REPORT OF COOPER AUDITING FIRM OF APOLLO SHOES, INCORPORATED To: The Board of Directors and Shareholders of Apollo Shoes, Incorporated The ____ Auditing Firm audited the balance sheets of Apollo Shoes, Inc. beginning December 31, 2008 and 2009 and the reports shared to the revenue, complete revenue, investors’ equity, and cash-flow for the period of two years that ended on December 31, 2008. ___ Auditing Firm has evaluated the manager’s statements of Apollo Shoes, Inc. that is placed with the
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Cindy Bachan Kaplan University AC503 Advanced Auditing Unit 3 Just For FEET, Inc. Case Study Professor Louis Beaubien December 14, 2011 1. Prepare common-sized balance sheets and income statements for Just for Feet for the period 1996 – 1998. Also compute key liquidity, solvency, activity, and profitability ratios for 1997 and 1998. Given these data, comment on what you believe were the high-risk financial statement items for the 1998 Should auditors insist that their clients
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that have increased the amount of fraud to 500 million! If SOX was enacted in 1992, then it would have helped in the following manner: Section 203, Audit Partner Rotation: “The new rules impose more rigorous standards of independence for the external auditors of SEC reporting companies (including foreign private issuers) than under existing SEC rules that existed” at the time of the Phar-Mor Inc scandal( Lansing, 2011 ). This also required more frequent partner rotation off an audit engagement
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Deana Chamberlain Case 1 ACC 416 Seminar Two Case 3.1 1. What alternatives are available to Brent in regards to the audit of payables? What are the pros and cons of each alternative? Brent and Han could pull twenty invoices rather than thirty invoices and go against the audit plan. Since the account payables haven’t shown any problems in the last few years, chances are there won’t be any problems this year. Doing this they could save at least a third of the time and possibly
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1. Each of the following elements make up an integral part of what is meant by "ethics" except for: A. Accepted standards of behavior B. Knowing the difference between right and wrong C. Always following the law D. The moral point of view 2. "Treating others fairly" encompasses treating them: A. Equally, impartially, and responsibly B. Equally, responsibly, and openly C. Impartially, openly, and diligently D. Equally, impartially, and openly 3. The Independence Principle in the AICPA
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ALBERT MAINGI MUSYOKA D61/63378/2010 DAC: 606 ADVANCED ACCOUNTING SEMINAR A TERM PAPER PRESENTED FOR THE PARTIAL FULFILMENT OF THE MASTER OF BUSINESS ADMINISTRATION UNIVERSITY OF NAIROBI JANUARY – APRIL 2012 Contents SUMMARY OF TERMS 3 ABSTRACT 4 STATEMENT OF THE PROBLEM 5 LITERATURE REVIEW 6 a. Introduction 6 b. The Need for an Audit 7 c. Risk of fraud 8 d. The Auditor-Investor ''Expectation Gap'' 9 e. Auditing Profession and Challenges 9 f. Public opinion 10 g. Family or
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5. Re: Predecessor-successor auditors: • What is the purpose of predecessor-successor auditor communications? • Which party, the predecessor or successor auditor, has the responsibility for initiating these communications? • Briefly summarize the information that a successor auditor should obtain from the predecessor auditor. (8 points) SAS 84 (AU 315) defines a predecessor auditor as: an auditor who (a) has reported on the most recent audited financial statements or was engaged to perform
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Explain why public companies need to follow GAAP when they prepare their financial statements. Companies need to follow GAAP so that financial statements are standardized, making it possible for shareholders to compare companies to one another. It also helps keep the information easier to understand, more accurate, and promotes transparency. Explain why financial statements of public companies need to be audited before they are shared with the public. Audits ensure that the numbers are not being
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Nature and Functions of Auditing August 31st, 2012 Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: • Describe the elements of the Generally Accepted Auditing Standards (GAAS). • Describe how these standards apply to financial, operational, and compliance audits. •
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in the interest of external users of F.S. * However, such impartiality is impossible under current institutional arrangements. The Structure of the Auditing Relationship External users: Stockholders, financial advisers, regulators, lenders, creditors, etc. Client (audited firm): has incentives to present the “best” F.S. Hires and pays Represents Independent auditor: Give an opinion on F.S. * Through an qualified audit report, management provides external users a reasonable
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