There were several main red flags that were ignored or handled leniently by E&Y auditors in the audit of Health South. The most important were materiality in ledgers of fixed assets that were adjusted by including false entries and fictitious assets that did not appear in real. Another red flag related to the reality was noticed and ignored by the auditors that company’s officials were interested in increasing the share price of HealthSouth in the stock market anyhow. There should have been awareness of the fact that was avoided by auditors was an unusual increase in the net ...
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A-Level Research Paper On Full Disclosure In Financial Reporting-Verizon Communications For Free Use
Publicly traded companies such as Verizon Communications are required to prepare and file fully audited financial reports according that adhere to U.S. generally accepted principles (GAAP) and International Financial Reporting Standards (IFRS) guidelines. The importance of preparing financial reports is to assist users with information regarding a company’s financial performance to make decisions. Financial reporting analysis helps to determine whether financial reports have any material misstatement or omissions that would influence a potential investor’s decision. An analysis of Verizon Communications’ 2015 annual report will highlight whether the company is complying with accounting policies to ensure information provided ...
Question one
The coca cola Enterprise was incorporated in Delaware 2010. Additionally, it is a publicly traded firm that is listed in New York Stock Exchange. It is a marketer, distributor, and producer of the nonalcoholic drinks of Coca-Cola Company via a licensed territory agreements in Belgium, great Britain, Monaco, and Sweden (2015 Annual Report:23). The coca cola Enterprise Inc. acts as the anchor bottler in West Europe, and North America. The products of Coca-Cola Enterprise Inc. are Diet Coke, Sprite, Fanta, and Coca-Cola among others. Its primary strategy is to be the bottling partner in Western Europe as well as ...
Abstract 3
Auditors’ Responsibilities and Potential Liabilities 4 Types of Audit Reports and Underlying Reasons for Their Issuance 5 Unqualified Opinion 6 Qualified Opinion Report 7 Adverse Opinion Report 7 Disclaimer of Opinion Report 8
References 9
Abstract This research paper is dedicated to make an important discussion about the different types of reports issued by an external auditor to form an opinion or judgment about the reliability and accuracy of the financial records and statements of the audit client. Generally, auditors issue four types of auditor reports depending on specific situations. Also, different responsibilities of an external auditor are also highlighted while ...
The role of the auditor including legal and professional requirements, its importance, benefits and limitations
The Role of an Auditor An auditor is a professional who has an authority to independently examine, verify and confirm the accuracy as well as fairness of financial records of a business entity. The role of auditors can be classified as internal and external auditing activity. Internal auditors are those accounting experts who examine the accuracy and reliability of financial statements of their own employer. In contrast, external auditors are independent auditing/accounting entities who pass their professional judgment and form an opinion concerning the fairness of financial statements . Under the Companies Act, the role of an auditor is to ...