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Firm valuation refers to the total value of a firm in the capital market. It is the stock price of a firm times its outstanding shares. Total value of a firm is also called market capitalization or market cap. For example, on March 16, 2012, the market cap was $41.43 billion for Las Vegas Sands, $12.73 billion for Marriot, 10.99 billion for Starwood, and $99.47 for McDonald. The market cap of a firm changes constantly because the stock price changes frequently. Rising stock price or rising market cap (for given outstanding shares) evidently is good news for the stockholder. It increases the wealth of the shareholder. In essence, the goal of a firm is to maximize the value of the firm. The management of a hospitality firm should always do its best to enhance the owner or shareholder's wealth by enhancing the stock price of the firm.
Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv
Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro
Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r
State four factors considered determining sufficiency of audit evidence
Sufficiency of audit evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measurement of the quantity
The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention
What is the meaning of it?
Procedures followed in Conducting an Audit Procedures generally followed in conducting an audit by more than one firm of accountants and the division of work between them.
Techniques of obtaining evidence ISA 500 mentions them as: (a) Inspection of records or documents, (b) Inspection of tangible assets, (c) Observation, (d) Inquiry, (e) C
Negligence in General There is no case against auditors and this made it hard to be accurate as to where the auditor’s legal liability falls. We require therefore referring to
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