Unit 9 Project Notes Here are some tips for the Unit 9 Project. Hopefully these will provide direction for your responses and lead you out of some common pitfalls I see. Remember to do your own work! See the “Citing Sources/Plagiarism” announcement for more information. I’m looking for your thoughts more than how well you can cite others’ work! Please number your answers the same way they are numbered in the book so that I can easily identify your answers to each part. Neatness and organization
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instability and the compromising factor of accounting profession itself. Out of the many parties in the league and the major force behind the debacle of Enron concern Andersen's, the accounting and auditing firm that once deserved name in the industry for its conscience in accounting professional services and auditing. As the case relates to, accounting audit for Enron is attended by Andersen's since long enough. However, the interesting feature is that some compromise in the profession of accounting services
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David G. Friehling of New City, NY effective March 18, 2009 Information came to the attention of the Ethics Charging Authority (“ECA”) (comprised of the AICPA Professional Ethics Executive Committee and the New York State Society of CPAs Professional Ethics Committee) alleging a potential disciplinary matter with respect to David G. Friehling. Mr. Friehling advised that he would be willing to sign a settlement agreement charging him with violating AICPA Bylaw Section 7.4.6 and Rule 506 of the New
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REVIEW QUESTIONS 8.1. Explain the purpose of (a) prevent controls and (b) detect controls. Why would it be important for an entity to have both types of controls? In order to prevent, detect and correct material misstatement the auditor performed the procedures called Test of Controls. There are two types of controls: Prevent Controls and Detect Controls. Prevent Controls can be applied to each transaction during normal processing in order to avoid errors. When planning controls, an auditor should
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Chapter 9 Multiple-Choice Questions |1. |If it is probable that the judgment of a reasonable person would have been changed or influenced by the omission or misstatement of information, then| | |that information is, by definition of FASB Statement No. 2: | | |a. material.
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them. However, John may see Brent as a threat to him completing the audit under budget and may give him a bad evaluation if they end up over budget. 2. What consequences for Brent, the auditing firm, the others involved, may arise from “eating time,” as Han suggested? Similarly, what consequences for Brent, the auditing firm, and others involved, may arise from not completing audit procedures, as Megan suggested? Han’s suggestion can cause future budgets to be misleading when preparing for next year’s
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lading: It is a type of fraud that involves the crediting of one account through the abstraction of money from another account. An attempt to hide missing funds by delaying the recording of cash receipts in a business's books. Continuous audit: An auditing process that examines accounting practices continuously throughout the year. Continuous audits are usually technology-driven and designed to automate error checking and data verification in real time. Independence in appearance: The auditor’s ability
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1. What does forensic mean? From Latin forensis ‘in open court, public,’ - Relating to, used in, or appropriate for courts of law or for public discussion or argumentation. - Of, relating to, or used in debate or argument; rhetorical. - Relating to the use of science or technology in the investigation and establishment of facts or evidence in a court of law: a forensic laboratory. http://www.thefreedictionary.com/forensic 2. Define forensic accounting. Forensic accounting is a type
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about materiality? The results of the initial assessment of control risk The anticipated sample size for planned substantive tests The entity's financial statements of the prior year The assertions that are embodied in the financial statements Auditing Theory - Risk Assessment (Average)
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FLAT CARGO BERHAD: AN AUDITOR’S CONUNDRUM The case portrayed Flat Cargo Berhad (FCB), a public listed company which known as one of the largest air freight companies in Malaysia. FCB was registered as an investment holding company with several subsidiaries where the subsidiaries primarily provides air freight services and aircraft ground handling services. As the only Intra-Asian overnight express cargo operator based in Malaysia, FCB provides air freight transportation involving aircraft charter
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