Environment (December 5, 2008) Representation Letter A letter from management to the auditor representing that the financial statements are fairly presented. The letter is addressed to the independent auditor, and dated at the date of the auditor's report. It is signed by members of management whom the auditor believes are responsible for, and knowledgeable about, matters covered (chief executive officer and chief financial officer). Specific items included in the representation letter are: -
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Executive Summary Imagine a world in disarray. Imagine many people suffering devastating losses from large investments in the securities market, once perceived as providing generous future returns. There have been several events in our nation’s history that have impacted the lives of many Americans. Recent scandals and related corporate failures have triggered new laws and increased regulation in order to restore confidence in the securities market and to provide reliable and accurate information
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also known as annual reports. According to the section 210 of companies act 1956, it is compulsory for every company to presents its annual report before the shareholders in annual general meeting. this annual report Consist profit and loss account , balance sheet , directors report and auditors report. The board of directors of the company are required to publish these reports annually to provide information to the various interested parties. Therefore These published reports are also known as
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CASE STUDY – FINANCIAL REPORT ANALYSIS Three Executives of a well-known multi-national company decided to form a new company, named New Star Company Limited in 1974. These three executives were becoming close to their retirement age. Pifco-Zen Chen Company Limited, the company that they worked for had been in business for the last 80 years. It was their previous employer’s policy to retire the executives with a “golden hand-shake” worth approximately US$120,000 each. The three executives occupied
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TABLE OF CONTENTS - CHAPTER 3 I. CHAPTER 3 – RESPONSIBILITIES OF FINANCIAL MANAGEMENT 2 II. PERTINENT POLICIES 2 III. INTERNAL CONTROL 2 A. Overview of Internal Control 3 B. On-the-Job Application of Internal Controls 4 1. Records Management 4 2. Source Documents: Organization and Filing 5 3. Develop Departmental Procedures for Each Financial Process 7 4. Detailed Procedures for Cash Handling 10 5. Perform a Series of Daily, Weekly, Monthly, and Quarterly Tasks 10
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management and those in charge of governance within an organization. The SAS 115 requires the auditor to make communications, in writing, to management regarding imperative deficiencies and material weakness in internal controls that are noted in audit reports. It clarifies standards and provides guidance on communicating matters related to an entity’s internal control over financial reporting identified in an audit of financial statements. The new SAS No. 115 is going to affect this department in three
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Worksheet for You Decide Name Cathie Reid Course Code ACC555 Grade ___/ Date_12_/12_/12_ Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The SEC does not have direct influence over the audit of Smackey Company because, Smackey is not a public held organization, they do not have assets in excess of $10 million, and they do not have over 500 stockholders; which are the requirements for public and privately held companies
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CHAPTER 18 REPORTS ON AUDITED FINANCIAL STATEMENTS Answers to Review Questions 18-1 An auditor is associated with financial statements when he or she has consented to the use of his or her name in a document such as an annual report. 18-2 Accounting changes can be categorized into changes that affect consistency and those that do not affect consistency. The word “consistency” refers to the application of accounting principles. If a change in accounting principle or in the method of its application
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ISSUE: Accounting for Fuzzy Dice Inc. acquisition of Tiny Tots Toys LLC related to decision (1) to use purchased facility to enter another business line or (2) renovate the facility to expand the current production. BRIEF BACKGROUND OF COMPANY Fuzzy Dice Inc. (“Fuzzy” or “the Company”) manufactures novelty items that it distributes to wholesalers and large online and direct-mail retailers. Fuzzy operates in an area where several other light manufacturers operate, one of which is Tiny Tots Toys
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Technology In this section I will argue that home in Minority Report (51) fails to be established due to the invasion of technology. I will achieve this by looking at three aspects of the film that depict the loss of home. I have chosen this film as it clearly depicts a technologically advanced world, where privacy has been lost. Minority Report, directed by Steven Spielberg in 2002, is partially based on the novel Minority Report (ref), written by Philip K. Dick in 1956. The film depicts Washington
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