Abstract:
With the ASA 701 auditing standard investors are provided with information about the auditors respond about the crucial auditing matters, their deep vision about the crucial auditing matters and their greater level of the transparency towards their responsibilities in auditing the financials of the company. Investors are now at the safe side and their decision becomes more rationale rather than instinct.
The report has also indicated the case study of the ABC Learning Centre and the reason of the failure of the company. The failure of the ABC Learning Centre was due to the three basic reasons. These are too many debts against too little cash flows, investment in the intangible assets and the inappropriate third party auditors.
Executive summary:
The report is made possible due to the help and support of my facilitators and teachers. They have advised and guided me how to do it well and how to accomplish the goal. Moreover, my friends have also advised me in how to incorporate the guidelines
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The company was supported with funds to provide free education to the children. However, government has modified their support system by directly providing funds to those children who need money for the education. At this time subsidies and grants were wrote off for the ABC Learning Centre. The new strategy was to acquire new centers and grow so that they can enlist themselves in Australian Stock Exchange. In 2001, ABC Learning Centre was enlisted in the ASX with their 30 centers in Australia, (Richardson, 2009). The need for the expansion took them in the markets of America, New Zealand and United Kingdom as well. The company was growing so fast that in 2005 it has acquired almost 660 childcare centers by signing mergers and acquisitions with different small childcares and day cares. In 2006, the ABC Learning Centre was the owner of 2238 centers around the
The report has to be presented professionally with cover sheet, table of contents and references.”
Curriculum is designed to develop successful learners. Confident and creative individuals and active and informed citizens (MCEECDYA, 2008, p.13). In 2008, the Australian Government promised to deliver a fair and equitable curriculum for the national’s educational system, taking the task away from the State and Local Governments. The purpose of this was to create an even level of education throughout the country whether in Hobart of Cape York, and to ensure our nations position into the 21st century. This essay will demonstrate the Nation’s curriculum, its structure and development ready for its initial implementation in 2011.
When auditing a publicly held company, auditors need to observe principles. The ethical principles of the American Institute of Certified Public Accountants (AICPA) Code of
Explain the purpose of this report by formulating a clear, concise statement of purpose. Consult pages 279 and 280 in your textbook to decide what you must tell your readers in order for them to act on your recommendation(s). This statement should answer the following questions: What? To whom? Why? (2 marks)
According to an article in the CPA Journal, the accounting profession has long contended that an audit conducted in accordance with generally accepted auditing standards (GAAS) provides reasonable assurance that there are no material misstatements contained within financial statements. Suggest at least two (2) alternative methods that auditors can use to provide a more concrete level of assurance to investors. Provide support for your responses with examples of such methods in use.
Your report should be approximately 1000 words and that includes graphics as tables and charts to illustrate the information collected and analyses. Your report must be written in clear and concise English so as to be readable by diverse groups.
C2 Education (C2), the nation’s premier network of subject tutoring, SAT ®, ACT®, PSAT® test prep and education support centers, hosts multiple events in Southern California to help students and parents get ready for a new school year.
CAS 300 requires auditors to their audit using a risk based model where the nature, timing and extent of audit procedures are based on the assessed risk of material misstatement. Pickett (2006) argues that for audits to be effective and efficient, much of the audit effort should be focused on areas that are considered to pose the highest audit risk. Additional audit procedures should be linked to individual audit assertions whereas other audit procedures need to be performed as and when needed. Thus, for an audit plan to be put in place, it is necessary for an auditor to come up with a risk profile of the client comprising an understanding of the business operating by the audit client, assess business risk and also perform its preliminary analytical review.
St. Augustine, Florida – May 10, 2020 – During the ABC School Board meeting on May 10, 2020, the board appointed Dr. Jamie Walker-Davidson as the new superintendent of schools. She will be stepping up to replace Dr. David Romano, who will be retiring after 20 years serving the ABC school district. Board President Matthew Barnes stated, “We are excited that we were able to fill this position with such a competent and valuable candidate.” Dr. Walker-Davidson officially takes office on July 1, 2020, however she has already begun working with Dr. David Romano, the staff, and school board for a seamless transition.
For this assignment, I was assigned to investigate the goodwill and intangible assets of Telstra Corporation Limited in their 2016 annual report. I managed this by researching on ASA 701 Key Audit Matters, KAM, in order to understand the concept of the accounting standard in terms of when, how and why it is communicated and the purpose of KAM in relation to enhancing audit quality before working on the assignment. For the assignment, I had to describe goodwill and intangible assets which are tied to the key audit matter disclosed by Ernst & Young. Afterwards, I have to address whether the management judgements of Telstra are aligned to KAM and if new information were provided in KAM that may raise concerns that is not disclosed or tested by
XYZ Charter academy’s mission is to see that no child is left behind and has the same opportunity no matter income bracket(Dr.Harris,2017). XYZ Charter Academy is seeking a technology grant to provide early childhood students with access to their own students at school. This will increase student engagement and teacher student connection. An overview is that student academic performance will increase using technology. There are always two sides to every story. There is some good of using technology in the classroom as well as negative reasons. Our organization has looked into all the objectives and realizes that the students may not always do what they are supposed to do with accessing other websites.
The act is an exhaustive piece of legislation that contains eleven major section and some of the most important titles outline requirements on auditor independence, analyst conflict of interests, corporate responsibility, enhanced financial disclosures, internal controls assessment, and corporate fraud accountability (Bainbridge, 2007). One of the main benefits of the legislation is to establish auditor independence requirements and rules for the prevention of conflicts of interest in particular by prohibiting auditing firms from offering other services. Prior to Sarbanes–Oxley, the auditing professionals were self-regulated and the decisions that controlled the industry, such as violation of ethical standards, were made largely by auditors themselves (Verschoor, 2012). In order to prevent conflict of interests, the Sarbanes–Oxley Act grants the PCAOB authority to oversee and regulate auditing firms, conduct investigations, and impose disciplinary sanctions against accounting firms (McDonough, 2004). Another provision of the Act is requiring senior executives to be personally accountable and responsible for the financial information reports by certifying that the information is correct.(Welch, 2006). A byproduct of the law implementation is a significant quality improvement on accounting practices;
An important decision for any shareholder is deciding whether or not to do business with that company. When a business is audited, the operations are reviewed to make sure that nothing is being hidden. An auditor will review the company’s financial statement and practices to confirm that each are direct and correct. The financial statements are the business’s way of representing them and showing that they are following the Generally Accepted Accounting Principles. The audit process is an important one because it provides a platform for the auditor’s opinion concerning the financial statements of the company. As part of the audit process the auditor will conduct an audit plan that outlines a number of actions that he or she will be perform while also detailing the reason for those actions. With every audit, the business’s management is in charge of handing over the financial statements that the auditor will review; while the auditor will review the statements for any material or immaterial misstatements.
ABC Learning Ltd was an Australian provider of early child hood education services, founded in Queensland in 1988, that through its 18 centres was the largest single operator of early childhood education services in Australia by 1997. Led by founder Eddy Groves, ABC Learning Ltd continued to grow, through the opening of new centres and the acquisitions of rivals i.e. peppercorn Childcare in 2004 in which 450 centres were purchased for $340 million. “By 2008, ABC Learning was the largest provider of childcare, holding around 20 per cent of the long day care market and providing care to over 100 000 children” (Senate education, employment workplace relations committee, 2009).
Note: The report should be around or less than 15,000 words and no more than 70 pages, but not less than 10,000 words. The guide line is Arial font 10, and 1.5 space