...AUDIT 401-01 Chapter 1: Auditing and Assurance Services User Demand for Reliable Information A. Information and Information Risk * ****Business risk: the risk that an entity will fail to meet its objectives**** * Environmental conditions to increase user demand for relevant, reliable, information: 1. Complexity 2. Remoteness 3. Time sensitivity 4. Consequences * Information risk: the probability that the information circulated by a company will be false or misleading * ****Assurance: Depend on information professionals to serve as an independent and objective intermediaries who will lend credibility to the information**** * ****Attestations: when the assurance is provided for specific assertions made by management**** Auditing, Attestation, and Assurance Services A. Definition of Financial Statement Auditing * ****Auditing: 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 **** OVERVIEW: Independent auditor – obtains and evaluates evidence knowledge of client’s business, observation of physical assets, inquiry of managers, confirmations from third parties, inspection of documents Management assertions about economic actions and events: * Balance sheet * Income statement * Statement...
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...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 compliance gaps in both accounting and auditing practices. These gaps...
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...Resume”, Accounting Terminology Bulletin no. 1, (1953), par 9. [2] N. Conn, “Objectives of Financial Reporting by Business Enterprises”, Statement of Financial Accounting Concepts no. 1, (1978), par 9. [3] W. Ballada and S. Ballada, “Basic Accounting”, DomDane Publishing, (2011), pp. 20, 88-90. [4] Information Technology, http://en.wikipedia.org/wiki/Information_technology, (Accessed 2013). [5] M. Ghasemi, V. Shafeiepour, M. Aslani and E. Barvayeh, “The Impact of Information Technology (IT) on Modern Accounting”, Procedia - Social and Behavioral Sciences, vol. 28, (2011), pp. 112–116. [6] http://www.e-conomic.co.uk/accountingsystem/glossary/accounting-system, (Accessed 2013). [7] K. I. Dandago and A. S. Rufai, “Information Technology and Accounting Information System in the Nigerian Banking Industry”, Asian Economic and Financial Review, vol. 4, no. 5, (2013) June, pp.655-670. [8] J. Moscove, P. Sinkin and P. Bagranoff, “A Theory of Interdependent Demand for a Communication Service. Bell Journal of Economics, vol. 5, no.1, (1999), pp. 283-292. [9] J. Hall, Accounting Information System, (2008), pp. 11-28, ISBN-10: 0324560893, ISBN-13: 9780324560893. [10] S. Shanker, “How is Information Technology Used in Accounting?”, Chron Small Business Demand Media, (2013). [11] M. Amidu, et al., “E-Accounting Practices among Small and Medium Enterprises in Ghana”, Journal of Management Policy and Practice, vol. 12, no.4, (2011), p. 152. [12] Cost-Benefit Principle, http://www...
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...rewarded with economic growth. This report takes a first look at the overall financial system of Iraq with a forward looking approach. At the outset it was agreed with Iraqi authorities that the focus of this review should be forward looking and constructive. Overall the financial sector in Iraq is underdeveloped, and is playing a limited role in financial intermediation. The banking system is still by far the most important part of the Iraqi financial system, accounting for more than 75 percent of the assets and dominated by state ownership. Non-bank financial institutions and markets are small and under-developed but have the potential to provide access to sources of finance. Access to finance is impeded by weak financial infrastructure, which needs to be strengthened over time in all areas, including credit registry, the collateral framework, judicial systems, and accounting and auditing skills. When looking at Iraq’s financial system it is important to keep the general political economy in xv REPUBLIC OF IRAQ FINANCIAL SECTOR REVIEW mind. The difficult security situation imposes costs and constraints, the complex political situation impedes decisive policy action, governance issues linger, and the legacy of...
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...Chinese Small to Medium Sized Companies Abstract In the recent years, small to medium sized companies (SMEs) play an important role in most countries over the world. It has been a vital policy issue for governments to deal with these companies to increase development of economy. The financial difficulties faced by SMEs have restricted SMEs’ survival and development. SMEs exist a series of financial problems. This article focus on how to obtain effective financial source and dealing with the difficulties in raising finance for Chinese SMEs. Key words: Small and medium-sized Companies (SMEs); Financing. Introduction SMEs are the necessary power for economy growth. As Beck and Demirguc-Kunt (2005, p2932) said that there was robust partial connection between the importance of SMEs in manufacturing and economic development. According to Ayyagari (2007), formal SMEs contribute to 50% of GDP on average in developing countries and World Bank views SMEs as a core element in developing economy and employment. In China, the number of registered SMEs exceeds 40 million, accounting for more than 99 per cent of enterprises. As a private sector, SME has become a driving force since the economy began to recover in 1978 (Fan, 2007). And it makes up more than 70 percept of the GDP. According to Brookfield, SMEs can be regarded as unquoted small businesses and a medium for self-employment of the owners that are organized by few individuals, typically a family group and act as a medium for self-employment...
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...The International Conference on micro, small and medium enterprises (MSMECON 10) Title of Paper: “Social Responsibility & MSMEs: A study of Corporate Social Responsibility Trends and Practices in India”. Author: Prof. (Mrs.) Mrinal Sanjay Rao Associated with Sinhgad Institute of Business Administration & Research, Pune, as Assistant Professor. Educational Qualifications: LL.M, M.P.M., D.L.L. & L.W. (Pune University) Work Experience Details:- Industry: 3 years. Academics: 4.5 years. Contact: C/o P R Kashikar, flat no. 206, Om Alankar Housing society, Opp. Chintamani Nagar, Bibwewadi, Pune- 411037. Maharashtra. India Ph.- 020- 24281627/ 9049241146. Email: mrinal.rao241@gmail.com Title of Paper: “Social Responsibility & SMEs: A study of Corporate Social Responsibility Trends and Practices in India”. ABSTRACT: The past twenty years have seen a radical change in the relationship between business and society. Key drivers of this change have been the globalization of trade, the increased size and influence of companies, the repositioning of government and the rise in strategic importance of stakeholder relationships, knowledge and brand reputation. Businesses have come under increasing pressure to demonstrably engage in activities which are described as corporate social responsibility (CSR). The term CSR can be defined in terms of the responsiveness of businesses to stakeholders’ legal, ethical, social and...
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...International Accounting Standards Theodosia Leventi Department of Business Administration, T.E.I. of Larissa, Greece leventi@teilar.gr Abstract This paper belongs to the category of literature review. In this descriptive article we take a brief look at the impacts of the implementation of International Accounting Standards. The continued globalization of business has led to the development of internationally applicable standards and codes of practice. The remarkable expansion of international trade and business, the international co-operation among countries and the breaking down of national barriers led to new challenges and new problems too. Problems in the analysis and comparison of financial reports and differences in auditing and taxation practices among countries made necessary the application of International Accounting Standards. Harmonization of this practice in order to get closer to a universal accounting language is affected by many factors such as: economic, financial, social, legal, cultural, political and others. Moreover, the level of preparedness for each country is significantly associated with many other factors. This process, as every new measure, had both positive and negative effects. So, this study highlights the advantages and disadvantages of adopting a uniform set of International Accounting Standards worldwide and also examines their volatility effects. Keywords: International Accounting Standards, Adoption, Positive and Negative...
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...Small and Medium Enterprises Business Guide SMALL AND MEDIUM ENTERPRISES (SME) BUSINESS GUIDE SUPPORTED BY MARCH 2008 1 Uganda Investment Authority © 2008 Small and Medium Enterprises Business Guide Foreword The Uganda Investment Authority (UIA) is proud to introduce this first Small and Medium Enterprises Business Guide. Small and Medium Enterprises (SME) are the backbone of the Ugandan economy. They contribute to job creation and poverty reduction. SMEs need to be supported to grow from small enterprises to medium and large businesses. This guide provides information and contacts on business licensing, access to finance, entrepreneurship skills training, business development services, and taxation/incentives. I wish to especially thank the Icelandic International Development Agency (ICEIDA) which has funded not only this guide but also entrepreneurship skills training and business development support for SMEs. Uganda Investment Authority has partnered with Makerere University Business School, Management Training and Advisory Centre and Uganda Women Entrepreneurs Association Limited to deliver these services. To my fellow entrepreneurs, I encourage you to use this Small and Medium Enterprises Business Guide to increase the profitability of your business. Patrick Bitature Chairman Uganda Investment Authority 2 Uganda Investment Authority © 2008 Small and Medium Enterprises Business Guide Table of Content I. INTRODUCTION ............
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...Adapting IFRS for SMEs Abstract Romania, located in southeastern European, was heavily influenced by the Russian Soviet Union as a socialist republic between 1947 and 1989. With becoming a capitalist country in 1989, its accounting practices began its transformation. The purpose of this paper is to analyze Romania accounting practices post its revolution. The paper discusses three major accounting practice conversions made in Romania post communism. Included in this paper are comparisons of previous practices and the implications presented within each practice; along with the pros and cons and many challenges that are associated with the adaptation of International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs). Romania’s Post Communism Accounting Practices and The Effects of Adapting IFRS Romania is country located in southeastern Europe and is the ninth largest country of the European Union. Between 1947 and 1989, Romania was controlled by the Russian Soviet Union and enforced by communism. Today, reported in its 2011 Census, Romania’s currently has a population of 21,390,000 people and a gross domestic product (GDP) of $179,793,512,340. Though now considered as an upper-middle income country by the World Bank, Romania has faced many transitions from communism to capitalism over the course of the past three decades. Along with the intense transformations from communism to capitalism...
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...size and frequency of recent corporate governance debacles show that poor governance is not only a formidable hurdle to surmount but is also at the forefront of economic development issues. Ten core principles have been listed by Asian Development Bank (ADB). An attempt has been made to model the principles in a manner consistent with global best practice. Principle 1: Performance Orientation The principal objective of business enterprises is to enhance economic value for all shareholders by making the most efficient use of resources. A company that meets this shareholder value creation objective will have greater internally generated resources, improving its prospects for meeting its environmental, community, and social obligations; pay taxes; reward, train, and retain key staff; and enhance employee satisfaction. A key focus area is a company’s human capital strategy, which is a lead indicator of corporate success. Principle 2: Nomination and Compensation Committees A key success factor is the quality of leadership of an enterprise. A nomination committee with a written mandate and terms of reference...
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...To better understand erp systems and to be able to truly evaluate the most effective systems in the market today, you need to first ask the question, what’s an erp system? enterprise resource planning better known for its shortcut (erp)systems integrate internal and external management information across an entire organization, embracing finance/accounting, manufacturing, sales and service, customer relationship management, etc. ERP systems automate this activity with an integrated software application. The purpose of ERP is to facilitate the flow of information between all business functions inside the boundaries of the organization and manage the connections to outside stakeholders.[1] ERP systems can run on a variety of computer hardware and network configurations, typically employing a database as a repository for information. After extensive uses and application from thousands of corporation and companies both global and local from mid size to large , we were able to assess and evaluate the ten best current erp systems and they are in none specific order : First, Openbravo Open bravo is a web-based, open source ERP business solution for small and medium sized companies. Already in production, Open bravo ERP encompasses a broad range of functionalities such as finance, supply chain, manufacturing & much more. Open bravo ERP has been designed with broad business functionality to help businesses improve overall performance. It is based on a single, integrated database...
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...ID: ID6067 Course Title: International Business Trade Course ID: 5205/C Professor Name: Manfred Brauchle Submission Date: 29.12.2011 Albanian Business Environment & International Market Integration Constrains Research Paper TABLE OF CONTENT Abstract Introduction 1. Albanian Business Environment Data 2. Albanian Business Law and its Consequences on Domestic /Foreign Business Environment 3. Key Risks Threatening Business in Albania 1. Domestic Political Situation 2. Inflation /Taxes & Price Effects 3. Population and Business Distribution Geography 4. The Immigration and its Impact on the Economy and Business Demand 5. Global crisis – Greek & Italian Crisis 4. Conclusions 5. Literature Abstract This paper provides an overall picture of the business environment difficulties of East European Countries, through the concrete case of Albania, towards new political & economic changes in parallel with global changes. It will consider the type of businesses operating within the country, the market environment fragility & volatility, several types of risks present, the impact of Euro versus domestic businesses and joint ventures within Albanian market and the most evident barriers that domestic business has in order to act internationally. Introduction Change in Eastern Europe...
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...换一个你的 School of Management, University of Glamorgan Research on Internal Audit Participate in Risk Management-Based on the ERM Framework of COSO By: Weichen Zhu Candidate no: 学号 September 2012 Supervised by: 你导师的名字 The dissertation is submitted as part of the requirement for the award of Masters of Science: 你专业的名字 Declaration This Dissertation has been prepared on the basis of my own work and that where other published and unpublished source materials have been used, these have been acknowledged. Word Count: Student Name: __________________ Signature: ______________________ Date of Submission:______________ Acknowledgement This is my first time to go aboard for studying. During different campus life in the UK, it is wonderful with deep impression. I learned how to use my internal power to make things happen and how to live my own life. All efforts contribute to my growth, but I cannot forget people who encourage and help me. Probably, I am not happy to study in my whole postgraduate time without support. Firstly, I would like to thank my supervisor 你导师的名字. He helps me develop the ideas and complete this dissertation. Especially, when I make a survey in China, I communicate with him through email. Sometimes, I am afraid that my timetable could have bad effects on him. However, he usually gives me feedback as soon as possible. Therefore, I only use 20 days to finish my survey. This kind of strong professional ethic is worth to learn...
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...com/blog/2012/04/dell-confirms-its-position-as-an-end-to-end-solutions-company/ 2) http://www.forbes.com/sites/connieguglielmo/2013/10/30/you-wont-have-michael-dell-to-kick-around-anymore/ Dell History 4 Dell Timeline 1986 1989 1988 1984 Industry's fastest performing PC (12MHz, 286based system) M. Dell founded company 5 1st Dell™ laptop computer, the 316LT Dell completes its initial public offering http://www.dell.com/learn/us/en/uscorp1/about-dell-company-timeline 1996 1994 1999 Dell.com launches, generating $1 million in sales per day just 6m after the site went live. Dell™ PowerEdge™ server line. Dell ranked No. 1 in PCs in the U.S., No. 1 worldwide in PCs for large and medium businesses Dell Timeline 2000 2001 Sales on dell.com reach $40 million a day. 2009 We top the list of...
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...computing was originally known as a bunch of combined services, technologies and activities. Cloud computing was also regarded as a collection of technologies (Rountree and Castrillo 2014). The name CLOUD is used because it can FLOAT ABOUT among specific servers and the specific server is not probably known by the users (Slahor 2011). The National Institute of Standards and Technology (NIST) came up with a formal definition which basically includes three main components: five key cloud characteristics, four cloud development models and three cloud service models. Not all the web-based applications are cloud applications. There are some specific characteristics of the cloud. The NIST defined that there are five key cloud characteristics: on-demand self-service, broad network assess, resource pooling, rapid elasticity and measured service. Organisations use different cloud computing models in order to meet their own requirements as to what services they want to assess from the cloud and how much control they want to have over the environment. Accordingly, four development cloud models are available: public, private, community and hybrid. Besides, Cloud Computing provided three broad categories of service: Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS) (Rountree and Castrillo 2014). IaaS provides basic infrastructure services which include physical machines, virtual machines, net-working, storage, or some combination of...
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