Thư viện tài liệu, ebook tham khảo dành cho học sinh, sinh viên

The audit risk model is a planning tool, but it has some limitations that must be considered when the model is used to revise an audit plan or to evaluate audit results. The desired level of audit risk may not actually be achieved. It does not consider potential auditor error. There is no way of knowing what the preliminary level of risk ac...

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ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing ISA 210 Agreeing the Terms of Audit Engagements ISA 220 Quality Control for an Audit of Financial Statements ISA 230 Audit Documentation ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of ...

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Audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. The auditor’s report with an unmodified opinion states that the audit provides only reasonable assurance that the financial statements do not contain material misstatements Reasonable assurance implies some ris...

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Companies should not use retrospective application if one of the following conditions exists: Company cannot determine the effects of the retrospective application. Retrospective application requires assumptions about management’s intent in a prior period. Retrospective application requires significant estimates that the company cannot develop.

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A lease is a contractual agreement between a lessor and a lessee, that gives the lessee the right to use specific property, owned by the lessor, for a specified period of time. Largest group of leased equipment involves: Information technology Transportation (trucks, aircraft, rail) Construction Agriculture

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IASB uses the corridor approach for amortizing the accumulated net gain or loss balance when it gets too large. How large is too large? 10% of the larger of the beginning balances of the defined benefit obligation or the fair value of the plan assets. Any accumulated net gain or loss balance above the 10% must be amortized.

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Illustration: During 2011, Cunningham Inc. estimated its warranty costs related to the sale of microwave ovens to be $500,000, paid evenly over the next two years. For book purposes, in 2011 Cunningham reported warranty expense and a related estimated liability for warranties of $500,000 in its financial statements. For tax purposes, the warranty t...

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The sum of the days’ sales uncollected and the days’ sales in inventory subtracting the days’ purchases in accounts payable. It represents the number of days a firm’s cash remains tied up within the operations of the business.

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Examples of outflows are: cash payments to acquire PPE, intangibles and other long-term assets. cash payments to acquire equity or debt instruments of other entities. cash advances and loans made to other parties.

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Illustration: Helloid, Inc. has outstanding $1,000,000 par value convertible debentures convertible into 100,000 ordinary shares ($1 par value). When issued, Helloid recorded Share Premium—Conversions Equity of $15,000. Helloid wishes to reduce its annual interest cost. To do so, Helloid agrees to pay the holders of its convertible debentures an ad...

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