Public Practice Audit Case Lectures and handouts by: Debbie Moy, BA. CGA 1 BC 2 – Assignment 1 • Submission requirements for BC2 • Assignment #1 • Task 1 — Review client communication 7 marks • Task 2 — Determine materiality and perform preliminary Analysis 9 • Task 3 — Assess inherent risk. 6 • Task 4 — Gain an understanding of the client's internal control environment and assess control risk. 4 24 marks 2 BC 2 – Assignment #2 • Task 5 — Design and perform tests of controls
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further includes the major points extracted from the report issued by PPB Advisory, the administrators of Hastie Group. The major content of this report is focused towards the Auditing Issues within the Hastie Group that contributed towards its collapse. The Hastie group was audited by the Deloitte Touche Tohmatsu in 2011. The auditing issues mainly cover Auditor’s Breaches of duty and the potential claim against the auditors. Overall this report would help provide a better picture of the collapse of Hastie
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next type of audit is the SAS 70 audit. According to "NBD Accountants Consultants" (2008), “It is an auditing standard put forth by the AICPA that is utilized by auditors for examining internal controls in service organizations. Service organizations are the host of companies that provide critical, third-party outsourcing services to other companies.” The final type of audit is the Statement on Auditing Standards (SAS) 94: The effect of information technology on the Auditor’s consideration of internal
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Phases of Control Evaluation ACC/544 Bunney Schmidt January 28, 2013 The purpose of the internal control evaluation is to assess control risk and provide useful information to management and directors for carrying out the company’s control mission (Louwers, Ramsay, Sinason, & Strawser., 2007). The first phase of the audit cycle is to understand and document the client’s internal controls. This phase introduces the auditor to the client’s control environment and management’s risk assessment
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Hagel, Jack. "The long-term effect of doing more with less: Doing less." Journal of Accountancy . (2013): n. page. Web. 22 Jan. 2013. The long-term effect of doing more with less: doing less It is no secret that companies and small businesses have been forced to lay-off or terminate employees in order to cut costs due to the recent financial crisis. Experts are now researching the long-term effects of these practices. When you lay-off or fire employees you are essentially distributing
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Alberta T1X 1Z8 Dear Board/Audit Committee Members I have been engaged to audit the consolidated financial statements of the Sample View Regional Waste Management Services Commission for the year ending December 31, 201x. Canadian generally accepted auditing standards (GAAS) require that I communicate at least annually with you regarding all relationships between the Commission and me that, in my professional judgment, may reasonably be thought to bear on my independence. In determining which relationships
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Group Audits: Yes, No, or N/A vi. Did the auditor take in to account the group involved in the audit process g. Work Performed by a Component Auditor: Yes, No, or N/A vii. Is the auditor in compliance with the outlined auditing processes h. Auditor Specialist, If used: Yes, No, or N/A viii. Was the use of professional reference properly documented, i.e.: engineer, environmental consultant, etc. i. Internal Control and Control Risks: Yes, No, or N/A
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CHAPTER ONE INTRODUCTION 1.0 Background OF THE STUDY Financial accountability is not complete without audit, which remains one of the most neglected and mis-understood areas of financial management. This could be traced to the crudeness of accounting methods used in the early stages of civilization where individuals check account by themselves. It is for this reason that the practice of audit has been accorded its rightful place with a view to imposing some system of check upon
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Audit Program Design Part I ACC/546 Auditing Monday, July 14, 2014 Anderson, Olds and Watershed (AOW) 1 Fraud Free Way Shoetown, ME 00001 July 25, 2014 Mr. Larry Lancaster Chairman, President, and Chief Executive Officer Apollo Shoes, Inc. 100 Shoe Plaza Shoetown, ME 00001 Dear Mr. Lancaster: This letter will confirm our understanding of the arrangement for our engagement of an independent audit of the internal controls of Apollo Shoes, Inc. This letter will outline the nature and
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TASK 1 Memo to my supervisor Hi XYZ I was wondering to bring into your attention three major types of costs when quality considerations decisions are taken. They comprises as first would be failure cost (internal or external failures), second would be appraisal cost and last but not the least prevention cost. Keeping in view failure costs, few of amongst them would be major dropdown and spills in equipment. Assumingly, if equipment costs $4 million and we have no intention of replacing it for
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