcode Label here: Student Name: JL ACADEMIC INTEGRITY DECLARATION Breaches of academic integrity (cheating, plagiarism, falsification of data, collusion) seriously compromise student learning, as well as the University’s assessment of the effectiveness of that learning and the academic quality of the University’s awards. All breaches of academic integrity are taken seriously and could result in penalties including failure in the course and exclusion from the University. Students should be aware that the University uses text-matching software to safeguard the quality of student learning and that your assignment will be checked using this software. I acknowledge and agree that the examiner of this assessment item may, for the purpose of marking this assessment item: reproduce this assessment item and provide a copy to another Griffith staff member; and/ submit this assessment item to a text-matching service. This web-based service will retain a copy of this assessment item for checking the...
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...shareholder’s equity and cash flow for the two years in the period ended December 31, 2007. Apollo Shoes’ management is responsible for the financial statements presented, for maintaining effective internal control over financial reporting, and for its assessment of internal control. Our responsibility is to express an opinion on these financial statements, an opinion on management’s assessment, and an opinion on the effectiveness of the company’s internal control over financial reporting based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audit of the financial statements including examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and...
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...relevant to an audit (i.e. reliability of financial reporting) A process, effected by the entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations (effective and efficient operations), reporting (accurate financial reporting) and compliance (compliance with laws and regulations) • Describe the 5 components of internal control, related examples of each, and how each contributes to the overall control system within an entity (CRIME) 1. Control Environment: The foundation for the other internal control components; it is defined by the standards, processes, and structures that guide individuals in carrying out their duties. Basic principles include: Commitment to integrity and ethical values, Board of directors demonstrates independence from management and exercises effective oversight of internal control, Establishment of effective structure, including reporting lines, and appropriate authorities and responsibilities, Commitment to attract, develop, and retain competent employees, and Holding employees accountable for internal control responsibilities. 2. Risk Assessment: Risk assessment is management's process for identifying, analyzing, and responding to risks from internal and external sources that threaten their ability to meet objectives in the areas of operations, reporting, and compliance. In performing effective risk assessment, organizations should: Clearly specify...
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