Actual Practice Problems of Audit Procedure free essay sample

The purpose of audit procedures is to provide detailed audit steps to be performed during the audit fieldwork that will achieve the specific audit objectives. The auditor’s work will be divided into several distinct phases. . A schematic representation of these phases is as follows:- 1. Accepting the Audit Engagement 2. Planning of Audit 3. Performing Audit Tests 4. Reporting the Findings Figure: â€Å"Standard Audit Procedure at a glance. First Phase of the Audit Process: Accepting the Audit Engagement. At first auditor develops a general strategy and a detailed approach for the expected nature, timing and extent of the audit. At the same time they also set out the nature, timing and extent of planned audit procedures required to implement the overall audit plan. The considerations are- * Client intimation to be appointed as auditor. * Evaluate integrity of management. * Identify special circumstances and unusual risk. * Assess competence to perform audit. * Evaluate independence. * Determine ability to use due care. We will write a custom essay sample on Actual Practice Problems of Audit Procedure or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page * Preparation of engagement letter. Second Phase of Audit Process: Planning the Audit. Adequate planning of the audit work helps to indentify the important areas and provide appropriate attention of the audit. The purpose of planning are identified potential problems and proper assignment of work to assistants. Familiarization: Here auditor obtains understanding of client’s business and industry and evaluate the MGT’s use of the going concern assumption in the preparation of Financial Statement. Following steps are followed- * Review prior year’s working papers. * Review industry and business data. * Visit client operations. * Make inquiries of management. * Determine existence of related parties. * Consider impact of applicable accounting and auditing pronouncements. Performance of Analytical Procedures: The analysis of significant ratios and trends including the resulting investigation of fluctuations and relationships that are inconsistent with other relevant information or deviate from predicted amounts. Making Preliminary Judgments about Materiality: It is the omission or misstatement of information that influence the economic decision of users those are taken on the basis of the financial statements. Consideration of Audit Risk Exposure: The risk that the auditor expresses on inappropriate audit opinion when the financial statements are materiality misstated. Components of audit risk- * Inherent Risk. * Control Risk. * Detection Risk Understanding Client’s Internal Control System (ICS): Understanding of the internal control is a prerequisite to identify and assess the risks of material misstatement of the Financial Statement whether due to fraud or error. According to Para 43 of BSA, IC consists of the following components- * Control environment * The entity’s risk assessment process. * Control activities. * Monitoring the control. Third Phase of Audit Process: Performing Audit Tests The process of collection and evaluation of evidence related to various audit tests. The phase of performing audit tests involves following steps- 1) Obtain evidential matter through audit tests. 2) Evaluate the evidence obtained for sufficiency and appropriateness and 3) Document the audit evidence in working paper. Vouching: The selecting entries are the accounting records and inspecting the documentation that served as the basis for the entries with a view to ascertaining the propriety and validity of the recorded transaction. Audit Samplings: It involves the application of audit procedures to less than 100% f items within as account balance or class of transactions such that all sampling units have a chance of selection. Last Phase of Audit Process: Reporting the Finding. After performing audit test the auditor prepare a report that includes the expression of an independent and expert opinion on the fairness of Financial Statements. This opinion provides users of F/Ss with reason able assurance that the statements are in conformity with GAAP. The auditor should review and assess the conclusions drawn from the audit evidence obtained as the basis for the expression of an opinion on the Financial Statements. Different types of audit reports or opinions are- * Standard Unqualified Audit Report. * An Unqualified opinion with explanatory Language. * A Qualified Opinion and * An Adverse Opinion. Actual Procedure Followed by CPA Firm. When we asked to Mr. Abul Kashem FCA about the actual audit procedure, he clearly shows that in this stage the auditor examines records, documents, or tangible assets. The auditor also examines the physical existence of material negotiable assets and the terms and conditions of agreements. Then he specifically mentioned following steps are followed to conduct an audit to garments organization. Step 1 A. Offering: At first the garments organization offer the CPAs firm to audit there financial statements through the open advertisement in newspaper or websites. Also sometimes the garments organization makes a contract with some specific CPAs firm to conduct the audit. The garments organization specifies the time to perform the audit. B. Submission of Proposal: We find out the interested CPAs firm submit a proposed to the garments organization/AMTRANET GROUP along with some specifies issues related to potential audit practice. * Draft plan of the audit practice. * Cost of audit. Human resources that may be used in performing audit and * The Logistic supports that should be needed in performing audit. Then AMTRANET group /any garments organization analyze the disclosed terms and conditions provided by the numbers of interested CPAs firm. After completing the analysis the AMTRANET group or any garments organization selects a CPAs firm in term of low cost and the goodwill of the firm. But there is the matter of fact that most garments /AMTRANET group prefer the personal relation with the CPAs firm to select a CPA firm. C. Acceptance of Latter: In this stage, the AMTRANET/any garment industry send an acceptance letter to the selected CPA firm that Specifying the CPA firm is selected for conducting the audit practice. D. NOC Letter: After accepting the appointment letter, the potential CPA firm collects the NOC from the prior auditor about the clearance by them. Here it is must be mentioned that this letter must be collected within by15 days after providing the acceptance letter. E. Risk Assessment: Here the selected CPA firm assures the prospected risk that may arise during the course of audit. CPA firm consider the following issue: * Any internal constraints. Any political issue and * Insufficient evidence. F. Consent: In this stage, the selected audit firm fills up and submits a form to RJSC and notifying that they are appointed as auditor of AMTRANET group/any garment organization. STEP 2 Actually in this stage the certified public accountants firm makes a plan to perform the audit. 1. Initial Meeting: Before planning th e audit the owner of the certified public accountants (CPA) firm i. e. , MR ABUL KASEM Fca Partner, Rahman Kasem amp; Co make a preliminary meeting with the Board of Directors (BOD) of that garments (Like Amtranet Group) and discuss about the audit plan. Here the garments (Like Amtranet Group) describes 1) The unit or system to be reviewed, 2) The organization, 3) Available resources (personnel, facilities, equipment, funds), 4) Other relevant information. 2. Preliminary Survey: After the initial meeting the audit firm conducts a preliminary survey in the garment organization to collect some information in order to obtain a general overview of operations. Auditor talks with key personnel and reviews reports, files, and other sources of information 3. Planning the Audit:

The Best IB Biology Books Full Expert Reviews

The Best IB Biology Books Full Expert Reviews SAT / ACT Prep Online Guides and Tips In IB Biology SL/HL, there are so many topics and so little time. Maximize your study time by using the best study materials and best IB Biology textbooks. In this article, I have collected a list of the most recent IB Biology Books and Textbooks (2013 or newer), as I don't recommend you studying with any older books, as they may be out of date. Who Is This Guide For? This guide is for IB Biology students who are serious about success in the classroom and on the IB Biology SL/HL papers.If you only plan on using the material for 5 hours of studying, the choice of book becomes less important. However, if you plan to use the book throughout the year for study help and for the IB Biology exam, you should choose your resource carefully. In this guide, I’ve divided the books into specific categories to help you make a knowledgeable choice. The Best IB Biology SL/HL Books We’re going to divide the best IB Biology books into a few categories: Best Textbook: A must have book as a part of your learning process, no matter your skill level or weaknesses. If you would like more information on otherIB Biology Textbooks, check out our other article. Best Study Resource for Fast Learning Throughout the School Year: The best study material for all students to learn material fast throughout the year and not just to study for the IB exam at the end of the year. Best Study Guide for Average Students:This book provides more in-depth explanations for those who need a little more assistance. Best Study Guide for High Achieving Students:This book has the material to push you over the top, without repeating the details that you have already mastered. Book to Avoid:This book lacks all of the material you need to succeed. Best Textbook IB Biology Course Book: 2014 Edition: Oxford IB Diploma Program Price on Amazon: $58.90 Description:This is the gold standard for IB Biology textbooks. The Oxford University Press is the only company to work directly with the IB to develop their materials, meaning they have a first look at the changing curricula and understand more deeply what the IB wants to test and how. They're also able to write the most realistic practice questions that resemble the real test.Of all books on the list, this is the most standard 'textbook' like book, containing: full instruction on the complete SL/HL syllabus practice questions for each topic instructions on the internal assessment and the extended essay This will be the foundation of your IB Biology prep, containing a thorough overview. Pros: developed directly with the IB high-quality content realistic practice problems organized logically, with practice integrated coherently Cons: like all textbooks, this book is better for thoroughness and less for customized prep. The best way for you to study for IB Biology may not be cover to cover, and this book does not give clear guidance on how best to customize its content for your needs does not contain study strategies or test strategies more expensive than other guides Best Study Resource for Fast Learning Throughout the School Year IB Biology (SL and HL) Examination Flashcard Study System: IB Test Practice Questions Review for the International Baccalaureate Diploma Programme (Cards) Price on Amazon: $59.01 Description: Flashcards are a great way to study for IB Biology because there are so many topics and details to memorize. These flashcards help break the large topics down into small parts so that you can easily commit the details to memory. While this company does not work directly with IB, they use the IB syllabus to ensure they cover all topics on the IB Biology SL and HL exams, making it a great resource. These flashcards are great to use throughout the year for all of your in-class IB Biology tests since you can just study the cards relating to the topic being tested. While there are no practice problems with these flashcards, they are still a great resource for review. Since essentially all of the IB Biology exam questions simply ask you to relay memorized information (such as asking you to describe Cell Theory), these flashcards provide you with all of the reviews you need to ace the test. Pros: developed using the IB Biology syllabus high-quality content review breaks down big topics into small manageable parts organized by topic, making it easy to help you memorize throughout the year, not just for the IB exam. Cons: doesn't give guidance on how best to study the flashcards to improve memory retention. We encourage you to use our 'waterfall method' flashcards only have enough space for light concepts - if you don't know a concept well, you'll have to supplement with a textbook to flesh out your understanding more expensive than other guides Best Study Guide for the Average Student IB Biology Study Guide: 2014 edition: Oxford IB Diploma Program Price on Amazon: $32.40 Description:Also published by The Oxford University Press and written by Andrew Allott, this study guide complementsthe IB Biology Course Book mentioned above. This study guide breaks the large concepts from the course book down into manageable sections, with diagrams and illustrations to cement understanding. Additionally, this study guide integrates more IB Biology exam preparation material than the course book to make sure you excel on the IB Biology exam. Pros: developed directly with the IB high-quality content review using diagrams and illustrations breaks down big topics into small manageable parts realistic practice problems and exam material organized logically, with practice integrated coherently very thorough for those who need a little extra help in addition to their textbook / class lectures. Cons: like the related course book, this book is better for thoroughness and less for customized prep. The best way for you to study for IB Biology may not be cover to cover, and this book does not give clear guidance on how best to customize its content for your needs. more expensive than other guides Best Study Guide for High Achieving Students Barron's IB Biology Price on Amazon: $16.68 Description:Barron's is usually a solid choice for top students, as they're very complete This Barron’s IB Biology review book was developed using the IB Biology syllabus material to ensure that students are fully prepared for the IB Biology exam. Unlike a textbook, this study guide focuses more on exam preparation/review than teaching. The book provides readers with an overview of the IB Biology tests/papers, including an explanation of scoring, command terms, and optional topics based on the brand new 2014 syllabus, study tips and strategies for maximizing scores, and 2 full-length paper 1, 2, and 3 practice exams with fully explained answers. Pros: detailed summary charts. high-quality practice exams with detailed answer explanations. relatively inexpensive compared to other resources. focused study tips and strategies for the IB Biology exam. Cons: The material is reviewed in less detail than in other guides. The focus is on providing you with the practice tests rather than re-teaching you the material from class. This guide is great for the high achieving student, who already understood the class lessons, but is just hoping to lightly review the concepts and take IB Biology practice tests. Book to Avoid Biology for the IB Diploma Coursebook Price on Amazon: $61.95 Description: This edition of the IB Biology Coursebook from Cambridge Press was developed using the newest IB Biology syllabus. It covers all of the core topics of the syllabus including some practice questions. However, it does not cover any of the options (Both IB Biology SL and HL have core topics your teacher must cover as well as 2 additional topics - known as the options - because your teacher gets to choose from 4 options - fora more in-depth explanation of the options, read our other article The Complete IB Biology Syllabus: SL and HL). The core topics are tested on Paper 1 and 2 of the IB Biology SL/HL Exam, and the options are tested on Paper 3. Pros: developed usingthe IB Biology syllabus focused review of IB Biology core topics including some practice questions. Cons: expensive compared to other materials. missing review of the options, which count for ⅓ of the IB Biology exam. This book is too expensive to spend money on when it is missing ⅓ of the material needed to succeed on the IB Biology exam. Other Free Resources Find other free IB Biology study resources in our other articleThe Best IB Biology Study Guide and Notes for SL/HLand Where to Find IB Biology Past Papers - Free and Official. What’s Next? Learn more about IB Biology inthe complete IB Biology syllabus: SL and HLandthe best IB Biology study guide and notes for SL/HL. Trying to figure out what extracurricular you should do? Learn more about participating in Science Olympiad, starting a club, doing volunteer work, andjoining Student Government. Studying for the SAT? Check out our complete guide to the SAT.Taking the SAT in the next month? Check out our guide to cramming. Not sure where you want to go to college? Check out our guide to finding your target school.Also, figure out your target SAT score or target ACT score. Want to improve your SAT score by 160 points or your ACT score by 4 points? We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

THEORIES AND PRACTICE OF LEADERSHIP essay Example | Topics and Well Written Essays - 3500 words

THEORIES AND PRACTICE OF LEADERSHIP - Essay Example espite all considerations, leaders are also believed to be people with special innate characteristics that actually make them leaders, those who obtain certain personal qualities such as extraversion, intelligence, ability to interact with one’s followers. Moreover, leaders are good in sharing responsibility with others in order to enable each team member contribution to the construction of common goal by means of understanding the relationships. Therefore, leadership becomes the task that involves relation and interaction between the people involved into common business and which realize the companys objectives and the way how to reach them. In such relational role, leader is no more a single executor, but one becomes a co-creator of what the team, department or community wants to create. Besides, modern leader is not just a person who controls the performance of certain processes, however, one possesses a role of mentor and coach with the ability and skills to involve employ ees in the development of something, thus provides them advice, opens new developmental opportunities and possibilities for discussing and search of possible consensus. With the task role of cultivator, leaders work to ensure good business environment where people would be able to create and diversify ideas and decisions. It means that if a team has such a helper or facilitator of the process, the members would impose upon leader’s decisions and would try to participate in the dialogue providing partnership, giving creativity and discovering innovation (Pless & Maak, 2004). The following paper will investigate some of the leadership principles that can assist in the future performances; the relationship between the guiding principles of leadership will also be discovered. The role of leaders in not exaggerated in the modern business environment due to the multifacing that one should be. The ability to persuade others, make proper decisions in a tough conditions, knowing how to resolve