approved by the Board of Directors just three months ago. It was passed unanimously. Smith: I guess so, but Mint told those stock analysts that SCS's earnings would increase 30% next year. Can Mint deliver numbers like that? Kent: Who knows? We're auditing the '98 financial statements, not '99. Mint will probably amend that forecast every month between now and next May. Smith: Sure, but all this may change our other audit programs. Kent: No, it won't. The programs are fine as is. If you find fraud
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the university of texas at austin ACC 358C, Introduction to Assurance Services (Cross-listed as ACC 380K.4) Course Syllabus Spring 2012 Times and Location: TTh 8:00 – 9:30 (unique no. 02320 for ACC 358C and 02405 for ACC 380K.4) TTh 9:30 – 11:00 (unique no. 02325 for ACC 358C and 02410 for ACC 380K.4) TTh 12:30 – 2:00 (unique no. 02335 for ACC 358C and 02420 for ACC 380K.4) TTh 2:00 - 3:30 (unique no. 02340 for ACC 358C and 02425 for ACC 380K.4) The morning classes will be held
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Running head: Auditing Introduction Letter Auditing Introduction Letter From: Charles, Olds and Waterford, CPA To: Apollo Shoes Inc. Dear Mr. Lucas, As the auditor of a local audit firm, Charles, Olds and Waterford, I feel privileged of being given an opportunity to highlight certain aspects of our firm and the services we offer. Considering your precious time, I would try to keep the information as precise as possible. Our firm, Charles, Olds and Waterford has been in business
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Unit 2 Assignment 1-38 A. The value of an audit to investors is critical because it allows them to assess performance, which in turn allows them to vote on organizational matters such as a board of directors. It also helps them make decisions on whether or not to buy or sell stock. As for creditors, an audit report serves a basis for realizing performance. With this they are able to make loan decisions and analyze risk. As far as the community as a whole, an audit reports shows true performance
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Summary of Internal Control Definition Chapter 07 Internal Control A process, effected by the entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding, achievement of (the entity’s) objectives on: Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and regulations McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. 7-2 Control
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Case 1.6 NextCard Inc. Bryan Seabrook Saint Leo University Advanced Auditing ACC-412-CL02 Angela Sneed 28 March 2012 Case 1.6 NextCard Inc. When consumers and companies decide to invest in a company they are putting all of our trust in the companies that they are buying the stock from and the audit firms that audit those companies. When the consumers lose that trust then it is hard to trust other companies. In this case we will learn what went wrong and what steps can be made to prevent
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Audit theory and true and fair view The Primary objective of auditing is to produce a report by the auditor of his opinion of the truth and fairness of financial statements so that any person reading and using them can have belief in them. Different methodology can be used to arrive at his opinion: Vouching audit: Vouching means "such examination of the ledger entries as will satisfy an auditor not only that the entry is supported by documentary evidence but that it has been properly made upon
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Sarbanes Oxley Act has had many positive impacts on American businesses, but has also had its share of criticism. As a result of the implementation of the Sarbanes Oxley Act, firms now produce financial information that is more transparent and holds some form of accountability. One of the greatest benefits of the Sarbanes Oxley Act is that investors are more confident because they now have access to more accurate financial statements and are able to assess the financial strength and stability of
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Answer: (i) The draft audit report of Willis Sdn Bhd for the year ended 30 August 2010 has contains a disclaimer of audit opinion. A disclaimer opinion is used only when the auditor is unable to satisfy sufficient appropriate audit evidence on which to base the opinion, and where the possible effect on the financial statements of undetected misstatements could be both material and pervasive. This draft audit report produced by audit senior and as a result it shows the restriction imposed
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valuable assistance in preparing this assignment. I am deeply grateful to him, that he constructs this course to render exposure of Auditing as well as the basic functioning of such. The course builds on the capacity developed in the principle of accounting practice basic concepts and apply them in real case situations. This will help me a lot, in accounting and auditing discipline and auditors decision making process in the real world. I am sincerely thanked to him, that he gives us this case as
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