stock ownership would be prohibited for each. If the partner is part of an audit engagement, they can not own stock for the company in which they are responsible for reporting the audit for, even if the client is out of another office. The audit report must be from an individual that is independent of the company. As for the professional staff members, they too can not own stock with any of the clients they conduct audits with, if they have been assigned to engagement or if they become partner
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financial statement otherwise they would withdraw their audit report and would inform all the users of AFS financial statement but AFS refused to do so. Later AFS and Touche Ross came out of a promise that Touche Ross would only notify AFS’s unsecured creditors which included Chevron Chemical. Touche Ross believed that compromise was unacceptable, they thought they has obligation to the other parties who were replying on their audit report about AFS. But before Touche Ross could do so AFS filed for
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LJB Company | Internal Controls Report | FI504 Professor J. Roberts | Michael Franklin FI504 10/19/2011 | LJB Company is a local distributor serving various companies nationally. With its rapid growth and success, we have discussed the possibility of becoming a public company. If LJB Company decides to become a public company we should advise you of certain federal securities laws that LJB Company would face. It is imperative that you should discuss this information with your legal
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Following are discussion points following the ethical framework provided in the chapter. Students are not likely to identify all of the points or may come up with others, but these are the primary ones. a. Identify the ethical issue(s). There are two ethical issues: 1. Whether to issue an unqualified opinion based on the evidence already obtained, disclaim an opinion, or follow up on the information provided by the chairperson of the board, knowing that the client may not pay for the additional
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out there I have learned we all need to dig a little deeper into the issue and find a common ground. Being fair and honest is critically important to the out come of any situation and especially in politics. I visited some websites like Drudge Report and Daily Kos and what I found was not surprising. There was so much negative information on politicians. Don’t get me wrong there was some good stuff but the majority was on information of one sound bite, or one short comment and journalists blew
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other services Auditors specific threats to their independence and objectivity 1. Dependence on income from a particular client or group of clients may impair objectivity and independence. Implications- auditor may not qualify the audit report when qualification is required because this will upset client who may move to another audit firm and thus cause loss of significant income. Safeguards Do not accept certain assignments. Resign from certain assignments. Do not stand for
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225 Provisions as to resolutions for appointing or removing auditors 226 Qualifications and Disqualifications 227 Powers and duties of auditors 228 Audit of accounts of branch office of the co. 229 Signature of audit report 230 Reading and inspection of auditor’s report 231 Right of auditor to attend general meeting 232 Penalty for non compliance with s.225 to 231 233 Penalty for non compliance by auditor with s.227 to 229 233A Power of Central govt. to direct special audit in certain
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Generally Accepted Auditing Standards Paper Name Institution Generally Accepted Auditing Standards Paper Recently, the need for enhanced auditing regulations has increased. This has been orchestrated by the demand from the public for an increase in the regulation of corporate accounting. In particular, following a number of scandals that have befallen major companies leading to their bankruptcy, investors
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INTRODUCTION TO ACCOUNTING & FINANCE In this report, we will analyze the financial performance of two companies: Kraft and General Mills. They are global consumer foods companies that develop different packaged food products. The main goals of these companies are to meet consumers' needs and preferences while generating superior returns by delivering consistent growth in sales and earnings, coupled with an attractive dividend yield. This report shows how each company meets their goals and which
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assignment is 23 February 2012, 2359 hrs. This is a group-based assignment. You should form a group of 3 members from your seminar group. Each group is required to upload a single report to MyUniSIM via your respective seminar group. Please elect a group leader. The responsibility of the group leader is to upload the report on behalf of the group. It is important for each group member to contribute substantially to the final submitted work. All group members are equally responsible for the entire submitted
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