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    Value of auditing

    Required: Would you obtain an audit for this company? Explain the reasons for your decision. Yes, audits exist because of regulatory mandate (required by government). There are three theories which propose reasons why demand for audits might exist without regulatory mandate: 1. Agency theory (The focus of the agency demand for auditing is more related […] More

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    Auditing and Assurance Notes

    Week 1 Purpose of audit – enhance the degree of confidence of intended users in the financial report. Expression of an opinion by the auditor on whether – the FR is prepared, in all material respects, in accordance with applicable financial reporting framework. Opinion – whether the FR is presented fairly, in all material aspects, […] More

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    Auditing

    Justin Kealey, CPA, is auditing Tustin Companies, Inc. Kealey has accumulated known and likely misstatements for the current year to evaluate whether there is a sufficiently low risk of material misstatement of the financial statements to issue an opinion. However, Kealey notes that there are several misstatements that have been carried over from prior years. […] More

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    Role and Effectiveness of Auditing

    Globalization of the world economy, complexity of businesses, technological advancement coupled with allegations of fraudulent and inaccurate financial reporting have recently led to increased attention to financial auditing (Karagiorgos et al., 2009). Financial accounting is a process that involves collection and processing of financial data to help in making decisions by parties external to the […] More