Seminar in Auditing Spring 2015 Name ________________________________________________________________ Answer the following questions (1-9) with a short answer – no more than a paragraph. 1. What was the significant of the McKesson & Robbins case? It redefined some auditing standards. Prior to this case, auditors had no responsibility to verify inventory. As a result of the McKesson & Robbins case, it was determined that auditors should extend verification beyond “the
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Integrating ERP, CRM, Supply Chain Management, and Smart Materials Dimitris N. Chorafas AUERBACH Library of Congress Cataloging-in-Publication Data Chorafas, Dimitris N. Integrating ERP, CRM, supply chain management, and smart materials / Dimitris N. Chorafas. p. cm. Includes bibliographical references and index. ISBN 0-8493-1076-8 (alk. paper) 1. Business logistics. 2. Customer relations. I. Title. HD38.5 .C44 2001 658.5—dc21 2001022227 This book contains information obtained from authentic and
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why incentives exist for voluntary reporting to owners. * Wider voluntary reporting to the capital market is explained by signaling theory * The arguments supporting unregulated markets for accounting information are largely deductive in nature. Agency Theory * Predicts and explains the behavior of parties involved with the firm. * It conceives of the firm itself as a nexus of agency relationship and seeks to understand organizational behavior by examining how parties to agency
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Final Paper: Case Study of WorldCom Financial Statement Fraud Introduction This paper will discuss the financial statement fraud committed by WorldCom by examining what led up to the fraud, who committed it and why, and the impact it caused on various stakeholders and the economy. WorldCom applied aggressive and undisclosed accounting tactics to provide financial statements that reflected a $10 billion profit for the years 2000 and 2001, rather than the actual combined loss of $73.7 billion
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CASE 1.10 UNITED STATES SURGICAL CORPORATION Synopsis In less than two decades, Leon Hirsch transformed a small company with four employees and one product into a large and very profitable publicly owned firm that dominated the relatively small, but important, surgical stapling industry. In fact, Hirsch's company, United States Surgical Corporation (USSC), literally created the surgical stapling industry in the 1960s. Like many small companies that experience explosive growth
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accounting-related task, and organisational level performance. With regard to accounting-related task performance outcomes, this study aims to analyse the impact of CBASs on the typical processes, which are related to budgeting, financial reporting, auditing and financial controlling. This study also seeks to investigate the influence of driving factors comprising management support and organisational resources and capabilities on the
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characteristics are not simultaneously achievable and that some trade-off is necessary. Examines the nature of this conflict of objectives and attempts to quantify the extent of the conflict for different user groups. Introduction Since the late 1960s research efforts regarding a conceptual framework have been commissioned in response to mounting public and professional pressure with regard to the nature of corporate reporting and deficiencies in the accounting standard setting process. Peasnell[1, p
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history of auditing The evolution of auditing is a complicated history that has always been changing through historical events. Auditing always changed to meet the needs of the business environment of that day. Auditing has been around since the beginning of human civilization, focusing mainly, at first, on finding fraud. As the United States grew, the business world grew, and auditing began to play more important roles. In the late 1800’s and early 1900’s, people began to invest money into large
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CHAPTER 4 Engagement Planning LEARNING OBJECTIVES | Review Checkpoints | Exercises, Problems and Simulations | 1. List and describe the activities auditors undertake before beginning an engagement. | 1, 2, 3, 4 | 53, 54, 55, 62, 66 | 2. Identify the procedures and sources of information auditors can use to obtain knowledge of a client’s business and industry. | 5, 6, 7, 8, 9 | 52, 56, 59, 65 | 3. Perform analytical procedures to
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Chapter 1: Auditing: Integral to the Economy 5 copy 1. The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. True False 2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence. True False True False True False True False 3. Auditors should
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