FLAT CARGO BERHAD: AN AUDITOR’S CONUNDRUM The case portrayed Flat Cargo Berhad (FCB), a public listed company which known as one of the largest air freight companies in Malaysia. FCB was registered as an investment holding company with several subsidiaries where the subsidiaries primarily provides air freight services and aircraft ground handling services. As the only Intra-Asian overnight express cargo operator based in Malaysia, FCB provides air freight transportation involving aircraft charter
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Complete set of financial statementsA complete set of financial statements comprises:a) A statement of financial position as at the end of the period; b) A statement of comprehensive income for the period;c) A statement of changes in equity for the period;d) A statement of cash flows for the period;e) Notes, comprising a summary of significant accounting policies andother explanatory information; andf) A statement of financial position as at the beginning of the earliestcomparative
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Department of Law, Economics, Accountancy and Risk AUDITOR INDEPENDENCE Introduction The concept of independence is strongly associated with professionally standard auditing (Olagunju, 2011, pp.85). In other to maintain the utmost standard for the accounting profession, independence is seen as being free from control or pressure and not allowing situations which would tend to weaken objectivity or create personal preconceived notions (Porter and Simon et al., 1996). Audit improves the trustworthiness
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sensitive to very small changes in just one valuation input, which, in turn, suggests that reasonable estimation ranges can be many times greater than quantitative materiality. Therefore, auditors are required to provide reasonable assurance defined in auditing standards as “high” assurance, that the financial statements taken as a whole are fairly stated in all material respects. This study also recommends that audit standards setters and regulators consider changes in the type of assurance provided for
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* PAF (Permanent Audit File ) – BLUE * CAF (Client Audit File) – YELLOW * TF (Tax File) – RED-View of the company’s background such as :- * Introduction about Zulfahmy & Co. * Corporate Vision * Professional services – auditing, consulting services, taxation, secretarial and accounting, internal audit services. -Learn on how to use fax machine. | Able to get to know the managers and other officers in the organization and their responsibilities. | 05 Feb 2013(Tuesday)
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Abstract This paper focuses on the modifications and opinions of an audit report. An audit report is a crucial part in the auditing process. It is a guide for users of the financial information. Auditors issue opinions on the financial statements based on certain criteria. The main thing is if the financial statements are presented in accordance to GAAP. Also, modifications can occur after the opinion is issued. Modifications vary depending on the issue at hand. Changes in principles or a
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Case 4 - Exercise 4-2 (a) INTERNAL CONTROL - PRELIMINARY ANALYSIS CLIENT: SYSTEM: DATE: PREPARED BY: List each document found in this system, the number of copies, and whether it is prepared internally or externally. Answer each of the following questions. For each "No" answer, comment on whether an internal control weakness is indicated. |QUESTION |YES |NO |COMMENT
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Koss Corporation filed a lawsuit in the Circuit Court of Cook County, Illinois against the company’s former Vice-President of Finance, Sujata Sachdeva, and Grant Thornton, LLP, its former auditor, alleging fraud and deceit, professional negligence and breach of fiduciary duty. The lawsuit stems from Koss’s discovery that Sachdeva had stole of more than $30 million from the Company in order to fund a lavish lifestyle complete with furs, jewelry and high-end clothing. Sachdeva embezzled the funds through
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THE COLLAPSE OF ENRON & THE INTRODUCTION OF THE SARBANES OXLEY ACT BY TREVOR GARRETT 02/25/2011 Abstract Enron Corporation was one of the largest energy trading, natural gas and Utilities Company in the world that was based in Huston, Texas. The downfall of Enron is one of the most infamous and shocking events in the financial world, and its reverberations were felt around the globe. Prior to its collapse in 2001, Enron was one of the leading companies in the U.S and considered among
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approved by the Board of Directors just three months ago. It was passed unanimously. Smith: I guess so, but Mint told those stock analysts that SCS's earnings would increase 30% next year. Can Mint deliver numbers like that? Kent: Who knows? We're auditing the '98 financial statements, not '99. Mint will probably amend that forecast every month between now and next May. Smith: Sure, but all this may change our other audit programs. Kent: No, it won't. The programs are fine as is. If you find fraud
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