boy n girl (136) 썸네일형 리스트형 (BEC) Financial Management 2 Capital Structure Debt covenants Negative covenants specify actions the borrower cannot take Positive covenants specify what the borrower must do Major covenants must be disclosed in the footnotes to the firm’s financial statements Security provisions Mortgage bond secured with the pledge of specific property Collateral trust bond secured by financial assets Debenture not secured, can only be is.. (AUD) Engagement Planning Engagement Planning Assurance service: independent professional services that improve the quality of information, or its context for decision makers. Attestation engagement: independence is required. 1. Examination (Audit): positive opinion, reasonable assurance 2. Review: limited/negative assurance, not aware of any material modification 3. Agreed-Upon Procedures: procedures performed and summa.. (AUD) Financial Statements Audit – GAAS(AU150) Financial Statements Audit – GAAS(AU150) GAAS provide a measure of audit quality and the objectives to be achieved in an audit. - Materiality and Audit Risk underlies the application of GAAS. 1. General Standard: - Training and Proficiency - Independence - Due Professional Care (attitude of Professional Skepticism) 2. Fieldwork Standard: - Planning and Supervision - Understanding of Internal Con.. (AUD) Quality Control Quality Control CPA firm shall have a system of quality control for its services This system should provide a CPA firm with reasonable assurance of meeting its responsibility to provide professional services that conform with professional standards. 1. Elements 1) Independence, Integrity, and Objectivity 2) Personnel management 3) Acceptance and continuance of clients and engagements - The prima.. (AUD) Before Accepting Engagement Activities Before Accepting Engagement Activities Successor auditor should inquire with predecessor auditor about (AU315): Cf) Client permission is needed 1. Management integrity 2. Disagreements with management over accounting principles & auditing procedures 3. Predecessor’s understanding as to reason for the change of auditor 4. Communication to audit committee Assess the auditability of the client: 1. .. (AUD) F/S Audit Planning F/S Audit Planning Obtain understanding of client’s industry and business: 1. Review prior year audit documentation and permanent files 2. Read the current year’s interim financial statements 3. Read Minutes of meeting of stockholders and its board of directors (consider the existence of related party transaction) 4. Understand methods used to process accounting information because such methods .. (AUD) Errors, Fraud & Illegal Acts Errors, Fraud & Illegal Acts Auditor should design the audit to provide reasonable assurance of detecting misstatement due to errors, fraud and direct effect of illegal acts that are material to the financial statements Errors: Unintentional misstatement or omissions in the financial statements Fraud: Intentional misstatements of accounting records - the auditor’s interest relating to fraud is m.. (AUD) Internal Control Internal Control Policies and procedures established by management to provide reasonable assurance that specific entity objectives will be achieved 1. Reliability of financial reporting 2. Effectiveness and efficiency of operations 3. Compliance with applicable laws and regulations Establishing and maintaining effective internal control is the responsibility of management Foreign Corrupt Practic.. 이전 1 2 3 4 5 6 ··· 17 다음