procedures and process of communicating internal control related matters identified in an audit and provides guidelines to external auditors about communicating an entity’s internal control-related matter identified during the audit. It permits management to prevent‚ detect‚ and correct misstatements. It addresses three categories of deficiencies‚ which may exist in the external audit of a company’s financial statements. Types of Deficiencies The first is control deficiency‚ which applies when the
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Issues December 16‚ 2008: Satyam board approved a 51% stake acquisition of Maytas Infra‚ a listed company in the Bombay Stock Exchange for US$1.3 billion and 100% stake in unlisted firm Maytas Properties for US$300 million. Both of these firms were in the construction and real estate business and Satyam’s chairman‚ Ramalinga Raju family held a 36% stake in Mayta’s Infra and 35% stake in Maytas Properties. Implication: The deal was seen as a way of diverting cash from Satyam’s shareholder to Satyam’s
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order to ascertain or verify and to report upon the facts regarding the financial operation and the result therof” (by Montgomery) “An audit may be said to be such an examination of the books‚ accounts and vouchers of a business as well enable the auditor to satisfy that the Balance Sheet is properly drawn up‚ so as to give a true and fair view of the state of affairs of the business and whether the profit and loss for the financial period according to the best of his information and the explanations
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that surrounded Andersen’s audition were that there was conflict of interest and there was lack of independence on the part of Andersen. In this context‚ Andersen took up lucrative management consultancy projects for the clients of whom it was the auditor. From the deontological ethical perspective Andersen had the duty to report frauds committed by its clients‚ but it failed to do. The following chart describes Andersen’s legal and ethical issues with five of
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considered as traditional conformance role of auditing. However‚ for the past 30 years‚ the auditor has been playing an enhancing role. Today‚ auditors are expected not only to increase the believability of the financial statement‚ but also to provide value-added services. Nevertheless‚ following extensive reform in various countries as a result of the collapse of big corporations‚ it is expected that the role of auditors will converge. It is evident that the paradigm about auditing has shifted over the years
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Happiness Express Inc. 1. a) The primary audit objectives of confirming a client’s year-end accounts receivable include occurrence and accuracy of realizable value. Auditors would like to make sure that the transaction generating the accounts receivable actually occurs‚ and that the receivables are recorded at accurate value for the current reporting period. Usually they will send accounts receivable confirmations to client’s customers directly. b) The primary audit objectives of performing
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Issues in Fit Food Inc Significant part of the behavioural displacement can be related to results control system that is in place. FFI is evaluating the divisional personals’ performance based on their achievement of Annual Operating plans; some of those are like • Achieving 7% divisional growth rates • Bonuses based on achievement (upto 150%)of annual operating plans and no bonuses on failure • Stock options offered to corporate managers and divisional presidents • Sean’s (founder & chairperson)
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roles of the external auditor is to protect the interest of the public. To achieve this‚ it is important for the public to trust and have confidence in the work of an auditor. It is crucial that auditors appear independent to the public in both fact and appearance. For this reason‚ it is the auditor’s responsibility to ensure that there are no personal or business relationships with anyone in a position of influence within the firm they are auditing. Even though the personality of the auditor might allow
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Week Five Case Studies Team D ACC 492 January 15‚ 2007 CASE 8.1 FRED STERN & COMPANY‚ INC. 1. Observers of the accounting profession suggest that many courts attempt to ¡§socialize¡¨ investment losses by extending auditors¡¦ liability to third-party financial statement users. Discuss the benefits and costs of such a policy to public accounting firms‚ audit clients‚ and third-party financial statement users‚ such as investors and creditors. In your view‚ should the courts have the authority
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to: Resident Auditor) Preferred Locations: Salary expectation: Riyadh‚ Jeddah‚ Abu Dhabi USD 1‚300 per month (SAR 5‚000) WORK EXPERIENCE Oct 1999 - Present Sir Syed University of Engineering & Karachi‚ Pakistan Technology Audit Officer „« Examine and process all type of Pre/ Post Audit Bills of the University and assists Resident Auditor. „« Doing Departmental Audit (including Library‚ Stores & Transport) on the annual basis as per instructions of Resident Auditor. „« Annual
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