...------------------------------------------------- Speech at the August 2013 CReCER Conference, Cartagena, Colombia Good afternoon ladies and gentlemen, it is my pleasure to be with you again. I say ‘again’ as there are many familiar faces in the audience from the 2012 CReCER Conference in Nicaragua. For me, this in and of itself is a clear signal of the commitment of stakeholders in Latin America to engage in dialogue on international developments. At last year’s conference,I noted a number of important challenges in financial reporting and auditing, and in the surrounding environment. For example, today’s financial reporting involves more complexity, more areas of judgment, and more qualitative disclosures; and users have higher expectations than ever before, with many saying “We want to hear more.” Perhaps most importantly, the global financial crisis has triggered questions concerning the quality of audits, their effectiveness, and the role of professional judgment and skepticism – which have given way to fundamental questions to the profession about relevance and trust. So why change the auditor’s report now? What we learned from research is a positive message: the auditor’s opinion is valued, and users want to hear more from the auditor – more pertinent, and more tailored, information about the specific audit performed on an entity’s financial statements. There is symbolic value in the current report, but little communicative value – and users see the potential...
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...Public Accountants Professional Auditing Standards, Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report are discussed. This Standard comes from SAS No 122 and is effective for audits of financial statements ending on or before December 15, 2012. The scope of this section is to address additional communications in the auditor’s report when the auditor considers it necessary to draw the user’s attention to a matter that is: • Presented or disclosed in the financial statements that are of such importance that they are fundamental to user’s understanding of the financial statements (emphasis-of-matter paragraph), or • Other than those presented or disclosed in the financial statements that are relevant to the user’s understanding of the audit, the auditor’s responsibilities, or the auditor’s report (other-matter paragraph). Section 706 contains exhibits that include AU sections that contain requirements for the auditor to include in the emphasis-of-matter paragraph and the other-matter paragraph and also the auditor’s report. The objective, after the auditor has formed their opinion on the financial statements, is to draw the user’s attention, when in the auditor’s judgment it is necessary to do so, within the auditor’s report, to: • A matter, presented or disclosed in the financial statements, that is fundamental to the users’ of the financial statements, or • Any other matter that is relevant to the users’ understanding of the audit,...
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...ISA ISA 706 January 2009 International Standard on Auditing Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 706 INTERNATIONAL STANDARD ON AUDITING 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in January 2009 for publication. This standard should be read in conjunction with the Preface to Malaysian Approved Standards on Auditing; Preface to International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services; Glossary of Terms and International Framework for Assurance Engagements. The status of International Standards on Auditing is set out in the Preface to Malaysian Approved Standards on Quality Control, Auditing, Review, Other Assurance and Related Services. Applicability International Standards on Auditing (ISAs) are to be applied in the audit of financial statements under all reporting frameworks. Reporting frameworks are determined by legislation, regulations and promulgations of the Malaysian Institute of Accountants and where appropriate mutually agreed upon terms of reporting. ISAs are to be applied in the audit of historical financial information. Effective Date in Malaysia Effective for audits of financial statements for periods beginning on or after January 1, 2010. Reproduction of Full Text of Final IFAC Publication “Copyright...
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...universe is made up of Dark Matter. What is Dark Matter? Why does it take up so much space? How can we use it for the betterment of our universe? There are so many questions that arise when something we know little about makes up so much of where we live. What I Already Know About My Topic: I chose to write about Dark Matter in the universe because it is a very rarely known thing in human understanding. When someone thinks space, they think planets, galaxies, and “Star Wars.” When I took my first high school science class, the very last section we had was about Dark Matter, and I had visibly freaked out to the point that my teacher asked me if I was okay. When it comes to “galactic” science, I tend to know quite a bit more about the subject than those that taught it to me because I was always a “Discovery Channel” child. Dark Matter is an interesting thing that you seldom hear or see anything pertaining to. This is why I have chosen to “teach” you about this potentially catastrophic element. Have you ever just taken a moment to look up at the stars and thought, “Wow, there’s quite a lot of black up there! I wonder what it is?” Well, ladies and gentlemen, that “space” that surrounds us is actually not space at all! It is filled with boundless amounts of an element that doesn’t exist within the Earth’s atmosphere! Surprisingly enough it is filled with a substance called Dark Matter, otherwise known as ‘Anti-matter.” Now you may be filling up...
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...Framework Auditing Standards and Practices Council PHILIPPINE 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 ...
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...Abuse in the U.S. College Composition 2 CM220-1107 Stephanie Singh In the United States, abuse is a huge issue that needs to be recognized. Abuse is one of the most under-reported crimes with such cruelty and so little is being done to put this matter to a halt. Children and adults should never have to be put through anything like this, and it is a shame anyone has to be a victim. Not many people look at the statistics of abuse and try to find ways to help those in need of help. The more people come together, the better this world would be. We need to reach out to our victims and prove to them there are places we can be safe. Sadly to say, we may never be able to put abuse completely to a stop, but we can help those who have to deal with this issue and make sure everyone knows that nobody is alone. In the United States, there needs to be systems, such as classes in schools and groups to better educate those who are or may become a victim of abuse. Thinking about all of the stories there are out there in our world today that we hear and read about, the number of inmates is quite low for this matter. In the United States itself, there are four-thousand five hundred and seventy-five prisons with 2.2 million prisoners. Only 1.2 percent of them are rapists or child molesters. “One in five violent offenders is molesters and only about 6 percent of rapists serve time in jail. Rape and child molestation is one of...
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...issues discussed with management in connection with the auditor’s appointment or retention Establish an understanding of the terms of the audit Obtaining Information and Communicating the Audit Strategy Obtaining information relevant to the audit Overall audit strategy, timing of the audit, and significant risks Results of the Audit Accounting policies and practices, estimates, and significant unusual transactions Auditor’s evaluation of the quality of the company’s financial reporting Other information in documents containing audited financial statements Difficult or contentious matters for which the auditor consulted Management consultation with other accountants Going Concern Uncorrected and corrected misstatements Material written communications Departure from the auditor’s standard report Disagreements with management Difficulties encountered in performing the audit Other matters (b) Provide a brief overview of the requirements in PCAOB auditing standards about the auditor’s...
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...discussions on race. With that being said, I believe that race does not matter because leading african-americans...
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...According to Wexler et al. (2009), on average, schizophrenic patients scored about one standard deviation lower than normal on cognitive tests. However, approximately 20%–25% of those schizophrenic patients scored close to average on neuropsychological testing. This study was able to isolate and identify abnormalities that most schizophrenic patients have in common- comparing those who have more severe symptoms to those who have less severe symptoms. Volumes of ventricular compartments, hippocampus, amygdala, thalamus, cerebellum, and regional cortical gray and white matter were observed. Using linear mixed model, differences among groups were evaluated on the basis of gender, age, and height. Wexler et al. found that both neuropsychologically near normal and neuropsychologically impaired schizophrenic participants had significantly smaller gray matter and larger third...
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...task. However, the ultimate goal is to answer if it, whatever was put in, made the result worthwhile. A persistent answer to all events is no. The rationale behind such an answer is that no matter intention or...
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...Index Law of General Taxation regarding Imports and Exports 2 ARTICLE 1 2 Section I 2 Section II 2 Section III 3 Section IV 3 Section V 3 Section VI 4 Section VII 5 Section VIII 5 Section XIX 9 Section XX 9 Section XXI 10 Section XXII 10 ARTICLE 2. - 10 I. - General Rules. 10 II. - Complementary Rules. 12 Law of General Taxation regarding Imports and Exports ARTICLE 1: The General Taxes of Import and Exportation will be taken into account in accordance with the following: Tariff Section I LIVING ANIMALS AND PRODUCTS OF THE ANIMAL KINGDOM Chapter 01: Living Animals. Chapter 02: Meat and eatable residues. Chapter 03: Fish and crustaceans, mollusks and other aquatic invertebrates. Chapter 04: Milk and dairy products: bird eggs; natural honey; eatable products of animal origin, not expressed nor understood in another part. Chapter 05: Other not expressed animal products not understood in another part. Section II PRODUCTS OF THE VEGETABLE KINGDOM Chapter 06: Living plants and floriculture products. Chapter 07: Vegetables, plants, roots and nutritive tubers. Chapter 08: Fruits and eatable ones; rind of sour fruit-juices (citric), melons or watermelons. Chapter 09: Coffee, tea, grass and spices. Chapter 10: Cereals. Chapter 11: Products of the milling industry; malt; starch; inulin; wheat gluten. Chapter 12: Seeds and oily fruits; seeds and diverse fruits; industrial or medicinal plants; straw and forage. Chapter 13: Gums...
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...and audit committee members. Put yourself in their shoes. How do you think these parties might differ in their views regarding if the IAASB’s model should be adopted or if the current model should stay “as is”? In your answer, please be specific and identify which perspective you think each party would adopt and why they would have this point of view. In the exposure draft of “Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing”, IAASB proposed several revised and new standards. Some of the significant changes proposed in the draft included a new standard, titled “Communicating Key Audit Matters”, which require auditors of the financial statement of listed entities to communicate in the report significant key audit matters selected from the communication with the managements and those charged with governance during the audit. In addition, IAASB also proposed requirements for auditors to include specific statements about the going concern of the audited entity, to make an explicit statement about the auditor’s independency, to list the auditor’s respective responsibilities, and more. The auditor’s report is the primary means of communication between the...
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...Prepared by; Saeda Iman binti Kushairi CEA130075 Najwa Anati binti Nazlan CEA130057 Saibah binti Sainel CEA130076 Thilaga CEA130105 Question : Discuss the recent developments in audit report. After much research, we have found the following recent developments in audit report; 1. Key Audit Matters * In the future, effective for audits of financial statements for periods ending on or after 15 December 2016, the auditor’s report of listed entities will include a section on Key Audit Matters (KAM). A new auditing standard, ISA 701, has been issued to give effect to this. KAM is defined as those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial statements of the current period. 2. Transparency in Audit Procedure * Superior transparency about the audit procedure is very much expected in the auditor’s report. This will effect ISA 700,701 and 720. 3. Addressing disclosures * The revised standard Addressing Disclosures in the Audit of Financial Statements aims to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behaviour in applying the requirements of the ISAs. 4. Going Concern * The changes in auditing standards require auditors to raise certain going concerns flags in auditor’s report. This will be done if; a) Management uses going concern basis of accounting inappropriately in preparing...
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...Black Lives Matter is an organization founded by Patrisse Cullors, Opal Tometi, and Alicia Garza. The group was started in 2012 after George Zimmerman was acquitted of the murder of Trayvon Martin. The goal of the group is to not just focus on the police brutality aspect on black lives, but also to spread awareness of black love. “Black Lives Matter affirms the lives of Black queer and trans folks, disabled folks, Black-undocumented folks, folks with records, women and all black folks along the gender spectrum” (blacklivesmatter.com). Black Lives Matter believe in not only the equality of “normal” black people, but those of all sexual orientations, lifestyles, and etc. Some individuals, such as Elisabeth Hasselback claim that the group should...
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...INTERNATIONAL STANDARD ON AUDITING 560 SUBSEQUENT EVENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this ISA ...................................................................................... Subsequent Events .................................................................................... Effective Date ........................................................................................... Objectives ................................................................................................ Definitions ................................................................................................ Requirements Events Occurring between the Date of the Financial Statements and the Date of the Auditor’s Report ........................................................ Facts Which Become Known to the Auditor after the Date of the Auditor’s Report but before the Date the Financial Statements are Issued ........................................................................................... Facts Which Become Known to the Auditor after the Financial Statements Have Been Issued ............................................................ Application and Other Explanatory Material Scope of this ISA ...................................................................................... Definitions .........................................................................
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