Dick Smith collapse raises more questions for accounting profession

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Herbchronology Dating methods in archaeology[ edit ] Same as geologists or paleontologists , archaeologists are also brought to determine the age of ancient materials, but in their case, the areas of their studies are restricted to the history of both ancient and recent humans. Thus, to be considered as archaeological, the remains, objects or artifacts to be dated must be related to human activity. It is commonly assumed that if the remains or elements to be dated are older than the human species, the disciplines which study them are sciences such geology or paleontology, among some others.

Nevertheless, the range of time within archaeological dating can be enormous compared to the average lifespan of a singular human being.

Dual dating of an audit report extends the auditors’ liability for disclosure through the later date for all areas of the financial statements False If management fails to list an unasserted claim in the letter of inquiry to a lawyer, the lawyer is NOT required to inform the auditors of the omission.

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Definition of dual date: Applied in the auditing process when an auditor discovers a financial event that occurred after the initial report date and does not want to take responsibility for .

Herbchronology Dating methods in archaeology[ edit ] Same as geologists or paleontologists , archaeologists are also brought to determine the age of ancient materials, but in their case the areas of their studies are restricted to the history of both ancient and recent humans. Thus, to be considered as archaeological, the remains, objects or artifacts to be dated must be related to human activity. It is commonly assumed that if the remains or elements to be dated are older than the human species, the disciplines which study them are sciences such geology or paleontology, among some others.

Nevertheless, the range of time within archaeological dating can be enormous compared to the average lifespan of a singular human being. As an example Pinnacle Point ‘s caves, in the southern coast of South Africa , provided evidence that marine resources shellfish have been regularly exploited by humans as of , years ago. It was the case of an 18th-century sloop whose excavation was led in South Carolina United States in Dating material drawn from the archaeological record can be made by a direct study of an artifact , or may be deduced by association with materials found in the context the item is drawn from or inferred by its point of discovery in the sequence relative to datable contexts.

Dating is carried out mainly post excavation , but to support good practice, some preliminary dating work called ” spot dating ” is usually run in tandem with excavation. Dating is very important in archaeology for constructing models of the past, as it relies on the integrity of dateable objects and samples. Many disciplines of archaeological science are concerned with dating evidence, but in practice several different dating techniques must be applied in some circumstances, thus dating evidence for much of an archaeological sequence recorded during excavation requires matching information from known absolute or some associated steps, with a careful study of stratigraphic relationships.

In addition, because of its particular relation with past human presence or past human activity, archaeology uses almost all the dating methods that it shares with the other sciences, but with some particular variations, like the following:

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The national flag, adopted in , consists of a blue-black triangle placed vertical to the hoist and bordered in gold-yellow. Bands of red, white, green, white, and blue appear horizontally. Two anthems are currently in use: The South African rand r is a paper currency of cents. It is used throughout the South African monetary area. There are coins of 1, 2, 5, 10, 20, and 50 cents and 1 rand, and notes of 2, 5, 10, 20, and 50 rand.

Dual dating in the Audit Report Dual dating refers to dating the audit report as of the end of field work along with an ad-ditional later date attached to disclosure of a significant Type II subsequent event%(4).

IAS 10 — Reissue of financial statements Date recorded: The Committee was asked to clarify whether IAS 10 permits only one date of authorisation for issue when considered in the context of reissuing previously issued financial statements in connection with an offering document. The staff proceeded to provide background information and analysis on the issue raised in the submission and made a recommendation that the Committee should propose an amendment to IAS The staff focused on the securities laws and regulatory practices in certain jurisdictions, which require an entity to reissue its previously issued audited annual financial statements in connection with an offering document when the most recently filed interim financial statements reflect matters that are accounted for retrospectively under the applicable accounting standards.

For example, an entity that issues IFRS financial statements will reissue its previously issued annual financial statements if it, for example, is issuing an offering document in North America markets. In these jurisdictions an entity in its reissued financial statements does not recognise events or transactions occurring between the date on which the financial statements were first issued and the time the financial statements were reissued, unless the adjustment is required by national regulation.

The issue that exists is whether IAS 10 permits only one date of authorisation for issue i. The staff noted that two views exist in practice; namely that dual dating is not permitted under IAS 10 and dual dating is permitted under IAS In presenting their recommendation to the Committee, the staff took into consideration the scope of IAS 10 and that implicit in IAS 10 is that the financial statements can have only one date of authorisation for issue.

The staff considered if a new set of financial statements supersedes the previously issued set of financial statements, the investors will want to know about any adjusting and non-adjusting events occurring up to the new date of authorisation for issue. The staff concluded that the Committee should propose an amendment to IAS 10 in order to clarify that if an entity reissues a new set of financial statements that supersedes the previously issued set, then this entity should in the new set of financial statements account for any adjusting events and disclose any non-adjusting events that have occurred between the previous date that the financials were authorised for issue and the new date the financial statements were authorised for issue.

The Committee in their discussions noted the key driver of this amendment was the securities regulators. Several Committee members reiterated the point that IAS 10 is inextricably linked to the concept of accounting for any adjusting events and disclose any non-adjusting events. In the interests of time, the Chair summarised the key arguments tabled.

Chronological dating

These legal loopholes allow major tech corporations to move money around on paper through a series of shell corporations in Ireland, Bermuda, and the Netherlands. When everyone is worried about that kind of competition, it strikes me as very unlikely that US tech firms will be able to preserve their extraordinarily low effective tax rates. How beneficial are they?

1 08 – provides only an example of a relevant accounting standard, and is not. period from the date of the financial statements to the date of the. finalizing ISA , the IAASB clarified the material dealing with dual dating by.

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Why Go to a Dual Diagnosis Rehab Posted on by phineasgray Dual diagnosis patients are people who have co-occurring disorders of mental illness and addiction to drugs. Dual diagnosis patients have to go through an intensive treatment process and the treatment is not easy since each problem tends to worsen the other. These are the people who need to go to a dual diagnosis rehab where the problems can be identified and well handled. To make matters worse, with dual diagnosis, the symptoms for drug addiction and those of mental treatment tend to be similar and this often makes it hard for doctors to identify and treat the two conditions separately.

Dating of the Independent Auditor’s Report However, if an event of the type requiring disclosure only (as discussed in section and) occurs between the date of the independent auditor’s original report and the date of the reissuance of such report, and if the event.

Independence of Auditors and Related Proxy Disclosures On November 15, , the Commission voted to adopt new rules that modernize the requirements for auditor independence primarily in three areas: The new rules also require certain disclosures in annual proxy statements about fees paid for services provided by a company’s independent accountant. The new rules reflect the Commission’s consideration of comments received on the rules it proposed on June 30, Securities Act Release No.

On January 16, , the staff published at www. Significant features of the new rules The rules significantly reduce the number of audit firm employees and their family members whose investments in, or employment with, audit clients would impair an auditor’s independence. They also identify certain non-audit services that, if provided to an audit client, would impair an auditor’s independence. The rules do not extend to services provided to non-audit clients.

A limited exception is provided to an accounting firm for inadvertent independence violations if the firm has quality controls in place and the violation is corrected promptly. Companies must disclose in their annual proxy statements certain information about non-audit services provided by their auditors during the last fiscal year. Four Principles A preliminary note to the new rules articulates four principles by which to measure an auditor’s independence.

An accountant is not independent when the accountant: Financial Relationships Compared to the previous rules, the newly adopted rules narrow significantly the circle of people whose investments trigger independence concerns.

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International Accounting Manual (IFRS Standards With Deloitte Guidance) International Accounting Standards IAS 10 — Events after the Reporting Period.

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Gathering of information About External Transactions from Source Documents This information relates to the external transactions that involve an exchange transaction with an outside entity. Sales invoices, bills from suppliers, cash register tapes etc. Analysis of the Transactions This involves reviewing source documents to determine the dual effect on the accounting equation, that is, determine which accounts to debit and credit.

Are you looking for easy accounting tutorial? Established since , hosts more than articles (still growing), and has helped millions accounting student, teacher, junior accountants and small business owners, worldwide.

Solved September 14, auditors? Cendant corporation assessing the control environment and evaluating risk of financial statement Solved November 03, Describe what additional procedures Pherson must perform if auditing the financial statements of a public company. Solved May 05, Patel, CPA, has completed the audit of the financial statements of Bellamy Corporation as of and for the year ended December 31, Patel also audited and reported on the Bellamy financial statements for the prior year.

Patel drafted the following report for Hi, Hope you are doing well!! I have completed the assignment and have prepared the report as per your requirement. I have tried my best to address all the issues stated in the audit Solved October 07, that are likely to require significant audit attention. Prepare a report for the audit senior, which addresses the 5 issues below. Executive Summary Fallow Enterprises financials statements suggest that the company could be doing quite well and has managed to generate a lot of income through consolation and sale of

Difference Between Accounting and Finance

One of the many issues that have been thrust to the fore is the status of American women married to Saudis and of the dual-national children of failed marriages. In a number of highly publicized instances, these children have been taken to or kept in Saudi Arabia by their Saudi fathers, against the will of their American mothers. Dan Burton R-Indiana , has played a prominent role in publicizing the issue.

The committee held hearings in June and October , taking testimony from mothers, experts, and U. Burton also led a delegation to Saudi Arabia in August to raise the matter directly with Saudi authorities. Recently he has exchanged barbed letters with Saudi ambassador Prince Bandar bin Sultan, accusing Saudi Arabia of “bad faith” in the dispute.

Audit Report Dating: Considering When Dual Dating is Appropriate In some instances, auditors raise questions related to whether it would be appropriate to dual date their reports or whether they should reissue their previously issued reports using new report dates.

Understanding and Analyzing Business Transactions An accounting system must record all business transactions to ensure complete and reliable information when the financial statements are prepared. What is a business transaction? A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity.

A business transaction has an effect on any of the accounting elements — assets, liabilities, capital, income, and expense. Transactions may be classified as exchange and non-exchange. Exchange transactions involve physical exchange such as purchasing, selling, collection of receivables, and payment of accounts. Non-exchange transactions are events that do not involve physical exchanges but where changes in monetary values are determinable, e. Bright, owner of Bright Productions, buys a car for personal use using his own money, it will not be reflected in the books of the company.

Because it does not have anything to do with the business. Now if the company purchases a delivery truck, then that would be a business transaction of the company. Does it have anything to do with the company?

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