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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Business Research Report Financial Reporting According to International Accounting Standards Presented to: XYZ Corporation Assessment Code: RWT1 Student Name: Linda Kaye Craghead Student ID: 000225676 Date: March 13, 2013 Mentor Name: Caroline Juedes Table of Contents Executive Summary.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Introduction.. . . . . . . . . . . . . . . . . . . . . . . . .
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ABSTRACT Auditing disclosures play an important role within accounting reports as they provide a level of assurance to the users (public). These disclosures will be discussed in light of the collapse of Health International Holdings (HIH). The HIH collapse warranted a Royal Commission investigation and also recorded the biggest corporate collapse in Australia's history. Corporate failures of similar magnitude such as Enron and Parmalat have occurred elsewhere and sparked large scale investigation
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restate in the recommendation of management, audit committee of its Board of Directors and after discussion with the Company’s independent accountants, Ernst & Young LLP. Tech Data Corporation will look for a 15 day filing extension for its Annual Report on Form 10-k of the fiscal year ended January 31, 2013. The prime reasons to restate reference to the company’s U.K. subsidiary and should decrease the company’s net income by $25 million to $33 million over the three fiscal year period. The company
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new enhanced standards are necessary. The new standards hold officers accountable for their actions and pertain to “Corporate Responsibility for Financial Reports”. In Section three hundred two of the act of periodic statutory financial reports have to include certifications assigning officer or officers have reviewed the report. The report does not contain any untrue statements or material omission or be considered misleading. Financial statements are fairly present, signing officers are responsible
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article ‘Unleashing the power of the annual report at DTCC’, Goldstein, Stuart Z (2005) discuss how DTCC use annual report to communicate with its shareholders and potential investors in order to advance financial results. The article shows the main information investors can get through annual report and some examples how DTCC reform annual report to achieve effectively communicate with its shareholders. However, it is not a completely useful source for the report due to rare example, limited relevance
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CPA Exam Multiple-Choice Questions on Auditors’ and Accountants’ Reports 1. (N95,62) Which of the following statements is a basic element of the auditor’s standard report? a. The disclosures provide reasonable assurance that the financial statements are free of material misstatement. b. The auditor evaluated the overall internal control structure. c. An audit includes assessing significant estimates made by management. d. The financial statements are consistent with those of the prior
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Audit Group Project 1a. The transition between predecessor auditor and successor auditor is governed by AU Section 315. It details a list of responsibilities on each side prior to the acceptance of the audit. The predecessor auditor is considered the one who reported on the most recent audited financial statements or was engaged to perform this audit but did not complete it. The successor is an auditor who is considering accepting an engagement to audit financial statements. (AU 315.02) The
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Andersen clearly had a conflict of interest. Andersen earned more form other accounting services from Enron than from auditing services performed. This would certainly lead to the notion that Andersen could and probably did alter the financial reports of Enron to their own benefit. The top executives at Enron were also just as responsible as each of them were profiting from the buying and selling of the company’s stock making huge profits. Both the auditors and the top executives were well aware
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Guidelines for Preparing Your Executive Report Contents 1. Title Page: the title should clearly and succinctly communicate the central focus of the paper. The name of every person who is to receive credit for the project must appear on the title page. No name, no credit. 2. Table of contents: List of each of the major sections, including references and appendices, and specify the page on which they begin. (-5 points) 3. Executive Summary: Provide a 100-150 word summary of the purpose
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