Essay Audit Engagement - 993 Words

Subject: Assessment of Exton Industries, Inc. Dear Ms. Johnson: nbsp;nbsp;nbsp;nbsp;nbsp;I have recently reviewed the Control Environment Questionnaire for Exton Industries, Inc. After evaluating the evidence collected by our staff member, I have come up with an assessment of the fraud risks. From the evidence gathered, I have concluded that Exton Industries has a weak control environment. Overall, it will not do an effective job of preventing fraudulent activities. nbsp;nbsp;nbsp;nbsp;nbsp;While evaluating Exton Industries, I had to consider how the control environment would prevent misstatements arising from misappropriation of assets and fraudulent financial reporting. nbsp;nbsp;nbsp;nbsp;nbsp;The controller,†¦show more content†¦The audit committee privately discusses relevant issues with external auditors and conducts annual reviews of audit functions and activities. However, there were three issues that could lead to misstatements arising from fraudulent financial reporting or misappropriation of assets. The first issue is the fact that the board is supposed to address management’s adherence to the code of conduct and it was noted that a code exists but the board does not take specific actions related to adherence. The second and third issues are that the board is supposed to issue directives to management detailing specific actions to be taken and oversee and follow up as needed. It was noted that neither one of these practices were observed. From the evidence gathered, it seems as though Exton Industries’ control environments for their organizational structure, integrity and ethical values and management’s philosophy and operating style are weak and may not prevent fraudulent activities. The new management team encourages managers to cut through red tape whenever possible, employees stated that in prior years communications channels were observed whereas now, they are more formal and less candid and the new management team has not completed their planned assessment of the organizationalShow MoreRelatedAudit Engagement Checklist11116 Words   |  45 PagesPrint Form 00-1 2009 General Audit Engagement Checklist 20,401 Section 20,400 General Audit Engagement Checklist Checklist for Review of Audit Engagements Contents Section I. The Auditor’s Report With Regard to the Auditor’s Report............................................................................................... II. General Audit Procedures With Regard to Client Acceptance .................................................................................................. With RegardRead MoreExample Audit Engagement2570 Words   |  11 PagesEXAMPLE AUDIT ENGAGEMENT LETTER This example engagement letter is intended solely for general educational purposes. It is not intended for the purpose of providing specific legal, accounting, or other professional advice to any particular recipient or with respect to any particular jurisdiction. The author, publisher, and distributor of this document (1) make no representations, warranties, or guarantees as to its technical accuracy or compliance with any law ( federal, state, or local) or professionalRead MoreWhat Is Data Analytics The Future Of Audit Engagements1629 Words   |  7 PagesData Analytics the future of Audit Engagements Data analytics, according to the International Auditing and Assurance Standards Board (IAASB), is defined as â€Å"the science and art of discovering and analyzing patterns, deviations and inconsistencies, and extracting other useful information in the data underlying or related to the subject matter of an audit through analysis, modelling and visualization for the purpose of planning and performing the audit† (Alawadhi et al., 2015). Under this definitionRead MoreAudit Engagment Letter1595 Words   |  7 Pages Running head: Beginning the Audit Report Beginning the Audit Report Gina Taylor Auditing ACC/546 Selina Ashworth August 20, 2012 AUDIT ENGAGEMENT LETTER August 20, 2012 Larry Lancaster Apollo Shoes 10253 W. Higgins Rd. Ste 600 Rosemont, IL 60018 Dear Mr. Lancaster: This letter is to confirm our understanding of the terms and objectives of our engagement and the nature and limitations of the services we will provide. Services We will audit the financial statements of Apollo Shoes as ofRead MoreFinancial Statements Of Business Enterprises865 Words   |  4 Pagesconditions to recognize revenues was met. The principal objectives that auditors hope to accomplish by preparing audit workpapers are identified and explained under PCAOB Auditing Standard 1215, â€Å"Audit Documentation† (PCAOB, 2016) and AU-C Section 230 â€Å"Audit Documentation† of the AICPA (AICPA, 2015). AS 1215 â€Å"Audit Documentation† (AS No. 3 reorganized) Paragraph .02 of AS 1215 defines audit documentation, also referred to as work papers or working papers, as the written record of the basis for theRead MoreAudit Report Apollo Shoes Essay example1061 Words   |  5 Pages The firm of Anderson, Olds, and Watershed is pleased to receive your notification to proceed with the audit and look forward to working with you. From the Audit Committee meeting minutes, we understand that Apollo Shoes requires help with the yearly audit because the former CPA firm withdrew unexpectedly (University of Phoenix, n.d.). Anderson, Olds, and Watershed will conduct the audit and â€Å"prepare the state franchise tax returns as well as the federal tax returns† (University of Phoenix, nRead MoreFoamex International Inc. Essay1331 Words   |  6 Pagesto review and approve journal entries. d. Information and Communication. Management must communicate its policies effectively, as well as receive upward information through the process. Foamex’s response to PricewaterhouseCoopers’, (PwC) first audit report reflected the lack of communication between the company and its subsidiaries, which led PwC to resign, because management failed to respond to the multiple notices of their internal control problems. Deloitte Touche (2002-2003) became theRead MoreFinancial Statements And On Design Internal Control Systems895 Words   |  4 Pagesprovides opinions on the reliability of the report and the effectiveness of the internal control. The external auditors determine if the financial statements are done correctly or not and in accordance to GAAP. If yes, the auditor issues an unqualified audit report that states that the company properly completed the financial statement. If the auditor believes that it was not done properly they issue an adverse report that stat es that the financial statement was not presented properly. The auditor communicatesRead MoreThe New Accounting Staff Audit Practice Alert No Essay903 Words   |  4 PagesFuture directions and conclusions (CRYSTAL) The effective date of the new accounting Staff Audit Practice Alert No. 12 standard for public companies reporting under U.S. generally accepted accounting principles (U.S. GAAP) is annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The effective date of the new accounting standard for companies reporting under International Financial Reporting StandardsRead More10 key ratio1411 Words   |  6 Pagesand contrast global approaches to limiting accountants liability throug the use of engagement letter. rule 101 interpret thta indemnification agreements remove a major stimulus to objective and unbiased consideration of problem encountered in an egagement. regulator wants to retain the right to pursue recovery of losses against auditors of failed institutions safety and soundness. AICPA members providing audit or other attestation services for banking, insurance, and other regulated industries

Childhood Obesity Is A Medical Condition - 1109 Words

Childhood obesity is a medical condition that is found in children, teenagers and middle aged people. Everyone has a unique body shape and structure that is engineered right for them but sometimes the body will store more body fat than required. If an individual stores more fat than an average person is supposed to, then they can be categorized as obese. Childhood obesity can be identified seeing if the weight of a child is well above that of an average for a child s height and age. For an overweight child, it is very essential that you let him or her to know that you will be understanding. Children s thoughts about themselves mostly depend on their parents feelings about them, and if you talk to him about his thoughts and problems, it might be easier for them to work on cutting down weight either by controlling food intake or by increasing and improving effective physical exercises. Most of obesity problems in childhood are caused due to children eating too much and not doing enough physical workouts. Weight gain happens when the energy intake is more than energy the energy that has been burned off by exercising. Children at risk of becoming overweight or obese include children who: consume food and drinks that are high in sugar, fat, calories or even carbohydrates on a daily basis such as fast food, candy, baked goods, and pop and other sugar-sweetened beverages. Those children who are not physically active each day, such as those who watch a lot of TVShow MoreRelatedChildhood Obesity Is A Medical Condition2494 Words   |  10 PagesChildhood obesity is a medical condition in which affects children of all ages sometimes even into their adulthood. This condition occurs when a child is very well above the normal weight set for his or her age and height. One of the biggest troubles in the world is childhood obesity because the extra weight a child carries around leads them down a path of a number of health issues that were once confined only to adults such as diabetes, high cholesterol, and high blood pressure. It may also leadRead MoreChildhood Obesity : Becoming A Medical Condition863 Words   |  4 Pages Childhood Obesity Childhood Obesity is a well known issue in the United States. To some individuals childhood obesity is considered to be a medical condition while others may argue that is not. Childhood obesity is the condition where excessive body fat negatively affects a child s wellbeing or health. Being obese is different from being overweight, although both mean that a person’s weight is greaterRead MoreChildhood Obesity : A Serious Medical Condition Plaguing Youth1765 Words   |  8 PagesAustin Brown Dr. Rodney Beaulieu Human Development 101 11 December 2015 Childhood Obesity Childhood obesity is currently a serious medical condition plaguing youth and adolescents all around the world, especially in developed nations. Childhood obesity occurs when ones weight or body fat exceeds what is normal for ones height and age. Children who are overweight are often troubled with poor self-esteem and depression. Overweight children are subjected to health issues such as diabetes, high bloodRead MoreChildhood Obesity : A Serious Medical Condition That Affects Children And Adolescents Essay1116 Words   |  5 PagesMy enquiry question will identify the leading causes of childhood obesity in New Zealand. Childhood obesity is a serious medical condition that affects children and adolescents (Mayo Clinic, 2014). It occurs when a child is well above the normal weight for his or her age and height (Mayo Clinic, 2014). This enquiry question will mainly focus on children who are obese in New Zealand. Through survey, The 2012/13 New Zealand Health Survey found that 1 in 9 c hildren aged 2–14 years were obese (11%),Read MoreChildhood Obesity : A Serious Medical Condition That Affects Children And Adolescents991 Words   |  4 Pagescurrent adolescent obesity rates continue, predictions say by 2035 there will be more than 100,000 additional cases of heart disease linked to obesity (Collins 1). Childhood obesity has become more of an epidemic over the last few years. Although there are debates of childhood obesity being a problem, several factors contribute to childhood obesity such as parental feeding styles and fast food, nonetheless, which can all be prevented. Childhood obesity is a serious medical condition that affects childrenRead MoreChildhood Obesity : A Serious Medical Condition That Affects Children And Adolescents Essay1736 Words   |  7 Pagesatrocious disease like cancer nor is it learning or behavioral problems—it is obesity! The Mayo Clinic, a nonprofit organization committed to clinical practice, health education and research, defines child hood obesity as â€Å"a serious medical condition that affects children and adolescents, that occurs when a child is well above the normal weight for his or her age and height† (Mayo). The Mayo Clinic goes on to say that childhood obesity is particularly troubling because it starts kids off on an early pathRead MoreChildhood Obesity : A Serious Medical Condition That Affects Children And Adolescents878 Words   |  4 Pages Research Paper on Childhood Obesity Childhood obesity is a serious medical condition that affects children and adolescents. It occurs when a child is overweight and well over the normal weight for his or her age and height. Child obesity is an important issue because the extra weight can lead children down the wrong path to health problems, such as high blood pressure, high cholesterol, and diabetes to name a few. Childhood obesity can cause children to become depressed and have poor self-esteemRead MoreIs Fast Food Really The Main Reason For Childhood Obesity?907 Words   |  4 PagesIs fast food really the main reason for the rise in childhood obesity? No, it is not their fault. In fact, I believe the main reason for childhood obesity is the parents. Most parents care about their kids but yet they allow them to eat unhealthy food, watch television for long periods of time, and reward them with food. Although, the cause of childhood obesity is debated. Two of the main causes is food choices and advertisements. Exercise is critical, it is an important part in keeping your bodyRead MoreEffects Of Obesity On Children Health1139 Words   |  5 PagesEffects of Obesity on Children Health Obesity is a serious medical and psychological condition that affects children, adult, and elderly people. According to WHO, People who are above the normal weight for their age and height are called obese. Childhood obesity has been problem in developed as well as in developing countries. As Cause, it is accepted that increase in obesity results from an imbalance between abnormal intake of unhealthy food and drink and also unable to burn calorie. There is increasingRead MoreA Child s Silent Killer1266 Words   |  6 Pagesthreatening condition is sweeping over the U.S. today. This ailment can cause numerous types of cancer and is drastically increasing in incidence. The individuals affected are our children and adolescents. No this â€Å"disease† is not untreatable, it is not contagious and there is no chemo involved yet it continues to grow. Why? When asked to present a problem and a solution, what bigger a problem and easier a solution than the underrated concern of childh ood obesity in the United States. Childhood obesity

Opportunity Cost In Tourism Industry Samples †MyAssignmenthelp.com

Question: Discuss about the Opportunity Cost In Tourism Industry. Answer: Opportunity cost in Tourism Industry Opportunity cost is the concept that can be used in thetourism management and this will be having positive impact on thetourism management as well. Opportunity cost has a positive impact on the tourism industry as it helps in understanding the opportunity that has been lost. It helps in providing a proper understanding about the reality while selecting different options as well. For instance In tourism industry, when a person enters as to travel to a particular destination, there are different options that are available to that person while selecting for a particular destination. When the person will choose a particular destination, then he/she will be losing the opportunity for other destinations and this will help in understanding the real scenario of the entire situation. While choosing a particular destination, it is the responsibility of the customer as well as the tours and travel manager to identify and understand the different issues that can occur while selecting a particular destination. This will help in understanding the different relative prices of other destinations the individuals want to travel. This will help in gaining proper competitive advantage and gain positive outcomes as well in the tourism industry. Example of positive outcomes of opportunity cost in tourism industry Opportunity cost is defined as the concept wherein in order to receive an opportunity for one particular destination, there will be a loss of opportunity of another destination (Mok, Sparks and Kadampully 2013). This is in relation to the tourism industry as well as management. There are different advantages as well as disadvantages of the tourism management. The advantages are it helps in providing awareness about the opportunity that has been lost by the customers who planned to travel to a specific destination. Secondly, it will help in understanding the different relative prices of the other alternatives that has been shortlisted by the customers in order to permanently select a destination to travel. Furthermore, there are different disadvantages of the tourismmanagement as well wherein this takes a lot of time in order to calculate as well as consider. With proper implementation of time that is required it will help in understanding the different options or the alternatives carefully, however there are situations when there is limited time available and then time becomes a huge constraint for the tourism management as well as for the customers as well (Waligo, Clarke and Hawkins 2013). For instance A customer went to a travel and Tourism Company named Adventure Tours situated in Melbourne, Australia. The respective individual wanted to travel to a particular destination with the family members in United States of America within a budget of $1, 00,000. The tourism manager helped him with different kinds of alternatives for different places in the world. The manager helped the customer by providing him the brochure for different places that covers within the budget that has been provided to him by the client. This helped the customer in getting a brief about the different places and he had ample scope to decide on the respective place he wants to travel. This is the case of opportunity that has been provided to him wherein he understood the different aspects of different places clearly from the manager of the respective tourism company. The customer has been provided with ample opportunities about different destinations and this helped him in selecting a destination based upon his budget. Furthermore, from the various options that has been provided to him, he had the opportunity to select a particular destination and reject others. In this scenario, the customer lost the opportunity of the other travel destinations in order to choose a particular destination. From this particular example, it can be analyzed that opportunity cost helps and have positive outcome in the tourism industry as well. The opportunity cost has positive outcome in the different industries in different ways, however there are different disadvantages in the opportunity costs aspects in tourism management as there will be time constraints at times when there are only few options available for the customers in the organization to select a particular destination as there are huge bookings going on for that specific destinations (Medlik 2016). Example of negative outcomes of opportunity cost in tourism industry There are negative impacts of opportunity costs on the entire tourism industry as well wherein there is lack of time and lack of accounting as well in this particular sector. For instance A particular customer went to Adventure Tours, Melbourne, Australia wherein he wanted several options for travelling to a particular destination in United States of America wherein he had a budget constraint and he can only spend around $90,000. The manager helped the customer with different destinations that are available in the rate that has been mentioned by the customer. However, the manager has clarified that there are only few tickets left and there is only some time left for the tickets to be sold out. The customer had no other option but to select a destination without getting proper consultation from his family members with whom he was planning to travel to United States of America. In this case, there is lack of availability of time in making a sound decision about the destination by the customer. There is lack of accounting as well in the tourism business management as well as that can prove negative for the entire tourism business in the future (Mahadevan 2014). Summarization of positive and negative impacts of opportunity costs on Tourism management Therefore, this can be learnt that opportunity costs can have both positive as well as negative impacts on the tourism management. Opportunity costs has a positive effect on the entire tourism management as there are different options available for the customers who are planning to travel to different destinations and they are availing various options for selecting a particular destination as well. On the other hand, there are negative impacts of tourism management as well wherein there will be constraint of time and lack of accountability that can have huge impact on the entire tourism management as well as the tourism sector. Therefore, opportunity costs are useful when the particular individuals or customers are planning to travel to a particular destination within a fixed budget and they have different options available for them as well. On the other hand, the time constraint can have a negative impact on the tourism management. References Mahadevan, R., 2014. Understanding senior self-drive tourism in Australia using a contingency behavior model.Journal of Travel Research,53(2), pp.252-259. Medlik, S. ed., 2016.Managing tourism. Elsevier. Mok, C., Sparks, B. and Kadampully, J., 2013.Service quality management in hospitality, tourism, and leisure. Routledge. Waligo, V.M., Clarke, J. and Hawkins, R., 2013. Implementing sustainable tourism: A multi-stakeholder involvement management framework.Tourism management,36, pp.342-353.

Three Shades of Green free essay sample

Charlotte National Golf Club is a place where I played golf, practiced golf, ate sausage biscuits, and worked long hours. Sunday mornings at Charlotte National always had the guarantee to be especially eventful. I will never forget the feeling of it being unbearably cold as my buttocks came in contact with the wet cart seat at the crack of dawn. For the past four years at six in the morning, I would find myself in the same routine every weekend. I would arrive at the course before dusk a pour myself a cup of coffee, then head outside to begin removing the old rusty lock from the golf cart fencing. After the carts had been staged and the sun had risen, I knew that I had excitement in store. The Sunday morning routine might have been constant, though intriguing surprises emerged constantly. Some may ask how a weekly routine could be considered to be interesting by any means and why I loved my job as much as I did. I feel in love with my Sunday morning rounding at Charlotte National Golf Club because of the people that I came in contact with and the relationships that were built. At Charlotte National ordinary events always seemed to translate into extraordinary experiences. When asked to identify ones childhood home, most people would have the instant response of stating their address of where their family resided throughout their childhood. This can be known as the universal definition of a home; however; this is not always the case. My philosophy on ones home can be illustrated by a quote by Robert Frost. Home is a place, where, when you have to go there, they have to take you in. For me, Charlotte National is simply this type of place I will forever be apart of. When pulling into the parking lot of Charlotte National, I probably get sighs from all of the members unloading their clubs from their vehicles. Chances are I even get a mutter or two that go something like, Oh, this guy again. Bu t they always know that Charlotte National is my home and we all are family; therefore; they must take me in. At around seven o clock every Sunday, for two-hundred and fifteen Sundays straight, the carts had been lined up neatly and it was time to enjoy the comfort of the ramshackle triple-wide trailer that we call our club house. I could always rely on my boss, whom I refer to as Slick Vick, to have a warm McDonalds sausage biscuit and a sweet tea on hand for me. My breakfast was enjoyed by sitting down and chatting with the gathering of old men that are known as Dales Group. We discussed everything from their war stories from back in the day to the golf shot they had just hit yesterday. Soon enough, the frost had departed from the fairways, and it was their time to hit the links and my time to get some work done. My main job on Sunday mornings at Charlotte National was to pick balls up on the driving range. I was fortunate that this task wasnt to be completed by hand, but rather with a primal caged cart that is looped around the driving range in a lawn-mowing motion. This wasnt the most r eliable vehicle at our facilities by any means. We literally named this range picker Rust-bucket Randy. Randy was our maintenance man who slapped his name tag sticker on the hood one day after changing a spark plug. Mrs. Pam was the woman who worked the concessions counter in the clubhouse. She usually arrived at the club around ten oclock every Sunday morning. To no surprise at all she would say, Grant, I have you a surprisebreakfast! I am not the type of person to be rude and tell her that I already ate, and I am definitely not the type of person that would ever turn down a warm sausage biscuit. My second biscuit of the day had always been eaten with the greens-mower, Ralph. Every regular customer at Charlotte National at golf course knows this man as Race-track Ralph. Ralphs uniform consisted of faded wrangler blue jeans, a Dale Jr. tee-shirt, and a Marlboro cigarette hanging from the right side of his mouth. By the looks of this guy anyone could presume that he was birthed in the in-field of Daytona Motor Speedway as a child biologically destined to raise hell. Ralph was definitely an interesting character; I can honestly admit that I have never looked so forward to a conversation as I did the weekly chat with this man. We would sometimes talk for hours on the day where I had no golfs to wash and no golf balls in the driving range to retrieve. Ralph would tell one story after another to drive me to the point that my voice would become coarse and my eyes would become dry from shedding tears.I was in need of Clear-eyes due to the fact that I had been nearly crying because of such excessive laughter. I regret that I am no longer able to work at Charlotte National. There will occasionally be a Sunday morning where my biological alarm clock will begin its c***-a-doodle-doos when the sun is still submerged beneath the tree line. Unlike the majority of the working class, I fall disappointed that I will no longer be going to work at six oclock on Sunday mornings. I have moved away from the Charlotte area; Slick Vick, Mrs. Pam, and Race-track Ralph are no longer just a short drive away. Charlotte National may be municipal golf course unfavorably characterized by many for the odoriferous scent of tobacco smoke and the Pabst Blue Ribbon wafting through the air. It may not be a typical country club, but I fell in love with the place not because of any structurally sound facilities or an immaculate landscape, but rather because of the people that I came in contact with and the relationships that were built.