composed of entirely independent auditors, they have a long list of standards to be followed specifically for internal and external controls, and lastly they also set out guidelines in which the audit committee should provide them with their Financial reports and public disclosure those guidelines are put in place in order for financial information set out to the public is accurate and timely and most importantly reliable. Imperial Oil also receives a score of 2. due to the fact that like Suncor they’re
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disclosure in financial reporting is necessary because this report reflects the financial activities of the business, if this report is not accurate, and if information omitted or altered affects the decisions of the person using or reading the reports. The government created the SEC and FASB; these two organizations set guidelines to ensure that companies and business disclose the information required by the law. A full disclosure of a financial report (cash flows, income, expenses, and investments) need
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1. What position would you take on the proposal? Justify your response? The function of an audit is to ensure that the financial statements of the reporting entity give a true and fair view of the position of the entity’s affairs and to enable users of the financial statements to make relevant, economic decisions and understand the financial health of the company. The cost of performing audits is significantly high and that would be the advantage in hiring Uncle Ray as an auditor but the advantages
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CHAPTER 1 AN INTRODUCTION TO ASSURANCE AND FINANCIAL STATEMENT AUDITING Answers to Review Questions 1-1 The study of auditing is more conceptual in nature compared to other accounting courses. Rather than focusing on learning the rules, techniques, and computations required to prepare financial statements, auditing emphasizes learning a framework of analytical and logical skills to evaluate the relevance and reliability of the systems and processes responsible for financial
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interviews with appropriate department personnel as necessary. Report Drafting After the fieldwork is completed, a report is drafted. The report includes such areas as the objective and scope of the audit, relevant background, and the findings and recommendations for correction or improvement. Exit Conference After the draft report is submitted for review, a meeting is scheduled with department management to discuss the draft audit report. This is a time for questions and clarifications. Department
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1. What are the main sections of an annual report? What are the key contents of each of these sections? | | | Answer: A common annual report is sectioned in some parts and it is briefed with key contents here:Director's report: The director’s report includes the major events of the firm in the preceding year.Management discussion and analysis (MD&A): Management discussion and analysis is the management’s interpretation of the market economy, size, demand and company’s competition and competence
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aunt Amelia about his concerns. Aunt Amelia not knowing enough about the financial situation or accounting in general, asked Nick if she should mention the issue to the audit committee. Aunt Amelia now needs to make the decision to whether or not report the revenue recognition concerns the audit committee. Issues One of the issues is the concern if the company is using aggressive conservative revenue recognition to build reserves to use in future periods when earnings will decrease
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information from http://www.researchandmarkets.com/reports/687309/ Attock Petroleum Ltd 2008 Annual Report Description: An Annual Report provides a detailed look at the financial results for the prior twelve months of operations. Reporting requirements vary by country, but almost every Annual Report will include: - Chairmans Statement - Income Statement - Cash Flow Statement - Balance Sheet - Notes to the Accounts - Auditors Report. Annual Reports may also include a marketing/product segmentation
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management. Each group would be required to prepare a report on their trading activities. The report should explain the reasons and processes of the following: 1. Stock selection 2. Portfolio selection 3. Portfolio management 4. Portfolio performance measurement The report can be arranged in the above mentioned heads. The students are expected to show considerable degree of initiative, drive and resourcefulness in preparing the report. They are expected to apply the concepts and practices
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