reasonable assurance of creditability of the firms. Banks generally rely on the financial information of the firms. They do prefer credible audited financial statements by independent auditors as a matter of assurance. In other words, most banks view auditing as a guarantee for the quality of information disclosed in companies as well as a foundation for their credit rating process. Banks believe that the credit rating would be unsure without audit obligation (Andersson & Paulsson, 2005 as cited in Ademi
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maintenance of fixed assets, and dealings with short and long term investments as well as liabilities. As previously stated finance and investment are initiated at the dawning of a company’s very existence so establishment of internal controls and the auditing of those controls should be designed as necessary. Investing in a venture is based on a sense of faith and hope. Investors believe (by persuasion of course) that the product and/or services a venture provides has potential to succeed but hope
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Malaysia. This firm situated at No. 10-2 Jalan BK5A/3B, Bandar Kinrara 47100 Puchong, Selangor Darul Ehsan. The company is domicile in Malaysia. The principal activities of this company are all kinds of management and consultancy services, including auditing, taxation, accounting and company secretarial. Skrastin Lim was established by Mr. Lim Jit Swee and Ms. Leong Yee Him. Both of them are Chartered Accountants from United Kingdom, London. Mr. Lim Jit Swee is one of the members of Malaysia Institute
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Executive Summary: In Section 706 of the American Institute of Certified 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
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Status of Cost and Management Audit in Bangladesh It is obviously understood that considering the aforesaid multifarious and multidimensional benefits of cost accounting and management auditing the Government of Bangladesh has made keeping cost books and cost accounts compulsory in the Companies Act, 1994 through section 181. The relevant part may be seen from clause (d) of subsection (1) of section 181. Section 220: Audit of certain matters by Cost and Management Accountants: (1) Where
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K1.1-1 * Arthur Andersen: Enron was Andersen’s second largest client. Instead of being concern with the accuracy of Enron’s external audit, Andersen made the profits their priority. The firm offered consultation to Enron which amounted to a larger price tag than the actual external audit. So, not only did Andersen double check their own work, but Andersen threw their objectivity out the window for extra earnings. Andersen knew that it was not ethical to give audit and non-audit services because
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An Internship Report On Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues Department of Finance Faculty of Business Studies University of Dhaka An Internship Report On Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues (As partial fulfillment of BBA Program) Submitted To Department of Finance University of Dhaka
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AUDITING PROFESSIONAL 1 EXAMINATION - AUGUST 2011 NOTES: Section A - You are required to answer Questions 1, 2 and 3. Section B - You are required to answer any two out of Questions 4, 5, 6 and 7. (If you provide answers to more than two questions in this section, you must draw a clearly distinguishable line through the answer(s) not to be marked. Otherwise, only the first answers to hand for these four questions will be marked.) TIME ALLOWED: 3 hours, plus 10 minutes to read the paper. INSTRUCTIONS:
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junior team member has exercised due care when discovering the major internal control weakness and highlighted it to the team leader. However, the audit team leader did not discussed the issue with the management, so he has not performed due care in auditing Prospek Teguh Sdn Bhd. (ii) If a lawsuit is initiated by Oct Bank against Nadyah & Sarinah, the auditor would probably be liable. This is because, as the auditor, they were responsible in reporting any weaknesses in internal control to
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1. Lakeside holds an inventory of high technology items: consumer electronicequipment. Obsolescence of a portion of this merchandise is an ever-present danger because of new innovations. The inventory can also be easily damaged, a problem that is not always visually obvious. - Lakeside distributes merchandise to retail stores. A generous return policy isprovided; thus, an estimate must be made of the sales returns that will be received by the company after the audit is concluded. - Lakeside sells
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