MTT as joint venture holding 40% equities with Turkistan Global Services Sdn. Bhd. (TGS) holding another 60%. The director of MTSB, Yatim Nor who is the father of board member in TGS, Omar Yatim, had signed the agreement to form MTT. The external auditor appointed by TIH has discovered several irregularities in MTT. MTT’s paid up capital increasing from RM2 to RM 250000. MTSB is paid RM8 per share for 100000 units to acquire 40% shareholding in MTT. No audited account had been issued to the shareholders
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ACCOUNTING AND INTERNAL CONTROL SYSTEM (ISA 400) Definitions Accounting systems Refers to the systems and procedures that management has put in place to ensure that the company maintains proper books of accounts. The auditor should ascertain the client’s system of recording and processing transactions and assess its adequacy as a basis for the preparation of financial statements. An accounting system provides for the orderly assembly of accounting information and appropriate analysis to facilitate
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Let first look at the definition of internal audits and external audits. Internal audit is a function that is performed by company employees; it is responsible for performing audits (both financial and non-financial) within a wide range of areas within a business, as directed by the annual audit plan. Internal audit look at key risks facing the business and what is being done to manage those risks effectively, to help the organization achieve its objectives. On the other hand External audit is an
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GG Accounting Firm Control Analysis of LJB Company Prepared for: Harry Truman President, LJB Company 2300 Pennsylvania Ave. New York, NY Prepared By: Student Name CFO, GG Accounting Firm August 11, 2013 233 S Wacker Dr Chicago, IL 60606 Web:www.GGaccountingfirm.com │Tel 1-800-CON-TROL│ Email GGaccountingfirm@email.com Table of Contents Introduction ………………………………………………………………………………………………………………… 3 Internal Control ……………………..…………………………………………………………………………………
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Preparing LJB’s Internal Control Reporting for Public Trading LJB System of Internal Controls Case Study February 5, 2012 Prepared by Background LJB Company, a small local distributor business that realizes in order to go public in the future, the company must be in compliance of the law and may need to adopt stronger internal control principles. At the President’s request, an independent internal assessment of internal controls was conducted to evaluate areas of strength and weakness
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include: The appointment of the Chairman or Executive Chairman; The overall corporate governance of the Company including its strategic direction, financial objectives, and overseeing (or supervision) of control and accountability systems; Input into and approval of strategic plans and goal and performance objectives, key operational and financial matters, as well as major investment and divestment proposals; Appointing and removing the Chief Executive
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importance of performing a Risk-based audit and the necessary steps auditors take in implementing risk assessment within their audit. Two sets of standards drove the need for risk assessment for IT controls. The first; AICPA SAS 104-111 (Risk Assessment Standards Toolkit) which covers the risk assessment standards and the key points auditors need to consider when incorporating them in an audit. Second, PCAOB AS 5; Audit of Internal Control over Financial Reporting that is Integrated with an Audit of inherent
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into contact during the course of performing their work. Ethical threats Self-interest threat It occurs when auditor could benefit from a financial interest in an audit client. Self review threat It occurs when the audit from a member or audit team put itself in a position of reviewing the subject that previously the member is responsible Familiarity threat It occurs when auditor has a close relationship with the client Advocacy threat It occurs when the audit from a member of the audit
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1 Best practice recommendations for emerging markets IPOs Published by Deutsche Börse AG in collaboration with Deutsche Börse Listing Partners 2 Preamble Preamble The following recommendations and suggestions are designed to help issuers as well as participating banks and advisors to address the special characteristics of an emerging markets company’s initial public offering (IPO) and thus to contribute to a successful IPO. They do not constitute mandatory procedures for conducting
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profession. List the parties who you believe were most responsible for that crisis. Briefly justify each of your choices. - SEC. Failed enforcement - Andersen firm. Fixed financial statements. - Corporate executives. Fraud financial reporting. - Auditors and lawyers who failed make the right decision. 2. List three types of consulting services that audit firms are not prohibited from providing to clients that are public companies. For each item, indicate the specific threats, if any, that the
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