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This assignment requires a consideration of accounting theory concepts with critical analysis with application to General Purpose Financial Reporting by corporations. Students are required to prepare a comprehensive report directed to an Australian ASX Top 100 listed corporation detailing a critical analysis of the effectiveness of the corporation to meet the obligations of the conceptual framework of accounting. The summary report should inclu...
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Question 1: As an auditor, you are conducting your preliminary analytical procedures based on the background information for DIPL contained in the case. Apply analytical procedures to the financial report information of DIPL for the last three years. Explain how your results influence your planning decisions for the audit for the year ending 30 June 2015 (10 marks). Question 2: You are conducting your risk assessment of DIPL, as part of the...
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Lebanon Beirut Management Analysis of Economics University of Beirut Masters in Business Administration
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Questions:
1.Explain how your results Influence your planning decisions for the audit for the year ending 30 June 2015.
2.Explain why it is a risk and how it may affect the risk of Material Misstatement in the Financial Report.
3.Identify and Explain two key Fraud Risk Factors relating to Misstatements arising from Fraudulent Financial Reporting to which DIPL may be susceptible.
Answers:
1.Substantive analyt...
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Australia Birrong Accounting Accounting Theory and Application University of New South Wales
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Critically evaluate how financial accounting and reporting contributes in both a positive and negative manner to the sustainability debate. In your evaluation you must assess how the information is utilized by the capital markets. Evidence and examples must be provided to support your view. ------- it should be focus on 1. financial accounting report, 2. sustainability debate and 3. capital market so um ,maybe, it should be doing something with c...
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Australia Arlington Management University of New South Wales
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Question 1. (7 marks)While professional standards require auditors to maintain objectivity, integrity, and not knowingly misrepresent facts (American Institute of Certified Public Accountants [AICPA] 1998), research suggests that various chronic environmental, occupational, and role pressures can influence auditors’ attitudes, intentions, and behaviours (DeZoort and Lord 1997). Much of the extant research (e.g., Hackenbrack and Nelson 1996;...
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Required (HI6025 ) T2, 2016 Marks 1) Structure & References 20 2) Management Summary/Abstract/Introduction 20 3) Discuss the steps that you need to consider before accepting to do an audit and apply them to BSF Ltd. 20 4) If the inherent risk of the BSF Ltd.is estimated as 90% and the control risk and detection risk are estimated at, respectively, 5% and 80%, should your audit firm accept the role of doing an audit of BSF Ltd.? (Discuss and E...
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Question: The following are independent situations:
(i)Bob is an audit assistant currently undertaking university studies. While auditing the books of Club Casino, he comes across certain financial information that he believes will assist him in completing one of his university assignments. He copies the information and uses it in his assignment, carefully removing all reference to Club Casino in order to preserve the client’s confidential...
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Pre-release question Question 1 One of the biggest challenges facing organisations in meeting the Integrated Reporting (IR) requirements is identifying the boundary of the organisation. The Integrated Reporting Framework (IRF) on page 20 shows how the IRF reporting boundary is greater than traditional financial reporting based on accounting processes. However the May 2014 Climate Disclosure Standards Board (CDSB) discussion paper on boundary sett...
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Australia Arlington Management University of New South Wales
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Questions 1. Explain why principles-based standards require a conceptual framework. 2. Why is it important that the IASB and FASB share a common conceptual framework? 3. It is suggested that several parties can benefit from a conceptual framework. Do you consider that a conceptual framework is more important for some parties than others? Explain your reasoning. 4. What is meant by a 'cross-cutting' issue? Suggest some possible examples of cross-c...
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Australia Sydney Humanities Depression Awareness and Suicide Prevention University of Sydney MBA
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12
Question:
Discuss About The Opportunities Challenges Auditing Profession?
Answer:
Introduction
In today’s business environment accounting profession has an important significance and facing many challenges in the upcoming years. Unending series of accounting scandals are mostly the cause of challenges grabbing the newspaper headlines back in few years and also due to introduction of new accounting standards and regul...
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Australia Melbourne Accounting Accounting Theory and Application University of Melbourne
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M Ltd. is a business specialising in producing and selling wine. The company has recently been listed on the Stock Exchange. After listing, the company changed the auditor and employed you as the new auditor.In planning the audit, you discovered the following:1) The managing director of the company focusses on running the wine business and leaves financial matters to the control of the finance direc...
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Question:
Discuss about the Auditing Practice for Tender Document.
Answer:
Report for Tender Document
Introduction
An audit can be defined as an official inspection of accounts of business by an independent audit firm or individual. An audit can be external or internal based on the requirements and statutory compliance of business.
In accordance with the given case situation, Barry and Betty planning for conversion of p...
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Australia Kogarah Accounting Accounting Theory and Application University of Kogarah
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Question 1 (20 marks) According to ASA 520 analytical procedures are defined as follow: …the term means evaluations of financial information through analysis of plausible relationships among both financial and non-financial data… Required: Identify and explain the most important reasons for performing analytical procedures. Question 2 (60 marks) You are the audit senior on the audit of 21st Century Accessories Pty Ltd, ...
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Outline the factors that an auditor would have to consider when determining the level of acceptable audit risk they would be willing to take when conducting an audit. Critically evaluate the importance of these factors and include in your discussion factors that would be influenced by:
1. User reliance on financial statements
2. Likelihood of financial difficulties
3. Management of the firm being audited
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