Memorandum To: All Clients From: Jennifer Lopez – Junior Accountant Date: September 03, 2012 Subject: SAS 115 - Statement on Accounting Standards CC: Learning Team B As your accounting firm, we will continue to provide you with professional, accurate, financial information. As your auditor of choice, know that we follow the rules and guidelines set forth under the Statement of Accounting Standards (SAS) to ensure your financial auditing needs are met. We appreciate your continued business
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enable Wal-Mart to reduce prices and keep an edge over their competition. The effectiveness of this mechanism results in a decrease in audit risks. Internal and external audits are used to maintain audit compliance. Internal audits evaluate performance in the organization by using all functions of management. External audits involve external vendors performing an evaluation. (Bateman & Snell 2007) The creation of an internal auditing system using quality assurance methods helps to lessen the risk
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Client name: DEVELOPMENT LIMITED |Sign-off: |Initials |Date | | | | |Prepared: |MNK |17/7/2012 | |Period end: |30/6/2012 |Reviewed: | | | |The objectives of the auditor are:
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service to the entity under investigation). Second, through the investigation, the examiner will have access to all document ( accounting records, annual report including audited financial statements, management discussion and analysis, banks statements, insurance policies, minutes of board meetings, all related parties transactions, the entity’s article of corporation, by law, and any shareholders agreement, loan agreement,
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Under the current situation, there are two choices the auditor faces. Option one is to assist Susan in consolidating her financial statements, mainly by walking her through the process of closing the decorative pillow department and helping estimate the costs associated with doing so. While the second option is to refuse Susan of any more assistance on this matter with the reason being that you are not MHA’s accountant but an auditor working for the general public. Both choices seem viable but if
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Jarvis Smith Finance 4311 Corporate Governance and Ethics First Paper Corporate governance has been define many different ways throughout time, but there is one definition that I feel properly demonstrates what corporate governance means. Corporate governance refers to the system by which corporations are directed and controlled. The governance structure specifies the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors
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1. The professional standards urge auditors to be cautious when they are considering “uncorrected misstatements” in a client’s financial statements. AU Section 312 discusses such items at length. Following is an excerpt from that discussion. If the auditor concludes that the effects of uncorrected misstatements, individually or in the aggregate, do not cause the financial statements to be materially misstated, they could still be materially misstated because of further misstatements remaining
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Auditing and Assurances Eighth Edition Week One Homework 1-26: a. Auditing evidence could be defined as the more relevant and accompanying data and information which helps the auditor in their evaluation of financial documents. b. The management of an accounting firm will ultimately make the assertions about the many parts of the financial statements that they are handling or are in question. Such assertions are a tool to assist them in making sure that they have not overlooked any components
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Introduction An auditor can be defined as a person who has been authorized and appointed to examine records of account and compare the results from different balance sheets that have been provided. An auditor has the independence to record what he feels like as far as accounting is concerned. Auditor independence is the freedom that an auditor has to choose from the parties that have interests in financial statements of a given entity. It is usually an attitude that is characterized by the mind
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The Ethical Temperature in Arcticview Mary Benninger had sought out her old friend, Tom Chu, to discuss her employment situation. Mary and Tom had both graduated in 1985 from Mackenzie King University, and then studied together to attain their CMA designations in 1988. Soon thereafter, Tom was promoted quickly within his division of a large multi-national auto supply company, and now held the position of vice-president/controller. Mary, on the other hand, had temporarily removed herself
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