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Assignment 2 AU2 Advanced External Auditing Question 2 a) Three specific business strategies that explain eBay’s decision to offer good for sale at fixed prices: 1. Expand into New Markets: With the shrinking market of auction bidders on eBay and a growing market of fixed price buyers, customers may not prefer to go in the direction of purchasing goods in an online auction. Since, in an online auction the customer has to wait till the end of the auction to see which buyer
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According to the Sarbanes - Oxley Act and Statement of Auditing Standards, Apollo, a publicly-traded company, should have an audit committee overseeing its internal financial reporting integrity. This audit committee would oversees the audits, both internal and external. Once found evidence of fraudulent accounting, external auditors must communicate the findings within Apollo with the committee or other governing body. External auditors also report the effect that the fraud may result with Apollo
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against an Audit report. This report contains information pertaining to the procedures that will prepare an organization for auditing and out of compliance materials. This report is analyzed according to three categories: (1) the accountability an audit can give a company, (2) having on demand documentation on premises, (3) internal auditing being cost efficient versus external audits. This report also explains how audits can damage the business’s reputation if not completed correctly. It is with
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capitalization of costs. The conduct was performed through monarch orders by the top management commanding the General Accounting Department to manipulate the accounts, restricting the scope of inquiry of the Internal Audit Department, misleading the External Auditor and also the Board of Directors. Executive Summary Table of Contents Introduction 3 1.0 Statement of Problem 4 2.0 Causes of Problem 6 3.0 Decision Criteria and Alternative Solutions 14 4.0 Recommended Solution, Implementation
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REGISTERED STUDENTS MICPA EXAMINATION ACCOUNTING AND AUDITING STANDARDS The Institute’s Examination Regulations and Syllabus state that: (a) Questions involving knowledge of accounting and auditing should be answered in accordance with the requirements of approved accounting standards, approved auditing standards/guidelines and the relevant legislation; Questions involving knowledge of new approved accounting standards, approved auditing standards/guidelines and exposure drafts will not be set
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Ramirez, the Internal Auditor for Apollo Shoes. This brief contains additional information regarding the auditing and assurance services offered by AOW that Apollo Shoes may find beneficial now or in the future, an explanation of the role AOW will take on in the aforementioned engagement, and a description of the requirements on AOW to meet the standards for these offered services. Auditing and Assurance Services The management of Apollo Shoes can expect the highest level of service from AOW.
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Audit Committee Report According to the Malaysian Code on Corporate Governance (MCCG) 2007 (Revised), under the Accountability & Audit, as well as the Bursa Malaysia Listing Requirements, The board should establish an audit committee comprising at least three members, a majority of whom are independent. All members of the audit committee should be non-executive directors. The board should provide the audit committee with written terms of reference which deal clearly with its authority and duties
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Differences and Duties of Internal and External Auditors When fraud occurs in a company, executives and investors seek the advice of auditors to determine how the fraudulent activity occurred. Though the internal and external auditors are encouraged to follow the same code of ethics and professional codes of conduct, their core responsibilities are significantly different. According to our text, which references the Institute of Internal Auditors, “the scope of internal auditor responsibilities
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The Impact of the Sarbanes-Oxley Act on Corporate America In discussing the impact of one of the most important laws passed in Congress to legislate the accounting and reporting rules of corporations, I need to give a brief definition and some background information for the Sarbanes-Oxley Act. In 2002, the Sarbanes-Oxley Act was passed into law by the United States Congress. After a series of high profile corporate scandals, such as Enron and WorldCom, the Congress of the United States passed
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