Working as finance SVP assistant October 2010 to June 2011 Beijing Top Grade Medical Equipment Co., Ltd Position: Senior Manager Principal responsibility & Key Areas: As coordinator to assort with audit for IPO in HK, and follow up audit schedule Assorting with other departments to complete Due Diligence of legal and finance Cooperating with each intermediary agencies, and completing Management's Discussion and Analysis (MD&A) Providing consolidation
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In response, King and Bullock argued that at the time of their letter they had determined that the financial impact of the error was immaterial. Despite an inquiry by the Audit Committee, which concluded that management had not deliberately withheld information from the auditors, Deloitte & Touche was not satisfied. The audit firm insisted that it could no longer rely on Bullock's and King's representa-tions, and would be unable to complete its review of the first quarter results until representations
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standard, SAS 99, Consideration of Fraud in a Financial Statement Audit, in an effort to help auditors better assess fraud risk, detect fraud symptoms, and sharpen professional judgment as to whether a fraud has actually been committed in a firm. The purpose of this term paper is to examine the role of experience in increasing professional skepticism, knowledge acquisition, and ability to detect fraud. We suggest that the typical audit environment does not provide auditors with the type of experience
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INTERNATIONAL STANDARD ON AUDITING 620 USING THE WORK OF AN AUDITOR’S EXPERT (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this ISA ........................................................................................ The Auditor’s Responsibility for the Audit Opinion ................................... Effective Date ..............................................................................
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statement. Besides that, the internal audit was primarily exist to measure business unit performance and enforce spending controls, whereas the external auditors, Arthur Andersen, was an independent auditors which performed the financial audits to access the reliability and integrity of the publicly reported financial information. Cynthia Cooper, the head of internal audit, had brought an issue related to a transaction worth $400 million to the WorldCom’s audit committee but she was told to stay away
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Week 8 – Assignment Case Study – 9.1 – Wally’s Billboard & Sign Supply 1. The audit of cash is considered an important part of an audit due to the below reasons: * Almost all business transactions will be ultimately settled through the cash accounts * Cash can be either and asset or a liability * The audit of cash accounts assists in the verification of other asset and liability accounts as well as revenue and expenses * Cash is the highly liquid asset in a company
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the respondents are very concerned about the problem of fraud. In addition, the respondents placed very high expectation on auditors’ duties on fraud prevention and detection. This perception is in contrast with the stated primary objective of an audit, as stipulated in ISA 200, which merely required auditors to form an opinion on the financial statements, but not of fraud detection. Keywords: Auditors, fraud, detection, prevention Introduction That an auditor has the responsibility for the
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Corporation, abruptly ended Andersen's long and proud history in the public accounting profession. K Y TOPICS: history of the public accounting profession in the United States, scope of E professional services provided to audit clients, auditor independence, and retention of audit workpapers. ; Case 1.2 Just for FEET, Inc. 23 In the fall of 1999, just a few months after reporting a record profit for fiscal 1998, Just for Feet collapsed and filed for bankruptcy. Subsequent investigations by law
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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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The audit of financial statements is a form of attestation service that the auditor issued a written report to express an opinion. Financial statements are materials that correspond with generally accepted accounting principles. When giving the information of the financial statements, ZZZZ client makes several claims about their financial conditions and results of restoration business operations. External users that trust the financial statements to make business decisions to observe the auditor’s
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