journey in learning accounting since my first year. Without acceptance from this institution, I probably not being able to learn more on this professional course. Thank you to every single person. INTRODUCTION Ismail Adam & Co is one of the audit firm in Malaysia which has been registered as Chartered Accountants Firm and member of MIA (Malaysia Institute of Accountancy). This company was established by En Ismail Adam and lending their services in accounting, auditing and taxation. The company
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provide reasonable assurance that the financial statements are free of material misstatement. Related parties make important decisions based on information provided in financial statements, so the auditor has a responsibility to plan and perform the audit accordingly in order to obtain reasonable assurance that the financial statements are reported fairly. b. The two main categories of fraud affecting financial reporting are fraudulent financial reporting and misappropriation of assets. Misappropriation
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pressure to respond. Their response to the fraud committed my giant corporations such as Enron and WorldCom was the Sarbanes-Oxley Act. The main point of SOX was to try to limit or ideally eliminate corporate fraud by cracking down on self-regulating audit. The answer as to whether SOX is working or not is not as simple as yes or no. Some say that the scope of SOX was too wide while others maintain that it did not go far enough. The basis for the success of SOX comes down to cost versus benefit.
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specific processes and procedures for compliance audits, policies for control purposes. Basically it provides an oversight of public accounting firms that do auditing. 2. Auditor Independence: It provides standards for external auditor independence, so that conflicts of interest can be minimized. It also mentions the requirements for appointing new auditor and auditor reporting requirements. Auditing companies are prohibited from providing non-audit services (consulting) for the clients for whom
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Contents: Vision, Culture and values Financial highlights Profile of the Directors Chairman’s review Corporate Governance Audit Committee Report Remuneration Committee Report Risk Management Report of the Board of Directors Statement of Directors’ Responsibility Independent Auditors’ Report Income Statement Balance Sheet Statement of Changes in Equity Cash Flow Statement Notes to the Financial Statement Segmental Report Details of Real Estate Five Year Summary Shareholder Information
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shareholders do not approve Proposal 11, the Audit Committees will consider the selection of another accounting firm for 2016 and future years.” (Proxy Statement Pg. 26 Proposal 10 and 11) 4a-4b The Audit Fees for 2014 and 2013 were for professional services including, integrated audit of Carnival Corporation & plc’s Consolidated Financial Statements, systems of internal control of financial statements, audits of IFRS financial statements, statutory audit of various international subsidiaries, consents
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amended by the Board. (49 counts) 4. How often are registered firms inspected? The PCAOB regularly inspects those firms that issue audit reports opining on the financial statements of issuers. The actual number of firms that the PCAOB regularly inspects fluctuates since certain registered firms cease to issue audit opinions while other firms will begin to issue audit reports for the first time. In general, the PCAOB inspects each firm in this category either annually or triennially, depending upon
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period. Audit procedures must ensure that transactions occurring near year-end are recorded in the financial statements in the proper period. For example, the auditor may want to test proper cutoff of revenue transactions at December 31. This can be done by examining a sample of shipping documents and sales invoices for a few days before and after year-end. Audit evidence: Audit Evidence is evidence obtained during a financial audit and recorded in the audit working papers. In the audit engagement
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ethical decisions that I encountered. The firm provides wide services that range from audit, tax and advisory services to its clients. Given the fact that the company deals with these three distinct services, occasionally potential areas of conflict occurred when dealing with small corporate clients. The threats that often arose were that of self-review and management threat. The fact that KPMG dealt with non-audit services threatened the independence of the firm in some instances. Another ethical
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conduct. Since this was not in place, every manager was able to act on their own accord. The accounting department sounded like a war room, where each group had to deceive the other of journal entries. The external auditor was stone walled during the audit, and simply stated the information was a moderate risk. The senior management team used scare tactics or “it’ll only be one time” tactic to coheres employees to making fraudulent entries. The internal auditors were never allowed to do their job. They
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