The city of Louisville-Jefferson County Metro Government, Kentucky’s fiscal year ended June 30, 2008. This is the sixth annual report issued for the consolidated government since the merger of the City of Louisville and Jefferson County governments on January 6, 2003. An elected Mayor governs the Metro Government and the Metro Council composed of twenty-six council members elected from each of the twenty-six council districts. All executive and administrative power of the consolidated local government
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Shelley Stiles Week 2-HW P4-18 a. (1) The auditor must be without bias with respect to the client under audit. b. (3) involves the objective examination of and reporting on management- prepared statements. c. (1) maintain public confidence in the profession 4-19 a. (1) Contingent on approval of a bank loan b. (3) c. (3) 4-20 a. Violation of AICPA and SEC based on rules of independence, if pre-approved it is okay. b. Based on SOX and SEC rules internal auditing of a public company
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Auditor’s Responsibility when Issuing a Report Abstract The objective of an Independent auditor is to render an opinion about whether the financial statements of a company, legal entity or an organization have been fairly presented in all material respects and in accordance to the generally accepted auditing standards. In expressing an auditor’s opinion, they will typically issue one of four types of reports, an unqualified report, qualified report, an adverse opinion, or a disclaimer of opinion
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Government regulated monopoly GAAP General Standards 1. Adequate training and proficiency 2. Independence in mental attitude 3. Due professional care Standards of Field Work Proper Planning and supervision Understanding of the entity Sufficient appropriate evidence Standards of Reporting Statements prepared in accordance with GAAP Circumstances when GAAP not consistently followed Adequacy of disclosures Expression of opinion on financial statements *Test* Table 5.1 Definitions
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Socio-Cultural Influences on Sexuality There is nothing that sparks a debate more than the topic of sexuality. The multitude of opinions in societies displays an attempt to define, promote, or control sexuality. Sexuality is a part of our humanity in which defines sex, gender identities, gender roles, sexual orientation, pleasure, intimacy, and instigates procreation. Though, sexuality is experienced and expressed through thoughts, desires, beliefs, attitudes, values, roles, behaviours, and
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time-efficient manner. They are also responsible for the day-to-day operation of the organization, including managing committees and staff and developing business plans in collaboration with the board for the future of the organization. They shall make reports on a regular basis – quarterly, semiannually, or annually. Auditors might affect the corporate governance of an institution by overseeing management activities in managing credit, market, liquidity operational, legal and other risk of the corporation
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REQUIRED [1] Three conditions are often present when fraud exists. First, management or employees have an incentive or are under pressure, which provides them a reason to commit the fraud act. Second, circumstances exist - for example, absent or ineffective internal controls or the ability for management to override controls - that provide an opportunity for the fraud to be perpetrated. Third, those involved are able to rationalize the fraud as being consistent with their personal code of ethics
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First of all, line costs are the amounts that WorldCom paid other companies to be able to use their communication networks for their customers and it included access fees and transport charges for messages. The line costs are an expense and instead of reporting them as an expense at the time, they chose to hold off on paying them and adding them in as an expense so that it would look as though WorldCom was earning more than they really were. The first solution should have been to relook at the
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formulation process in our textbook, some additional evidence would be gathered if the evidence does not support a fair presentation. It also mentioned that “The account balance is misstated, but the client disagrees. The auditor will issue an audit report indicating that the financial statements, in his or her opinion, are not fairly presented.” Should auditors take explicit measures to prevent their clients from discovering or becoming aware of the materiality thresholds used on individual audit
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Marwick Hungergords – indirect recipient of info • Facts: financier (Esanda) lent money to Excel in reliance on E’s audited accounts (Peat Marwick) and reports - could not recover money. Sued E’s auditors for alleged negligence. • Issue: whether auditors owe a duty of care to persons other than their clients who have relied on their unqualified reports in entering various financial transactions. • Held: Esanda appealing – appeal dismissed auditors do not owe a duty of care to all users of their
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