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ASSIGNMENT This assignment is to be completed in groups of three and comprises twenty per-cent of the marks for this course. There are three questions. Assessment Criteria: Student work will generally be assessed in terms of the following criteria: 1. Effectiveness of communication - i.e. readability, legibility, grammar, spelling, neatness, completeness and presentation will be a minimum threshold requirement for all written work submitted for assessment. Work that is illegible or incomprehensible and does not meet the minimum requirement will be awarded a fail grade. 2. Demonstrated understanding - This will be evidenced by the student's ability to be dialectical in the discussion of contentious issues. 3. Evidence of research - This will be evidenced by the references made to the statutes, auditing standards, books, journal articles and inclusion of a bibliography. Note: 1. All written work must conform with the University of Ballarat General Guide for the Presentation of Academic Work. 2. For all written work students must ensure that they submit their own original work. Any act of plagiarism will be severely penalised. Plagiarism is presenting someone else work as your own and is a serious offence with serious consequences. As set out in the University Regulation 6.1.1, students who are caught plagiarising will, for a first offence, be given a zero mark for that task. A second offence will result in a failing grade for the course(s) involved and any subsequent offence will be referred to the Student Discipline Committee. Students must: • fully reference the source(s) of all material, even if you have re-expressed the ideas, facts or descriptions; • acknowledge all direct quotations; and • not submit work that has been researched and written by another person. PART A (7 Marks) International Standards on Auditing (ISA) have been approved by the International Auditing and Assurance Board (IAASB). Recently, the IAASB has issued a number of proposed ISAs for comment The key enhancements to auditor reporting are: Proposed ISA700 - Forming an Opinion and Reporting on Financial Statements Proposed ISA701 - Communicating Key Audit Matters in the Independent Auditors Report Proposed ISA260 - Communication with Those Charged with Governance Proposed ISA570 -Going Concern Proposed ISA705 - Modification to the Opinion in the Independent Auditor's Report Proposed ISA706 - Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditors Report Briefly explain the nature and effect of these enhancements PART B (7 Marks) In January of 2007 the Public Company Accounting Oversight Board (PCAOB) felt it necessary to issue a 14 page report commenting on over 20 shortcomings it had observed in the way auditors were addressing their responsibilities with respect to fraud. Refer PCAOB Release 2007-001 January 22 - 2007: Observations on Auditors Implementation of PCAOB Standards Relating to Auditors' Responsibilities with Respect to Fraud pcaobus.org/Inspections/Documents/2007_01-22_Release_2007-001.pdf Identify ten shortcomings PART C (6 Marks) The Companies Auditors and Liquidators Disciplinary Board (CALDB) responds to applications mad by ASIC concerning auditors. a) Briefly describe the powers of the Board b) Go to the www.caldb.gov.au website and under the 'Decisions' tab you will find CALDB decisions since January 2008. There are 15 verdicts. Briefly describe any five decisions including the breach and penalty applied.(i.e. facts and outcome)
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Segregation of Duties (SoD) and other classic internal controls such as management oversight have been adapted to consider technology. Compare/contrast the classic controls with their adaptations for technology.
at the time, russ has paid $14,000 in premiums, and he collcts the $100,000 face value. how much of the proceeds is taxable to Russ?
If the company keeps and overhauls its present generator, then the generator will be usable for eight more years. If a new generator is purchased, it will be used for eight years, after which it will be replaced.
The hockory Cabinet and furniture Company makes chairs. The fixed cost per month of making chairs is $7,500, and the variable cot per chair is $40. Price is related to demand according to the following linear equation.
Heidi Hart, the vice president of financial operations for Castle Candy Manufacturing Company and the controller, Linda Brown, are reviewing the financial statements for the prior two years of 2003 and 2004.
If joe and Jill choose to accelerate 50,000 of additional income into the current year, how much will their (a) regular tax and (b) tentative minimum tax increase? Joe and Jill's marginal tax rate is 35%.
The characteristics noted above are indeed true. What are some of the other differences between Managerial and Financial Accounting? Also, as for the numbers used in financial versus managerial accounting, are they different (what is their source)..
Which of the following items would not be reported in the section on revenues and gains in the statement of activities of a private college or university?
What impact will increasing the percentage of completion have on Terra Firma's financial statements? Use numbers to back up your answer.
You have gone to the bank to borrow money for one year. The nominal rate is 7.5%. The real rate of interest is 4%. Over the course of the year, overall prices increased by 4%. This rate of inflation hurt the _____ because the actual rate of inflat..
Evaluate the potential impact an upgrade can have on cost identification during the various stages of production an upgrade can have on cost identification during the various stages of production
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