Health Care Case Study: Financial Statements Health Care Case Study: Financial Statements The paper is a health care case study on Patton-Fuller Community Hospital’s financial statements. The summary of the paper is a review on the annual report financial statements at Patton-Fuller Community Hospital. A discussion on how the audited and unedited financial statements differ. An explanation will be discussed on the financial ratios for the hospital improving. The relationship between revenue sources
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Audit Adjustments. Jose A. Santos Nov. 19, 2013. Audit adjustments are proposed corrections of the financial statements that may not have been detected except through the audit procedures, regardless whether or not recorded by the entity. (www.wikiterm.com) According to AU Sec.380, Communication with Audit Committees, the auditor should inform the audit committee about adjustments arising from the audit that could, in his judgment, either individually or in the aggregate, have a significant
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CHAPTER 1 ACCOUNTING INFORMATION SYSTEMS AND THE ACCOUNTANT Case 1: Annual Report The annual report is considered by some to be the single most important printed document that companies produce. In recent years, annual reports have become large documents. They now include such sections as letters to the stockholders, descriptions of the business, operating highlights, financial review, management discussion and analysis, segment reporting, and inflation data as well as the basic financial statements
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The duties, status and liability of the auditor WHAT IS AN AUDIT?[1] The word “audit” comes from the Latin word audire which means “to hear” because, in the middle Ages, accounts or revenue and expenditure were “heard” by the auditor. An audit is the process of checking that the way an organisation presents information about its financial position (its ‘Financial Statement of Accounts’) is true and fair. In essence, ‘true and fair’ means that, in the auditor’s opinion, the company’s financial
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the history which defrauded investors out of as much as $65 billion. David Friehling, the leading auditor of Bernard L. Madoff Investment and Securities’ (BLMIS), was sentenced for aiding Madoff with investment advisor fraud, and filing false audit reports with the SEC. Since then, people are paying more and more attention to auditors’ and accountants’ legal liability. This document will describe the ways in which BLMIS auditor disregarded his responsibility to uphold the fundamental principles governing
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3-26 A- “The financial statements referred to above present fairly, in all material respects, the financial position” rather than “The financial statements mentioned above are correctly stated.” The first phase is used because it uses the word material respects which indicate that the auditors are only responsible to search for significant misstatements, not minor misstatements that do not affect the decision makers. The second phrase is indicating that the auditor’s reviewed the entirety of
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ENTITIES Final Report TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2010 CONTENTS Chapter 1 Introduction Uses of Annual Reports Scope Presentation Glossary of Defined Terms Principles for Periodic Disclosure by Listed Entities A. Periodic reports should contain relevant information B. For those periodic reports in which financial statements are included, and should state that the financial information provided in the report is fairly presented
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opinion for the organization’s financial report. What precisely can an auditor ascertain from the examination of an organization’s financial report, and what can the audit provide? According to Merriam-Webster, 2014 an audit is a stylized scrutinization and verification of an organization’s or individual’s financial reports or financial position. This procedure is deemed crucial for the verification of the exactness of an organization’s financial reports. Based on information provided by
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ACCG 224 Report: Fairfax Media Limited 28th April 2014 (4pm) Juhi Agarwal Student Number: 42462843 Tutorial Class: Thomas Kern – Thursday 5pm-7pm Word Count: 2183 Contents: Executive Summary………………………………………………………………………….3 1. Introduction………………………………………………………………………………..3 2. Body……………………………………………………………………………………..…... 2.1 – A – Objective of GPFR and qualitative characteristics..……………….…….3, 4 2.2 – B – Disclosure requirements for PPE as per AASB116…...…………………….5
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corporations. Under SOX, companies are held accountable if they fail to maintain the requirements that were set forth in the act. The act requires companies to maintain satisfactory internal control measures, provide responsible financial reports, disclose periodic reports, and establish rules for annual reporting. (Hazels, 2010) These requirements are all part of the Generally Accepted Accounting Principles (GAAP). Corporations and accounting firms should have already been practicing these principles
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