1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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expectations for revenue accounts Recognize factors that lead to precise expectations of account balances Appreciate the degree of professional judgment involved in evaluating differences between expected and reported account balances Understand the audit planning implications of using analytical procedures as substantive tests of account balances Burlington Bees‚ an independent‚ minor league baseball team‚ competes in the North-west Coast League. The team finished in second place in 200X with
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CHAPTER 20 Audit of Cash Balances Copyright 2003 Pearson Education Canada Inc. 20 - 1 What are the auditor’s primary concerns with regard to cash? Copyright 2003 Pearson Education Canada Inc. 20 - 2 What are the auditor’s primary concerns with regard to cash? - existence Copyright 2003 Pearson Education Canada Inc. 20 - 3 What are the auditor’s primary concerns with regard to cash? - existence - completeness Copyright 2003 Pearson Education Canada Inc
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AUDITING THEORY 1. Which of the following activities is an analytical procedure an auditor would perform in the final overall review stage of an audit to ensure that the financial statements are free from material misstatement? A. Reading the minutes of the board of directors’ meetings for the year under audit. B. Obtaining a letter concerning potential liabilities from the client’s attorney. C. Comparing the current year’s financial statements with those of the prior year. D. Ensuring that
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SEMESTER 1‚ 2013 SEMINAR 9 - PROBLEM QUESTIONS PROBLEM 9.1 While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Ace Computers Ltd (Ace) for the year ended 30 June 2011 audit‚ you become aware of the following information: 1. The best-selling computer presentation package has been experiencing a high level of returns owing to suspected software problems. 2. Based on closing inventory‚ inventory turned over
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Name Instructor Course Date Music Assignment: Manha De Carnival Introduction Musical pieces contain specific elements regardless of genre and style. The two most important elements in any musical piece are Variety and Unity‚ and they apply to every musical composition. Unity in music is basically the togetherness expressed in the theme of the music‚ while variety as an element suggests different components and factors (Paynter‚ 12). They may seem to be contradictory in nature‚ but both co-exist
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Content Review notes “Dressing up for the carnival” by: Carol Shields Setting Late 20th-21st century Small town(pine street) Sense of community ‚ representation Character(s) Citizen “X” Strengths: Observant‚ Imaginative‚ able to see things for more than they are.”…he observes cycles of consolation and enhancement..” Weakness: Fears rejection and judgment‚ can’t be himself. ”in the privacy of his own home‚ in the embrace of happiness” Lives a double life‚ anonyms. Wanda Strengths: Devoted
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Flash Technologies‚ Inc Memo to the Planning File by Audit Manager – General Information 12/31/2008 General Background Information Emanuel “Manny” Schwimez‚ is the CEO and chairman of the board of Flash. Mr. Schwimez is originally from Tel Aviv. He has an impressive resume‚ including a master’s degree from the London School of Economics and many years of eexecutive-level experience. He has led several high technology companies in the U.S and abroad since the early 1970’s. In 1990 he became president
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Carnival Corporation promotes its name and brands through iconic advertisements that serve to make audience connected to the ocean. According to Arnold Donald‚ CEO of Carnival‚ the goal of the commercials is “to convince those who have never cruised to give us a chance to show them why over 10 million people a year sail on one of our nine brands and why so many of our guests cannot wait to sail with us again.” To achieve this goal‚ Carnival has been utilizing many advertising methods including traditional
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The Rio de Janeiro Carnival - Rio de Janeiro‚ Brazil The Carnaval in Rio de Janeiro is a world famous festival held before Lent every year and considered the biggest carnival in the world with 2 million people per day on the streets. The first festivals of Rio date back to 1823. The typical Rio carnival parade is filled with revelers‚ floats and adornments from numerous samba schools which are located in Rio. ur number one is Rio Fest. The first records of Carnival festivities in Rio de Janeiro
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