Annual Reports Stephanie Shumway McCleneghan Colorado Technical University Online Annual Reports An annual report is a document that companies must provide to their shareholders that describe the organizations operations and financial conditions (Annual Reports, 2014). There are many components that an annual report usually contains such as different financial highlights, management discussion and analysis, auditors reports, and corporate information. All annual reports revolve around financial
Words: 648 - Pages: 3
Fundamentally, this review shows a recent significant correlation between expanded reliance on internal controls and a decrease in detailed testing. The future of auditing will probably consist primarily of a procedural or systematic review, with the analysis of effectiveness of internal controls providing the major basis for the procedural evaluation. Various arguments seem to support this view as follows: ⁃ “Rising costs in public accounting and the consequent additional emphasis on economy and effectiveness
Words: 1188 - Pages: 5
Annual reports are given as comprehensive as possible, reporting a company's prior years activity. Shareholders and other interested parties are given information concerning the company’s financial performance. These reports must be filed with the company’s registry and may be required to be publicized, it depends on the area. More regular reports are required of those companies listed on the stock exchange. Most reports contain: Chairperson's report, CEO's report, Auditor's report on corporate
Words: 1507 - Pages: 7
misrepresentations in an audit report to those people who acted in reliance upon those misrepresentations in a transaction that the auditor intended to influence, in accordance with the rule of Restatement Second of Torts section 552. Analysis An auditor's liability for general negligence in the conduct of an audit of its client financial statements was confined to the client. Other people could not recover on a pure negligence theory. Although intended beneficiaries of an audit report could recover on a
Words: 361 - Pages: 2
Audit Assignment Case: Burnaby Wholesalers Ltd. INTRODUCTION: Burnaby Wholesalers Ltd. is a closely held company. The company distributes building materials, hardware, and related products to retail stores that service the “do-it-yourself” home improvement market. The company operates in a very competitive industry and the company’s profit margins and sales have both been decreasing during the last several years as new competitors have entered the market. The company’s fiscal year end is Sep
Words: 1749 - Pages: 7
in an Annual Report Washington, DC, Aug. 13, 2013 The Public Company Accounting Oversight Board today proposed for public comment a new auditing standard and related amendments to enhance the auditor's reporting model. The proposed standard would retain the pass/fail model in the existing auditor's report, but would provide additional information to investors and other financial statement users about the audit and the auditor. "These proposed changes will make the auditor's report more relevant
Words: 654 - Pages: 3
Coca-Cola Company Case Study GB 518 Financial Accounting Principles and Analysis Kaplan University SUMMARY Accounting is an important aspect of business because it is the foundation that offers support to management for planning, and controlling activities as well as decisions. When an organization is doing business they need a way to keep score of operational financial activities. The purpose of my research paper is to discuss the details of my interview with an accountant at Coca-Cola Company
Words: 1791 - Pages: 8
other than the entity's fiscal year end. Interim financial information may be condensed or in the form of a complete set of financial statements. AU Section 508 Reports on Audited Financial Statements Source: SAS No. 58; SAS No. 64; SAS No. 79; SAS No. 85; SAS No. 93; SAS No. 98. This section applies to auditors' reports issued in connection with audits of historical financial statements that are intended to present financial position, results of operations, and cash flows
Words: 1921 - Pages: 8
composed of entirely independent auditors, they have a long list of standards to be followed specifically for internal and external controls, and lastly they also set out guidelines in which the audit committee should provide them with their Financial reports and public disclosure those guidelines are put in place in order for financial information set out to the public is accurate and timely and most importantly reliable. Imperial Oil also receives a score of 2. due to the fact that like Suncor they’re
Words: 825 - Pages: 4
Course Schedule Course Modules Review and Practice Exam Preparation Resources Module 1: Conceptual issues in assurance Overview This module builds on the fundamental concepts of auditing and other assurance services introduced in your prerequisite auditing course. It begins with an overview of the key drivers in the demand for audits, and then surveys current challenges and issues such as the audit and regulatory environment and the expectation gap. You will also study issues related
Words: 15035 - Pages: 61
