ACCA COURSE NOTES June 2014 Examinations Paper F8 Audit and Assurance (INTERNATIONAL) Please spread the word about OpenTuition, so that all ACCA students can benefit. ONLY with your support can the site exist and continue to provide free study materials! OpenTuition Course Notes can be downloaded FREE from http://opentuition.com Copyright belongs to OpenTuition.com - please do not support piracy by downloading from other websites. Visit opentuition.com for the latest updates, watch free video lectures and get free tutor support on the forums To fully benefit from these notes please watch the free ACCA Lectures on the OpenTuition website Free ACCA resources by Paper (free course notes / lectures / revision lectures / tests / …show more content…
Without the frame of reference provided by suitable criteria, any conclusion is open to individual interpretation and misunderstanding. Examples: • Financial Statements: IFRS • Internal Control: an internal control framework. • Compliance: the applicable law, regulation or contract. They must be available to intended users 9 For latest course notes, free audio & video lectures, support and forums please visit Click Suitable to edit criteria Master title style Suitable criteria exhibit the following characteristics: • Relevance: contribute to conclusions that assist decision-making by the intended users. • Completeness: include all relevant factors that could affect the conclusions. • Reliability: allow reasonably consistent evaluation of the subject matter. • Neutrality: so that conclusions that are free from bias. • Understandability: to allow conclusions that are clear, comprehensive, and not subject to significantly different interpretations. 10 Click to edit Master title style Evidence • Professional scepticism • Sufficient, appropriate evidence Sufficiency = quantity of evidence. Appropriateness = quality of evidence (relevance and its reliability) 11 Click to editreport Assurance Master title style A written report containing a conclusion. Positive form (reasonable assurance engagement): “In our opinion internal control is effective, in all material
are costs that have already been incurred and cannot be changed by any decision made
I have selected Apple as the company that I will be following financially for the duration of Accounting 561. Not only am I a passionate Apple user, I also believe in how the company develops, creates, and markets their product lines for consumer use. They have created products that are so complex at their core with an extremely simple user experience, which has been nothing short of remarkable to watch from the time I was a child through adulthood. I look forward to studying the company and their financials further as we dive deeper into Accounting 561.
| One guideline for working with forms is to display ____ fields in a distinctive way, and prevent users from changing and updating them. c.
ACA Medicaid Managed Care Rebates and the 340B Exemption - Wellpartner. (n.d.). Retrieved from http://www.wellpartner.com/aca-medicaid-manage
1. A company’s ending accounts receivable balance and the period’s advertising expense would be found on which financial statements, respectively
Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.
This is the first of three milestone assignments that will lead to completion of your course project. In this assignment, you will complete Critical Element III: GAAP
Before a participation process can be designed and implemented, one must determine if there is a problem to begin with. I would argue the need for judgment links to tyranny. The person setting the table for a potential process has control over how the problem is framed and if there is a problem to begin with. Perhaps the public needs to be involved in even the planning process of ‘the process’ itself? Could this look like a group of stakeholders? If the goal is to create a horizontal, people controlled system of decision-making?
Discuss filing requirement? - Filing requirements are specified by law for each type of taxpayer. In addition, all corporation must file a tax return annually regardless of their taxable income. Therefore, estates and trusts are required to file annual income tax returns if their gross income exceeds $600. In the filing requirements for individual taxpayers are a little more complex as they depend on the taxpayer’s filing status, age and gross income. The gross income thresholds are calculated as the sum of the standard deduction, additional deduction for taxpayers age 65 or older and personal exemptions that should be applied to each respective filing status. In addition, the amounts are indexed each year for inflation. Thus, when a taxpayer is due a refund which happened to occur only when
1) Complete summary of the case study that identifies the key problems and issues, provides background information, relevant facts, the solution employed, and the results achieved.
B ) A theory is an integrated explanation of numerous hypotheses, each supported by a large body of observations and experiments.
permission. Reproduction of this material is not covered under authorization by any reproduction rights organization. To order copies
Auditors should plan the audit so that the engagement is conducted in an effective manner.
COPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED.