...with the intension. But leadership trait is the ability to inspire, motivate and engage the followers to make the inspired vision happen beyond their normal capabilities (Mendez, Munoz & Munoz 2013). A change is the most frequent phenomenon of today's reality and a good understanding of how to manage the change process is very essential; Change is translation from one state into another (Inandi, Tunc & Gillic 2013). However, this essay focuses on the case of Super Star University, one of Australia’s largest universities. Critically contrasting and analyzing the change processes, leadership style, gender differences, staff engagement and change intervention tools that occurred in the Arts faculty and the faculty of Engineering, Architecture and Environment Science of the University (EAES). This paper will also examine the major sources of resistance to change pertaining to the faculty of Engineering, Architecture and Environmental Science and in addition suggest approach that can be implemented to overcome faculty staff resistance to change. The purpose of this work is to analyze the university case and compare the leadership style, gender differences and approach in both faculties; how to overcome resistance to change of faculty staffs and recommending the appropriate approach to change process in the faculty, in response to the new university strategic directions assuming I’m in the position of an executive faculty dean at the Super Star University (SSU). Leading and managing...
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...Koziel, Director (Specialized Communities) Andrea Millar, Sr. Technical Manager (PFP Division) Teighlor March, Senior Manager (Legal, Legislative & Regulatory Affairs) Sarah Bradley, Project Manager (PFP Division) 2 Contents Acknowledgments .................................................................................................................................. 2 Foreword ................................................................................................................................................ 4 Exceptions From This Statement............................................................................................................. 6 Responsibilities of Members in Personal Financial Planning Services Engagements .............................. 7 Professional Competence .................................................................................................................... 7 Objectivity and Disclosure of Conflicts of Interest ................................................................................ 7 Privacy and Confidentiality .................................................................................................................. 8 Personal Financial Planning...
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...Lecture 1 Chapter 1- Demand for audit and assurance services. Assurance services * Independent professional services that improve the quality of information for decision makers. 1. Attestation services * A type of assurance services in which the public accounting firm issues a written communication that express a conclusion about the liability of a written assertion of another party. * Three categories of Attestation services: a. Audit historical financial statements A form of attestation services in which the auditor issues a written report expressing an opinion about whether the financial statement are in material conformity which accounting standard. b. Review of financial statement: A type of attestation service performed by public accountants. Many entities want to provide assurance on their financial statement, without incurring the cost of an audit. c. Other attestation services Such as a natural extension of audit of historical financial statement, as users seek independent assurance about other types of information. For example: banks often require debtors to engage public accountants to provide assurance about the debtor’s compliance with certain financial covenant provision stated in the loan agreement. 2. Other assurance services, They are similar to attestation services in that public accountant must be independent and must provide assurance about information used by decision maker, but differ in that the public...
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...Financial Statements (PART 4) 15 SSA 250: Consideration of Laws and Regulations in an Audit of Financial Statements (PART 1) 16 SSA 250: Consideration of Laws and Regulations in an Audit of Financial Statements (PART 2) 17 SSA 505: External Confirmations 18 SSA 540: Audit of Accounting Estimates 19 SSA 501: Audit Evidence – Additional Considerations for Specific Items 21 SSA 545: Summary Auditing Fair Value Measurements and Disclosures (PART 1) 21 SSA 545: Auditing Fair Value Measurements and Disclosures (PART 2) 22 SSA 545: Auditing Fair Value Measurements and Disclosures (PART 3) 23 SSA 530: Audit Sampling and Other Means of Testing 24 SSA 260: Communications of Audit Matters with Those Charged with Governance 25 SSA 550: Related Parties (PART 1) 26 SSA 550:...
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...FRAMEWORK FOR ASSURANCE ENGAGEMENTS Framework PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS CONTENTS Paragraph Introduction 1-6 Definition and Objective of an Assurance Engagement 7-11 Scope of the Framework 12-16 Engagement Acceptance 17-19 Elements of an Assurance Engagement 20-60 Inappropriate Use of the Practitioner’s Name 61 Effective Date 62 Acknowledgment 63-64 Appendix: Differences Between Reasonable Assurance Engagements and Limited Assurance Engagements Framework FRAMEWORK PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS Introduction 1. This Framework defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which Philippine Standards on Auditing (PSAs), Philippine Standards on Review Engagements (PSREs) and Philippine Standards on Assurance Engagements (PSAEs) apply. It provides a frame of reference for: (a) Professional accountants in public practice (“practitioners”) when performing assurance engagements. Professional accountants in the public sector refer to the Public Sector Perspective at the end of the Framework. Professional accountants who are neither in public practice nor in the public sector are encouraged to consider the Framework when performing assurance engagements;1 (b) Others involved with assurance engagements, including the intended users of an assurance report and the responsible party; and (c) The International...
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...Stakeholder engagement Stakeholder engagement is a process which is close to the heart of all major organisations which have a sound operating philosophy. By engaging with the stakeholders, the CEO’s ensure the long term success of their business or projects. This is by getting the various interested parties to buy into the success of their venture by making them a part of the decision making and also ensuring that their concerns or requirements are met. Even though this may be driven by rules and regulations to a great extend, we are witnessing a more proactive, inclusive and broader approach in recent times. This is usually a cradle to grave approach taking into consideration the whole life span of the project and its continued or total impact on the various parties involved. The positive impact of good stakeholder relationship on reputation and in turn the profitability of the venture is well recognised by the business community. In fact the brand value of a company is directly proportional to its positive rapport with its stakeholders. As in any relationship mutual trust, respect, transparency and understanding, all play a part in maintaining a constructive engagement with the stakeholders. It takes time to build trust and past records become very important for an organisation embarking on a new venture. Organisations have to tailor their engagements to suit their business depending on the size of the project, its nature and impact on the stakeholders and the environment...
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...Internal Audit Guidebook Providing a framework for understanding and delivering Grant Thornton’s Internal Audit Services in a consistent, high-quality way 2012 Internal audit guidebook 1 Contents Page Introduction 2 Common service delivery methodology 6 Determine client needs 8 Scope and arrange work 10 Plan 13 Analyze and assess 20 Report and recommend 28 Implement 32 Evaluate 33 Determine business and technology context 36 Manage engagement performance, quality and risk 38 Communicate and enable change 40 Appendix 42 Internal audit engagement checklist 43 © Grant Thornton LLP. All rights reserved. Updated August 1, 2012 Internal audit guidebook 2 Introduction What is internal audit? The Institute of Internal Auditors (IIA) defines internal auditing as: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. (1010) An internal audit objectively assesses the management of risks that a company faces. (2100 series) The aim is to • understand the current state, • assess the current state using appropriate standards and criteria, and • develop findings and recommendations...
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...12345 Dear Apollo Shoes, Inc. Management: It is with great pleasure that I introduce myself to you and say how pleased we are that you have chosen our firm for your auditing and assurance needs. My name is Paula Smith, and I am the Senior Auditor, in charge of your account. I will be working with you throughout the process of our engagement. I would also like to take this opportunity to highlight some details for you to make the audit process a smooth one. First, you can expect an engagement letter from us within the next 5 days from the date of this letter. The engagement letter will outline our agreement to the type of audit you have selected and what our role and responsibilities will be in performing the audit as well as your own. The engagement letter is more than a letter, it also a contract that outlines the limits of the audit as well as details the scope of services we will provide based on your selection, our fees and billing, how and what communication is needed between our firm and you, and if a dispute arises how we hope to resolve that. I recommend carefully reviewing the engagement letter and discussing it with legal counsel before signing the engagement letter. After reviewing and signing the engagement, please provide a signed copy to our firm so we can begin the audit and ensure deadlines are met. Once receiving the signed engagement letter, our office will call to set up a time for me to tour your facilities so that I may use this information in...
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...Chapter #1 1. What is assurance engagement? * An engagement performed by an auditor to enhance the reliability of the subject matter * Involves auditor arriving at an opinion about the fair representation of financial statements 2. Explain why there is a demand between types of assurance services * Users demand audited financial statements because of their remoteness from the entity, accounting complexity their incentives competing with those of the entity’s manager and their need for reliable information on which to base decisions. 3. Differentiate between types of assurance services * Financial Statement – provides reasonable assurance regarding GAAP * Compliance- Determine whether the entity has followed the rules * Operational Audit – Assessment of the efficiency and effectiveness of the operation. * Comprehensive- range of audit, which covers FS, compliance, and operational audit. * Internal-Independent service within the entity that evaluates control, procedures, and governance 4. Explain different level of assurance * Reasonable assurance- Assurance that provides high but not absolute assurance on the reliability of the subject matter * Moderate Assurance- Assurance the provides negative assurance on the reliability of the subject matter * Review/compilation- No assurance, minimal work has been done . 5. Outline different audit opinion Unmodified > modified > adverse Unmodified...
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...when conducting any audit of any company. Although specific audit procedures are different from one engagement to the next, the following steps are involved in every engagement. The first step in the audit process for any engagement is to make contact with the potential client. The goal of this step is to obtain new audit business. This is often times is done through the submittal of a general proposal that includes details on the nature of services provided, the qualifications of the firm’s auditors, anticipated fees, and other pertinent information to persuade the client to choose the firm. If the potential client is a publicly held company, arrangements for the audit are made through the audit committee. The proposal and oral presentations are made to provide a basis for selection. If the potential client is a private company, a partnership, or a smaller company, arrangements are made through the owners, a partner, or an executive of the company. This initial contact will often lead to oral discussions, negotiations, and other fact-finding topics before a final formal proposal is written and the audit is accepted. The proposal will also include a mention of contacting the previous auditor of the potential client. This is important because the potential client will have to give consent to the previous auditor to discuss confidential information. This way all parties involved have full disclosure. The outcome of the initial contact is proceeding to the next step in...
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... 2 I. In Scope 2 II. Out of Scope 2 5. Related Products and Deliverables and Proposed Resource List 3 6. Project Customers 3 7. Customer Requirements 3 8. Customer Needs/ Key Attributes 3 9. Project Stakeholders 3 10. Project Manager and Authority Level 4 11. Preliminary Schedule 4 12. Preliminary Budget/Cost Estimate 4 13. Approval Requirements 5 1. Project Name Wedding of Mary-Jo and Bobby Doe 2. Business Case Today, a bride and a groom face a tremendous amount of pressure with the process of plan a wedding. This has demonstrated an increase in the need for a wedding planner. They provide the ability to alleviate the stress by taking control over all necessary responsibilities that come with planning a wedding. The purpose of this charter is to arrange, organize and implement the wedding of Mary-Jo and Bobby Doe’s. Accommodations will be provided for approximately 150 friends and family members. 3. Objectives Project team members have a widespread background in wedding/event coordination. They maintain access to a wide range of contacts that provide relevant services and products within the Ottawa area. This team will assist in this area of knowledge. The engaged couple are scheduled to be married on January 17th, 2013. They...
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...NINJA CPA REVIEW® NINJA Notes 2015 Auditing & Attestation Table of Contents The N.I.N.J.A. Framework I. Engagement Planning 8 II. Internal Control 25 III. Auditing & IT 36 IV. Evidence & Risk 42 V. Audit Reports 57 VI. Audit Sampling 66 VII. Professional Responsibilities 77 VIII. International Auditing 84 2 The N.I.N.J.A. Framework NAIL THE CONCEPTS Watch your CPA Review videos first – before working any assigned homework questions. The CPA Review industry says to watch a section of CPA Review video and then work the accompanying MCQs. This perspective stems from the old-school approach to the paper and pencil exam where you had to sit in a live classroom and learn from an instructor on weekends. Today, there is a smarter way to study. You don’t have to go to a weekend live course. You can fire up the laptop on a Tuesday morning and knock out two hours of material before you even brush your teeth. If you work MCQs in week one over your week one topic, guess what? You will work them again in week 5 or 6 when you review because you will forget what you learned. If you watch a video in week one and score an 85 on the corresponding MCQs, will you be able to score an 85 four weeks later? Not likely. You will need to work them again anyway and it’s not a smart use of study time. Instead, let the N.I.N.J.A. Framework guide you. INTENSE NOTES Repeat after me: “PUT THE HIGHLIGHTER DOWN.” Which method do you think will...
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... 1-16 | c | | 1-22 | d | 1-17 | c | | 1-23 | b | 1-18 | c | | | | Solutions to Problems 1-24 The memo should cite the following facts: * There is a historical relationship between accounting and auditing. * When parties to the agency relationship (contract) do not possess the same amount of information (information asymmetry) there is a natural conflict of interest between the parties. For example, when an owner and manager are negotiating an employment contract, the owner may assume that the manager likely will use organizational funds for personal uses. Auditing plays an important role in such relationships. The owner and manager will consummate an employment contract only if the manager agrees to be monitored. Auditing can be used to monitor the contract agreed to by the two parties. (P.S. As an attorney, Lee should be well versed on contract law.) * Auditing is also used to monitor other types of contracts for which no laws or regulations require an audit, for example, contracts between management and debt holders. * There is historical evidence of forms of auditing in the early Greek states and in the United Kingdom during the industrial revolution. More relevant evidence is the fact that 82 percent...
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...audit planning 3. Gain an understanding of the client’s business and industry 4. Assess client business risk 5. Perform preliminary analytical procedures 6. Apply the concept of materiality to the audit 7. Define risk in auditing and the audit risk model Auditing: Principles and Methods 3 8. Consider the impact of engagement risk on acceptable audit risk 9. Discuss the relationship of risks to audit evidence 10. Answer the Review Questions Auditing: Principles and Methods 1. Audit Planning 4 Why is adequate audit planning essential? “The auditor must adequately plan the work and must properly supervise any assistants”. There are three main reasons why the auditor should properly plan engagements: to enable himself to obtain sufficient appropriate evidence, to keep audit cost reasonable and to avoid misunderstanding with the client. Auditing: Principles and Methods 1. Audit Planning 5 An important part of audit planning is assessing acceptable audit risk and inherent risk because it helps determine the amount of evidence that will need to be accumulated and staff assigned to the engagement. Acceptable audit risk is a measure of how willing the auditor is to accept that the FSs may be materially misstated after the audit is completed and an unqualified opinion has been issued. Inherent risk is a measure of the auditor’s assessment of the likelihood that there are material misstatements in an account balance before considering the effectiveness...
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...important areas of the audit. * Helping the auditor identify and resolve potential problems on a timely basis. * Helping the auditor properly organize and manage the audit engagement so that it is performed in an effective and efficient manner. * Assisting in the selection of engagement team members with appropriate levels of capabilities and competence to respond to anticipated risks, and the proper assignment of work to them. * Facilitating the direction and supervision of engagement team members and the review of their work. * Assisting, where applicable, in coordination of work done by auditors of components and experts. (Slide 4) 2) The auditor shall obtain an understanding of the following: (a) Relevant industry, regulatory, and other external factors including the applicable financial reporting framework. (b) The nature of the entity, including: (i) its operations; (ii) its ownership and governance structures; (iii) the types of investments that the entity is making and plans to make, including investments in special-purpose entities; and (iv) the way that the entity is structured and how it is financed, to enable the auditor to understand the classes of transactions, account balances, and disclosures to be expected in the financial...
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