Personal Financial Statements, Pro Forma
... a) The CPA establishes an understanding with the client preferably in writing, that
the financial statements:
• Will be used solely to assist the client and the client's advisers in developing
the client's personal financial goals and objectives.
• Will not be used to obtain credit or for any purpos ...
Unit F011 - Accounting principles - Scheme of work and
... The Scheme of Work and sample Lesson plans provide examples of how to teach this unit and the
teaching hours are suggestions only. Some or all of it may be applicable to your teaching.
The Specification is the document on which assessment is based and specifies what content and
skills need to be cov ...
... GAAP. These different financial reporting frameworks in Canadian GAAP are
identified in the CICA Handbook – Accounting as follows:
• Part I — International Financial Reporting Standards (IFRSs)
• Part II — Accounting standards for private enterprises
• Part III — Accounting standards for not- ...
Data mining journal entries for fraud detection: A Pilot Study
... involved accounting treatments designed to influence disclosure rather than recognition. For example,
line costs were transferred to accounts that rolled up into “Selling, General and Administrative Expenses
(SG&A).” These adjustments did not change the reported profits, but did change the allocat ...
CPA PassMaster Questions–Auditing 4 Export Date: 10/30/08
... from the custodial function allows an individual to misappropriate cash and then cover up the theft by
posting credits against the related A/R balance.
Choice "a" is incorrect. If fictitious transactions in the revenue cycle are recorded, then the impact on
revenues and receivables would be the same ...
Do 3 - Together We Pass
... Describe the internal control measures which are normally incorporated in the
use of cash registers for handling cash sales.
1. Internal control measures that normally exist when cash registers are used in the
handling of cash sales
(1) Cash registers must display the amount of the cash sales on a s ...
ActionAid International Financial Management Framework
... This framework establishes the financial policies and standards (and procedures) for ActionAid International
(AAI) and its Affiliates and Associates. The framework demonstrates AAI‟s concern for financial integrity; as
such it is important evidence of our accountability to all stakeholders. Finance ...
accounting - WordPress.com
... expenses at the time physical cash is actually received or
This contrasts to the other major accounting method,
accrual accounting, which requires income to be recognized
in a company's books
at the time the revenue is earned (but not
necessarily received) and records expenses
when liabili ...
Audit Information for RFP
... information and is loaned to the Contractor on a confidential basis. Any
information acquired at the Nation or otherwise relating to processes belonging to
the Nation incorporated into this Request for Proposal shall be kept confidential.
The Contractor agrees not to use in any unauthorized manner o ...
Corporate Governance and Earnings Management
... and lenders will be more willing to put their money in firms with good governance, they will face
lower costs of capital, another source of better firm performance. Other stakeholders, including
employees and suppliers, will also want to be associated with and enter into business relationships with
Auditing for Fraud Detection - Professional Education Services
... course is an ideal introduction for beginners in the field of fraud examination and fraudaware auditing.
Within the course internal control procedures are examined. Case studies are used
throughout to exemplify issues surrounding independent audits of financial statements in
terms of a fraud-detecti ...
The purposes of accounting
... • Conforming to GAAP/IFRS does not mean that the information
provided is good, but it is the start
Chapter 1 - Pearson Schools and FE Colleges
... hence the reason why the convention of consistency is used. However, this does not
mean that the business must always use a particular method; it may make changes
provided it has good reason to do so and each change is declared in the notes to the
The prudence concept. When prep ...
APPTICATION OF THE AUDIT PROCESS TO OTHER CYCTES
... or classifications for each transaction, such as repair and maintenance, inventory, or
utilities. It also identifies whether the acquisition was for cash or accounts payable.
The journal or listing can coyer any time period, typically a month. The journal or
listing includes totals of every account ...
Detecting asset misappropriation: a framework for
... Sales skimming are especially common when the fraudster has access to incoming funds
from an unusual source, such as refunds that have not been accounted for by the victim
organisation. While, receivables skimming are more difficult to conceal than sales
skimming because incoming receivables payment ...
1. The primary function of financial accounting is
... A The negative effects on subsequent earnings of amortizing goodwill if firms were required to use the
. purchase method of accounting for the combination.
B The negative effects on subsequent earnings of amortizing goodwill if firms were required to use the
. pooling method of accounting for the co ...
The Auditor`s Responsibility to Detect Fraud
... have been exploited in both the private and public sectors resulting in embarrassing, fraudulent schemes and the loss of
assets (Alleyne, et al., 2010). Not only has the incidence of fraud increased, but the dollar amounts of fraud and the
number of companies being victimized have also increased (Hu ...
English - EDUCatt
... any case, a report is never conceived of as an attack on a department, but as an
objective evaluation which foresees an action plan and a target date by which
... fewer people involved and if no real distinction between these phases then must place more reliance on :
access controls and programmed controls rather then manual controls
preventative rather then detective and corrective controls
Vital that the information that is being processed is valid, acc ...
Administrative Guidelines for Danida Market Development
... Applicants may apply for a total grant of minimum DKK 5 million and maximum
DKK 8 million for the partnership project (including possible grant for project
development mentioned above). Danida’s support to the partnership project may
cover up to 75% of total project costs. The remaining 25% to be c ...
Financial Accounting Standards Board (FASB)
... standards but also establishes the effective
date and method of transition.
9. Currently, a simple majority (three out of five) is
required for approval of an Exposure Draft or a
final statement of standards.
... was not accurately reported due to
(a) Income pertaining to CY 2013
with an aggregate total of
P229.229 million was recognized
as revenue during the year and (b)
income received in CY 2014
totaling P235.205 million was not
recognized as current year’s
Also, no accrual of income from
debt ser ...
Auditor independence refers to the independence of the internal auditor or of the external auditor from parties that may have a financial interest in the business being audited. Independence requires integrity and an objective approach to the audit process. The concept requires the auditor to carry out his or her work freely and in an objective manner.Independence of the internal auditor means independence from parties whose interests might be harmed by the results of an audit. Specific internal management issues are inadequate risk management, inadequate internal controls, and poor governance. The Charter of Audit and the reporting to an Audit Committee generally provides independence from management, the code of ethics of the company (and of the Internal Audit profession) helps give guidance on independence form suppliers, clients, third parties, etc.Independence of the external auditor means independence from parties that have an interest in the results published in financial statements of an entity. The support from and relation to the Audit Committee of the client company, the contract and the contractual reference to public accounting standards/codes generally provides independence from management, the code of ethics of the Public Accountant profession) helps give guidance on independence form suppliers, clients, third parties...Internal and external concerns are convoluted when nominally independent divisions of a firm provide auditing and consulting services. The Sarbanes-Oxley Act of 2002 is a legal reaction to such problems.This article mostly deals with the independence of the statutory auditor (commonly called external auditor). For the independence of the Internal Audit, see Chief audit executive, articles ""Independent attitude"" and ""organisational independence"", or organizational independence analysed by the IIA.The purpose of an audit is to enhance the credibility of financial statements by providing written reasonable assurance from an independent source that they present a true and fair view in accordance with an accounting standard. This objective will not be met if users of the audit report believe that the auditor may have been influenced by other parties, more specifically company managers/directors or by conflicting interests (e.g. if the auditor owns shares in the company to be audited). In addition to technical competence, auditor independence is the most important factor in establishing the credibility of the audit opinion.Auditor independence is commonly referred to as the cornerstone of the auditing profession since it is the foundation of the public’s trust in the accounting profession. Since 2000, a wave of high profile accounting scandals have cast the profession into the limelight, negatively affecting the public perception of auditor independence.