...Stock Market in Bangladesh [pic][pic][pic][pic][pic][pic][pic][pic][pic] [pic] Dhaka Stock Exchange (DSE) dates back to 1952 when the local government deemed it necessary to establish a stock exchange because Pakistani shares and securities were prohibited from being bought or sold on the Calcutta Stock Exchange (CSE). Up until this point, Pakistan had been trading quite profitably on the CSE and had no need to establish their own stock exchange department. In response to the prohibition the Provincial Industrial Advisory Council made the decision to establish a stock exchange in Eastern Pakistan. Initially it was suggested that instead of creating an independent stock exchange, a branch of the Karachi Stock Exchange be opened at Dhaka. However this proposal was very unpopular with representatives from East Pakistan who felt that it was necessary to create a completely new stock exchange in Dhaka. This is what eventually happened with different members of the stock exchange purchasing membership cards at the price of RS.2000. There were two proposed locations for the stock exchange – Dhaka and Chittagong – but in the end it was decided that Dhaka was the most suitable location. An organizing committee was established to further set up the DSE and invitations were sent out to determine what sort of interest there would be in the proposed stock exchange. The response was overwhelming and on the 7th of July 1953 a meeting was held with roughly 100 interested persons attending...
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...Case A Overview Neil, Inc. engaged Lifeson and Lee, CPAs to audit its 2010 financial statement. Neil, Inc. has never been audited in prior years. Neil, Inc. is a manufacturing company that uses the periodic inventory system and has no controls in its purchasing process. Neil, Inc. is not a public company. Lifeson and Lee conclude the audit of Neil, Inc.’s financial statements and found no material deviations from GAAP and no other scope limitations. The subsequent discussion will be regarding the opinion that Lifeson and Lee should issue based upon the facts of the case. Issues Examined Upon examining the facts and circumstances of the case several issues arose: - First Year Audits - Not a Public Company - Internal Controls Each issue can greatly influence the appropriate opinion that should be issued by Lifeson and Lee. First Year Audits Neil, Inc. has never been audited. This presents a difficult situation for Lifeson and Lee since they are relying on past financial statements to determine the validity of 2010 financials. According to AU section 420.24, “When the independent auditor has not audited the financial statements of a company for the preceding year, he should adopt procedures that are practicable and reasonable in the circumstances to assure himself that the accounting principles employed are consistent between the current and the preceding.” In order for Lifeson and Lee to gain confidence of consistency and accuracy they would have...
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...Chapter 3 Audit Reports Key objectives: 1. Describe the parts of the standard unqualified audit report for non-public entities under AICPA auditing standards. 2. Specify the conditions required to issue the standard unqualified audit report. 3. Understand reporting on financial statements and internal control over financial reporting required under PCAOB auditing standards. 4. Describe the five circumstances when an unqualified report with an emphasis-of-matter explanatory paragraph or modified wording is appropriate. 5. Identify the types of audit reports that can be issued when an unqualified opinion is not justified. 6. Explain how materiality affects audit reporting decisions. 7. Know the key terms that identify different audit reports. 8. Determine the appropriate audit report for a given audit situation. 1. Purpose of audit report • Communicates auditor's work and conclusions reached. • It's the auditor's product, and the only visible outcome of the audit process. 2. Short-form report (unqualified or "clean" opinion) A. When appropriate 1. All 4 statements and appropriate disclosure (An opinion can be issued on less than a full set of financial statements - see Ch. 24). GAAS specifically provides that in the case of omission of the cash flows statement, a qualified opinion is issued. 3. Auditor has gathered sufficient appropriate evidence in accordance with GAAS ...
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...Audit report address The report is usually addressed to the company,its stockholders , or the board of directors.In recent years,it has become customary to address the report to the board of directors and stockholders to indicate that the auditor is independent of the company. 3. Introductory paragraph The first paragraph of the report does three things.First,it makes the simple statement that the CA firm has done an audit.Second,it lists the financial statement that were audit.Third,the introductory paragraph states that the statements are responsibility of management and that the auditor’s responsibility of management and that the auditor’s responsibility is to express an opinion on the statements based on an audit. 4. Scope paragraph The scope paragraph is a factual statement about what the auditor did in the audit. 5. Opinion paragraph The final paragraph in the standard standard report states the auditor’s conclusion based on the results of the audit.The opinion paragraph is stated as an opinion rather than as a statement of absolute fact or a guarantee. 6. Name of CA firm and signature of auditor The name identifies the CA firm and the practitioner who performed the audit. 7. Auditor’s address The audit should also contain a specific location,which is ordinarily the town or city where the audit firm is located. How the parts compare with those found in...
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...Chapter 3 Audit Reports Key objectives: 1. Describe the parts of the standard unqualified audit report for non-public entities under AICPA auditing standards. 2. Specify the conditions required to issue the standard unqualified audit report. 3. Understand reporting on financial statements and internal control over financial reporting required under PCAOB auditing standards. 4. Describe the five circumstances when an unqualified report with an emphasis-of-matter explanatory paragraph or modified wording is appropriate. 5. Identify the types of audit reports that can be issued when an unqualified opinion is not justified. 6. Explain how materiality affects audit reporting decisions. 7. Know the key terms that identify different audit reports. 8. Determine the appropriate audit report for a given audit situation. 1. Purpose of audit report • Communicates auditor's work and conclusions reached. • It's the auditor's product, and the only visible outcome of the audit process. 2. Short-form report (unqualified or "clean" opinion) A. When appropriate 1. All 4 statements and appropriate disclosure (An opinion can be issued on less than a full set of financial statements - see Ch. 24). GAAS specifically provides that in the case of omission of the cash flows statement, a qualified opinion is issued. 3. Auditor has gathered sufficient appropriate evidence in accordance with GAAS 4. Statements in accordance...
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...1. The auditor should agree upon the terms of the audit engagement with management or those charged with governance, as appropriate. (Ref: par. .A20– .A21) . The agreed-upon terms of the audit engagement should be documented in an audit engagement letter or other suitable form of written agreement and should include the following: (Ref: par. .A22–.A26) a. The objective and scope of the audit of the financial statements b. The responsibilities of the auditor c. The responsibilities of management d. A statement that because of the inherent limitations of an audit, together with the inherent limitations of internal control, an unavoidable risk exists that some material misstatements may not be detected, even though the audit is properly planned and performed in accordance with GAAS e. Identification of the applicable financial reporting framework for the preparation of the financial statements f. Reference to the expected form and content of any reports to be issued by the auditor and a statement that circumstance may arise in which a report may differ from its expected form and content. (AU-C §210.12) 2. If the auditor concludes that the terms of the preceding engagement need not be revised for the current engagement, the auditor should remind management of the terms of the engagement, and the reminder should be documented. (Ref: par. .A33–.A34).( AU-C §210.13) 3. In order to establish whether the preconditions for an audit are present, the auditor should ...
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...assurance • Auditor has no opinion on the financial statements, just looks them over Barry Minkow- 16 years old 1982 Carpet cleaning business turned insurance restoration Tom Padgett and Interstate Appraisal Services Ernst & Whinney- elaborate scheme to convince them History 1. Client imposed audit limitations 2. Limitations of audit evidence 3. Importance of auditor communication when one resigns & 8K filing Key Issues Audit- • Auditor obtains a high level of assurance • Auditor can express an opinion about the accuracy and level of assurance • Auditor tests internal controls and tests for misstatements and obtains and understanding of the entities internal control and fraud risk Matt Sepiol Samantha Claysen Limitations of Audit Evidence AU 326- Audit Evidence Auditors Used Confirmation, Documentation, and Analytical Procedures AU 326.08- Information from outside sources is better than from internal sources Confirmations were made by Tom Padgett who was involved in the scheme. Interstate Appraisal Services and Assured Property Management provided the Documentation Was Involved in Fraud Collusion amongst outside Parties Gives Evidence Limitations The client receiving payment doesn't prove the existence of those contracts. No third party. The contracts for ZZZZ Best were paid for on paper, but never really existed in the first place. Company and customer could be conspiring together SAS 99 has since been put into place to try to stop cases like...
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...standard report? a. The disclosures provide reasonable assurance that the financial statements are free of material misstatement. b. The auditor evaluated the overall internal control structure. c. An audit includes assessing significant estimates made by management. d. The financial statements are consistent with those of the prior period. 2. (N95,68) The fourth standard of reporting requires the auditor’s report to contain either an expression of opinion regarding the financial statements taken as a whole or an assertion to the effect that an opinion cannot be expressed. The objective of the fourth standard is to prevent a. An auditor from expressing different opinions on each of the basic financial statements. b. Restrictions on the scope of the audit, whether imposed by the client or by the inability to obtain evidence. c. Misinterpretations regarding the degree of responsibility the auditor is assuming. d. An auditor from reporting on one basic financial statement and not the others. 3. (N95,78) March, CPA, is engaged by Monday Corp., a client, to audit the financial statements of Wall Corp., a company that is not March’s client. Monday expects to present Wall’s audited financial statements with March’s auditor’s report to 1st Federal Bank to obtain financing in Monday’s attempt to purchase Wall. In these circumstances, March’s auditors report would usually be addressed to a. Monday Corp., the client that engaged March. b. Wall Corp., the entity audited by March. ...
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...opinion. A disclaimer opinion is used only when the auditor is unable to satisfy sufficient appropriate audit evidence on which to base the opinion, and where the possible effect on the financial statements of undetected misstatements could be both material and pervasive. This draft audit report produced by audit senior and as a result it shows the restriction imposed on management work to find necessary audit evidence, the limited of evidence to support the capitalization of intangible asset which is research and development costs. After identify the scope that has been imposed, it was a limitation on condition-imposed. The results of trials on the developing a new drug would be a crucial element for audit work, the development costs will effect to future economic benefit if the necessary results not shown, the correct accounting treatment is impossible to be concluded. In the audit report, there is no explanation for the limitation of condition-imposed. If the auditor modifies the audit opinion, the matter giving rise to the modification should be disclosed in a paragraph of the audit report. Otherwise, the report should explained that management restrict to carry out the results of drug trials, and this will make audit firm unable to obtain whether there are necessary adjustments of the intangible asset. There are uncertain to explain the situation based on the terms used in the ‘basis of opinion’ paragraph. Development costs should be identifying specifically which type...
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...performedanalytical procedures to evaluate the reasonableness of the revenuesrecorded on the contracts, and visited selected restoration sites.Comment on the limitations of the evidence that these proceduresprovide with regard to the management assertion of occurrence. Upon the performance of those procedures, the auditors of ZZZZBest Inc. had obtained evidence in order to draw reasonableconclusions on which to base the audit opinion. However, theseevidences are subject to limitations due to factors not controlled by theauditors. First limitation of the evidence is its insufficiency to supportthe occurrence, reliability and relevance of events and transactions.Mere paperwork is not enough to prove an event to have existed. Italso needs inquiries from people accountable in recording orrecognizing such events. Moreover, there’s a risk in being dependenton evidences provided by the management itself. Auditors should askcooperation from the third parties in order to verify all records. Secondlimitation is the rules implemented by the client which prohibit auditorsto further inspect or review the financial standing of the company.Some clients make some arrangements with the auditors as to howwide their scope in auditing would be. As a result, auditors fail touncover misstatements or manipulations in the financial statements. Third limitation is the consideration of the relationship between thecost of obtaining audit evidence and the usefulness of the informationobtained. There’s a tradeoff...
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...CONTENTS 1.0 INTRODUCTION 2 3.0 PROJECT MANAGEMENT 2 4.0 PROJECT MANAGEMENT PROCESS 3 5.0 PROJECT LIFE CYCLE 3 6.0 FIRST PROJECT MANAGEMENT PROCESS- PROJECT INITIATION 5 6.1 BENEFIT AND LIMITATION IN PROJECT INITIATION PROCESS 7 7.0 SECOND PROJECT MANAGEMENT PROCESS- PROJECT PLANNING 11 7.1 BENEFIT AND LIMITATION IN PROJECT PLANNING PROCESS 13 8.0 THIRD PROJECT MANAGEMENT PROCESS- PROJECT EXECUTION 14 8.1 BENEFIT AND LIMITATION IN PROJECT EXECUTION PROCESS 16 9.0 FOURTH PROJECT MANAGEMENT PROCESS- CONTROLLING/MONITORING 18 9.1 BENEFIT AND LIMITATION IN PROJECT CONTROLLING/ 20 10.0 FINAL PROJECT MANAGEMENT PROCESS – CLOSING PROCESS 22 10.1 BENEFIT AND LIMITATION IN PROJECT CLOSING PROCESS 23 11.0 BIBLIOGRAPHY 25 12.0 APPENDICES 27 1.0 INTRODUCTION To know the benefit and limitation of using single process for managing projects, firstly we need to know what is project, project management and what is the process to manage projects. 2.0 PROJECT Project is viewed as a conversion or transformation of some form of input into an output. The inputs are some form of want or need which is satisfied through the process. (Harvey Maylor, 1996) 3.0 PROJECT MANAGEMENT According to Project Management Methodology guidebook, project Management is the process of achieving project objectives (schedule, budget and performance) through a set of activities that start and end at certain points in time and produce quantifiable and qualifiable...
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...maximize their potential for economic security and self-sufficiency (Department of Human Services, 2012). Under the Department of Human Services, is Family Services? This department has numerous agencies that provide protection, intervention, and social services to meet individual needs (Department of Human Services, 2012). As a team, we will compare and contrast the roles of mediator and advocate by describing the power limitations of each role, discuss under what circumstances an advocate is used during mediation, and which role is most critical to problem solving. The team will discuss the mediator bias, limitations of the mediator, scope of power, conflict of interest, confidentiality, mediator neutrality and impartially. ~”The best way to find yourself is to lose yourself in the service of others.”~(Mahatma Ghandi, 1869-1948). Power Limitations of Each Role There are limits to everything, mediators and advocates are no exception to the rule. In the Family Services, the power limitations for both roles differ from one another. A mediator’s limitations are: only facilitating communication during a negotiation, possessing no final say in the ultimate decision of a dispute, no control over the content that will be...
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...Procter and Gamble, Inc. Scope The problem for Procter & Gamble`s (P&G) “Scope” brand is that their share at mouthwash market is slightly going down while a new brand called “Plax” launched by Pfizer Inc. has gained a %10 market share in a very short time period which created a situation that left “P&G”s management team in dilemma for how to respond. P&G has some constraints to solve the problem (in fact, the situation is so complex that for some, no problem and threat exist). First of all, if they introduce a new product in the mouthwash market as a competitor against Plax; they are not sure if it will be really innovative or it will focus on unmet consumer needs. Another limitation is that introducing a new product to the market will cost a lot (even the test production costs $20,000. Capital costs, marketing costs, delivery costs, inventory costs, ingredients costs, packaging costs are other important costs which create concerns) and also will require an effective strategic management. After that, the new product is very similar to Plax and has no significant advantage except a better taste; on the other hand, sales department thinks that for success, the product must be seen as unique. So, P&G can not be sure about the future success of this product. Next, for the new product to gain reassurance, patience is needed. This can only be achieved in the long period. Following this, the new product will also reduce the sales of Scope. Additionally, P&G is not sure about...
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...sentence statement of what the company desires you to study (or address) in this project, or what they agree to let you study (the broad intent). 2. Project Objectives: In this section, you will delineate, as precisely as possible, the specific objectives of the project, using perhaps bullet style. The stated objectives should be consistent with the “broad intent” mentioned in Sec. The objectives should reflect an underlying principle / concept. 3. Scope: Relative to the objectives stated above, here you would explicitly specify the delimiting aspects, if any, that would define the scope of the current study. For example, if the study concerns “employee motivation,” and if it is agreed that only employees from production functions are to be studied, the scope would be restrictive to all the employees of the production function. If there are more plants than one, and if it is agreed that only a specified plant’s production function employees would be covered, then this would be a restriction. All such aspects would define the specific scope of the project. 4. Methodology: This section must explain your detailed plan for conducting project, covering sampling logic, data collection, questionnaire etc., and analysis plan 5. Analysis: The data collected will have to be coded and classified according to the research requirements and then analysed. A qualitative or quantitative analysis can be employed. In quantitative analysis descriptive statistics and...
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...The Scope of Practice of a Physician Assistant The term scope of practice has been defined as “The definition of the rules, the regulations, and the boundaries within which a fully qualified practitioner with substantial and appropriate training, knowledge, and experience may practice in a field of medicine or surgery, or other specifically defined field. Such practice is also governed by requirements for continuing education and professional accountability” (Defining Scope of Practice, n.d.). Physicians, nurses and all other medical professionals are required to know what their particular scope of practice includes and to adhere to those guidelines at all times. Many different types of healthcare professionals are found in an Emergency Room facility, and they will all have a scope of practice that they must adhere to. One such healthcare professional would be a PA or a Physician Assistant. A PA must work under the supervision of a Physician who is ultimately responsible for the PA’s performance and professional conduct with the patient. Any medical procedures that the supervising Physician performs in his scope of practice may be delegated to the PA, as long as the PA has had the necessary training and competency to successfully perform the procedure (Rogers, 2007). In an Emergency room setting a PA may be responsible for such patient care activities as evaluating incoming patients through the process of obtaining a complete and accurate health history, conducting physical...
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