Assessment 1 – Case Study Aim: The case study aims at testing students’ understanding of the role of corporate governance in today’s business, how to establish good corporate governance practices, how to maintain an effective internal control system and assess control risk, and how to protect the organisation against fraud. Instructions: Students are required to read the case carefully before attempting the questions. All sources used must be cited using the ‘Harvard Referencing Guide’ in order
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existing but escaping the examination of the auditors. This is unavoidable due to the limitations of accounting and inherent limitations of any internal control system. Included in the final audit report to management will be a letter outlining what material weaknesses our audit team has identified in both your company’s accounting practices and internal controls in detecting misstatements or errors in the financial information. The management of Apollo Shoes, Inc.’s has responsibility for the
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Section 5 Audit Process: Audit Planning To Fieldwork Section 5 documents how the Office of the City Auditor complies with standards related to reasonable assurance, significance, audit risk, and planning. This section provides guidance on the how to apply those standards in conducting audits based on the Citywide Risk Assessment model or requested audits. Specifically, this section will cover the initial planning phase of the audit (preliminary survey) that begins with start the audit, preliminary
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untrue statements or material omission or be considered misleading. Financial statements are fairly present, signing officers are responsible for internal controls and a list of all deficiencies. The noteworthy information on any fraud activities by employees who are involved with internal activities was documented. Any significant changes in internal controls or related factors that could have a negative impact on the
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Recommendation Brief for an Internal Accountant 1 Recommendation Brief for an Internal Accountant Kelsy Fee ACC/544 April 13, 2015 Professor La Ron Roach Recommendation Brief for an Internal Accountant 2 In this recommendation brief the benefits of hiring an internal accountant will be discussed. Having an internal accountant would help fix an out-of-control system and the justification of taking advantage of one will be included in this brief. Along with
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specific controls used by the entity, in particular, whether they are manual or automated * Whether the auditor expects to obtain audit evidence to determine if the entity’s controls are effective in preventing or detecting material misstatements. 2. Additional information needed to complete an assessment: * The nature of further audit procedures * The timing of further audit procedures * The extent of further audit procedures * The nature of tests of controls
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Legality and Ethicality of Corporate Governance United Thermostatic Controls is a publically traded corporation and is in the middle of an internal audit going on. The company makes and sells the thermostats that are in refrigerators and furnaces in residential and commercial properties. Frank Campbell (the director of the Southern sales division) is worried about their goals not being met due reasons concerning the big fluctuations in the market, the end of the year approaching, the thermostat
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firms who render professional auditing services to clients. These services may involve financial statement audits, compliance audits, and operational audits. Internal auditors are employees of the companies they audit. They are involved in an independent appraisal activity, called internal auditing, as a service to the organization. Internal auditors are primarily concerned with
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Worksheet for You Decide Name _JANICE VALDEZ Course Code _AC555ON_Grade ___/ Date 4/15/_2012_ Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The Securities and Exchange Commission (SEC), an agency of the federal government, assists in providing investors with reliable information upon which to make investment decisions. The Securities Act of 1933 requires most companies planning to issue new securities to the public
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PROFIT BEFORE TAX 5 2. TOTAL ASSETS 5 3.TOTAL REVENUE 5 4.TOTAL EQUITY 6 AUDIT RISK 6 A. ELECTRONIC DATA PROCESSING (EDP) 8 B. INVESTMENTS 8 C. CUT OFF PROCEDURES 8 COMMONWEALTH BANK OF AUSTRALIA’S INTERNAL CONTROL STRUCTURE 9 1. THE CONTROL ENVIRONMENT 10 2. RISK ASSESSMENT 10 3. CONTROL ACTIVITIES 10 4. INFORMATION AND COMMUNICATION SYSTEM 10 PRELIMINARY AUDIT STRATEGIES FOR SIGNIFICANT ASSERTIONS 11 1. EXISTENCE AND OCCURRENCE 11 2. COMPLETENESS 12 3. CUT OFF 12 4. RIGHTS AND OBLIGATION
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