Transcript: An audit is the independent examination of the financial report of an organisation Weaknesses Why ? 4 gold mines require a large audit team Flexibility Threats WANT TO AUDIT LARGER FIRMS Opportunities Career Progression Career development "Without BDO we couldn’t have fulfilled our legal obligations" Audit SWOT Analysis Has experience in medium and large firms - Won Auditor of the Year 2012 - Offers various services within audit - 2000 applicants for about 120 audit places each year Size of audit teams allocated to Randgold Resources - Teamwork - Communication Tim Fullwood, Financial Director, Law Debenture Audit Partner interview with Gary Hanson When examining the financial report, auditors must follow auditing standards which are set by a government body. - Mark Bristow, CEO of Randgold Resources - Two types of audit - Different objectives and responsibilities - BDO provides external auditing services Transferable skills "We appointed BDO as our auditor in late 2008. The firm quickly grasped the complexities of our diverse and international businesses. BDO's hands-on approach - with the support of its offices in NY, HK, Jersey and the Cayman Islands delivered a timely, effective and efficient audit." Strengths Network is large enough Investment into quality & expertise Market capitalisation does not correspond to audit complexity Significant global reach Audit at Internal/External Audit African-focused gold mining and exploration company Largest BDO audit client - FTSE 100 Specialised -> complex audits Change from PWC Important to “choose your firm carefully” Award-winning firm Everyday is different with new challenges February 2012 Only firm outside of the 'Big 4' to have a FTSE 100 client Currently pitching to high street names such as M&S New audit guidelines by CC Change Limitations FTSE 350 Diversity Daniel Marino, Jessica Boase, Amy Herbertson & Shamima Manzoor - Achievable entry requirements - Corporate culture - Networking opportunities Audit Partner interview with David Campbell Change "Audit is a great grounding for the learning and understanding of business" What is external audit? Repetition Variety Case Studies The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation
Transcript: Audit of e-learning skills Presented by Abdul Mazid my digital identity my digital identity introduction Welcome. A short presentation to identify and showcase my grasp of technology, implementation and realisation of what is available to me within the institute and industry. Lastly an evaluation of my areas for developement. my knowledgeof my knowledgeof i personally do not believe in catagorising people. According to Prensky 2001, people can be divided into two catagories- Digital Natives & Digital Immigrants. Which one am I? Inbetween I'd say. Or would I? what do i mean? what do i mean? im confused Technology in recent times has become the backbone to learning. Something "we" are so reliant upon, lessons would not be a success without. When i say we, do I mean the learner or the provider? Every time I go to school, I have to power down(Prensky 2001). A sentiment of one learner at a secondary school. It seems according to Prensky, learners fall into one catagory and providers another based on age. this would suggest there is a schism that needs to be bridged. legacy content vs future content Learning, can it really be divided into into these catagories? Does this concept work today? Isn't the use of technology to learn a natural part of learning or are we still bridging gaps? It‟s not actually clear to me which is harder – “learning new stuff” or- “learning new ways to do old stuff.” Prensky 2001 new forms of learning call for new classification Given the new ways we learn with technology at its heart. Writings also suggest, new theories have to be formulated and applied to help us justify our practices as teachers, Wheeler 2008. Some of these are- Heautagogy Paragogy Connectivism Rhizomatic learning in digital enviroments Postmodernistic perpective new forms of learning call for new classification what does any of this mean? why is it important? how does it tie into me? ideas have changed, times have changed, have we? ideas have changed, times have changed, have we? more recent writings suggest that these titles are obsolete. Tall blog 2012. The all new categorisation is Digital Residents and Digital Visitors. BUT WHAT DOES THAT MEAN? Conclusion It is not based on gender or age. identity based on needs. Where does that leave me? Digital resident have an online presence. are always linked in. regularly maintain their online persona. professionally, for study and for recreation. crucial aspect of how they present themselves Digital Visitor Uses the web as a tool in an organised manner. Whenever the need arises. Appropriate and focused need to use the web but don’t ‘reside’ there. EVOLUTION OF CONCEPT EVOLUTION OF CONCEPT Digital Natives, Digital Immigrants Evaluating digital services: a visitors and residents approach Not ‘Natives’ & ‘Immigrants’ but ‘Visitors’ & ‘Residents’ 2001 2012 2014 our focus for e learning our focus for e learning technology i use personally+in my taught subject technology i use personally+in my taught subject I find teaching ESOL to be an amazing experience. as the video suggests, asides from the comedy, some aspects of ESOL require a traditional approach i.e. writing practice, punctuation and speaking etc. But that doesnt mean to say i do not use technology. Uses- Smartboard(MULTIPLE USES) Powerpoint Short videos- Youtube Quizlet Kahoot Moodle/VLE Personally I am very confident in the use of technology Android based tech- whatsapp, facebook, gmail. IOS platform CAD Windows since Win95 Apple Vehicle diagnostics Wireless CCTV PC maintenance Web design Steve Wheeler,2008 Steve Wheeler,2008 Tech available in college and in the industry Tech available in college and in the industry what does the college offer? computer rooms theatres smartboards tv dvd online support VLE/Moodle IT support IT courses laptops online material tech support in the industry/broader sense- FELTAG est 2013 by Matthew Hancock group of BIS ministers offering practical reccomendations of practical and effective use of tech in learning for Further Education Its focus- Horizon Scanning Investment+capital inferstucture Regulation+funding Workforce capacity Employers Learners lets break it down- keep up with change Investing correctly and keeping up with tech regulation must not limit progress teachers need for continuous professional developement should be met work actively with employers to make apprenticeships better BYOD. push learners to use tech more, especially their own devices in the process The Feltag report 2014 has bought about massive change and awareness and the Government has responded positively to their suggestions showing many sectors taking on board this ideal of ensuring more effective use of technology. Feltag progress report 2015. evaluation of requried developement evaluation of requried developement When evaluating and reviewing ones self, its hard to be kind. This leads to some questions coming to mind- How can I become better? How do I upgrade? What can I upgrade to have a better more
Transcript: Increase maximum amount available from $10M to $20M Double repay period by extending the maturity date for another 3 years Reduce interest rate on amounts drawn from LIBOR+7.5% to LIBOR+3% Reduce commitment fee on undrawn balance from 2% to 0.5% Non-recognized subsequent event -- Evidence about conditions that did not exist at the date of the balance sheet Disclose to keep the financial statements from being misleading Shakespeare paid $10 million on March 10, 2011, to acquire competitor company Hamlet. On the basis of its initial assessment from the Company’s due diligence (that started shortly before the balance sheet date), management’s best estimate of the allocation of the $10 million purchase is as follows: $2 million of current assets $5 million of identifiable noncurrent assets $2 million of intangible assets $1 million of goodwill. The estimated purchase price allocation has not been finalized and is expected to be after the financial statements are issued. How, if at all, is the acquisition of Hamlet recognized or disclosed in the financial statements? Records the incurred but not yet reported (IBNR) costs as the estimate of medical benefits payable Third party estimates Historically accurate Continuously check for reasonableness Claims received within 2 months Estimate balance was $1.75M as of 12/31/10 Claims were $0.75M as of 3/18/11 855-10-25-3: An entity shall not recognize subsequent events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after the balance sheet date but before financial statements are issued or are available to be issued. Let's Look at GAAP 855-10-50-3: An entity also shall consider supplementing the historical financial statements with pro forma financial data. Occasionally, a non-recognized subsequent event may be so significant that disclosure can best be made by means of pro forma financial data. Such data shall give effect to the event as if it had occurred on the balance sheet date. In some situations, an entity also shall consider presenting pro forma statements, usually a balance sheet only, in columnar form on the face of the historical statements. 805-10-50-2: To meet the objective in the preceding paragraph, the acquirer shall disclose the following information for each business combination that occurs during the reporting period: a. The name and a description of the acquiree b. The acquisition date c. The percentage of voting equity interests acquired d. The primary reasons for the business combination and a description of how the acquirer obtained control of the acquiree Do not recognize Disclose terms and date of modifications under the subsequent event note No financial impact directly from modifications Note: Items (e) through (h) do not apply to Shakespeare's acquisition of Hamlet Let's Look at GAAP Disclosure Change as an SEC Filer Medical Benefits Payable cont. 855-10-55-2: The following are examples of nonrecognized subsequent events addressed in paragraph 855-10-25-3: Medical Benefits Payable Group 7 - Charlie Blackstock, Kori Gibbs, Kate Harris, Tracy Liu, Yanni Ma, and David Weber Let's Look at GAAP Review Subsequent Events Subsequent Events Disclosure Date Let's Look at GAAP Let's Look at GAAP GAAP ASC 855-10-25-1A: the entity shall evaluate subsequent events through the date the financial statements are issued Financial statements are issued: when they are widely distributed to shareholders and other financial statement users for general use and reliance in a form and format that complies with GAAP What should Shakespeare do? Assuming that the company will issue their financial statements on the planned date, they should disclose the date of March 20, 2011 in the footnotes Shakespeare could choose to do this, but since the purchase price allocation isn't finalized, maybe don't do this. Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Following ASC 855-10-50-1, they must disclose: (a) the date through which subsequent events have been evaluated March 18, 2011 (b) that date is when the financial statements were available to be issued They were available to be issued at that time, but not issued until March 20, 2011 a. Sale of a bond or capital stock issued after the balance sheet date but before financial statements are issued or are available to be issued Shakespeare follows the above and makes as many disclosures as is practicable. Shakespeare might choose to disclose its initial purchase price allocation if it feels that is relevant/reliable. Acquisition of New Publishing Company Line of Credit Modification Let's Look at GAAP a. The nature of the event b. An estimate of its financial effect, or a statement that such an estimate cannot be made b. A business combination that occurs after the balance sheet date but before financial statements are issued or are available to be issued (Topic 805 requires specific
Transcript: Expand the set of information, standardize that information and ensure its reliability through assurance process. Enable parties outside of audit committee to better judge how well each audit firm is managing its financial and human resource and addressing long-term sustainability concerns Facilitate the competitive process INPUT What is audit quality??? PROCESS THE END THANK YOU Introduction Transparency report What your audit committee needs to know in order to choose and oversee an independent auditor. Doing it right can keep you out of count. Why choose a suitable independent auditor is so important?? By Ed Smith, Jean C.Bedard and Karla M.Jonstone Prepared by: Chua Poh Yan OUTPUT FRC Audit Quality Framework key elements effect on the level of audit quality: Directorship June 26,2009 An public company ‘s Audit committee shares the responsibility for audit quality, through its responsibilities to select, compensate, oversee, and evaluate the company’s independent auditor. On October 2008 – report issued by US. Treasury Department’s Advisory Committee, co-chaired by former Securities and Exchange Commission chairman Arthur Levitt and former SEC chief accountant, Don Nicolaisen, direct the PCAOB-to examine the feasibility of requiring audit firms to periodically report on key indicators of audit quality. The characteristics of and the culture within an audit firm The skills and personal qualities of audit partners and staff The effectiveness of the audit process The reliability and usefulness of audit reports Factors outside the control of auditors that may affect audit quality Input – knowledge and independence of the audit- engagement team - provide resources in training and knowledge support - ensuring that individual engagement teams perform audits according to professional standards Process – the appropriate type and amount of audit tests - statistics on the firm’s partners, managers, and staff, and the average ratios of staff levels employed on engagements According to the Government Accountability Office- audit is conducted in accordance with GAAS to provide reasonable assurance that the audited financial statements and related disclose are: Presented in accordance with generally accepted accounting principle ( GAAP ) Are not materially misstated, whether due to errors or fraud. Output- reliable financial reports and an accurate audit opinion -proposed periodic report by auditing firm -the number of restatements or enforcement actions against the audit firm’s clients in the recent year - report on appropriateness of “ going concern” opinions Audit Quality
Transcript: Parmalat Italian Dairy Manufacturer Revenue= 4,538,000,000 euros 14,000 employees International Company Operate in: Botswana, Canada, Cuba, Mozambique, Paraguay, Russia, Venezuela, and Romania Listed on Italian Stock Exchange since 2005 #1 Stockholder=Sofil SAS (82%) CEO: Yvon Guerin with Parmalat since 1990 Deloitte-->PWC Due to fraud & Bankruptcy in 2002-2003 PWC since 2005 annual report 2011 Annual Report: true & fair view of financial position after being reissued due to closure of pending litigation 1.6 million euros in fees Analytical Procedures Inventory: Weighted Average Cost Method PPE/Intangibles: Straight Line Amortization and Depreciation Recognize foreign transactions using exchange rate at date of transaction for revenue/expenses Estimations: made by directors using subjective evaluations based on historical data Amendment IFRS7: Financial Instruments Disclosures-Transfers of Financial Assets No effect Parmalat Background Audit Committee Welcome to Parmalat Greatest Audit Risk Lactalis bought Parmalat in 2012 for $4.8 billion Worldwide leader in dairy products Prior to purchase: Lactalis was Parmalat's largest shareholder nominated and secured 9 out of 11 seats on Parmalat's boards CONSOB: Auditing Standards Regulation for Companies listed on the Italian Stock Exchange IFRS vs. GAAP Financial Periods required Layout Presentation Classification Disclosures Related Party Transactions Estimates of Depreciation and Allowance for Doubtful Accounts/ Bad Debt Expense Medium Inherent Risk History of fraud Recent merger and public dissatisfaction Low Control Risk Medium Acceptable Audit Risk Tolerable Error: 3,000,000 euros Materiality Levels: 1% of revenue Specialist in currency exchange calculations Traditional audit committee responsibilities are designated to: The Internal Control, Risk Control, and Corporate Governance Committee President: Marco Reboa Assist BOD Approve annual audit plan Communicate with external auditor about accounting policies Lauren Wachi Rachel Horrigan ACCT 4160 Growth in Milk & Milk Derivatives Division Leader in Industry ROA=0.4 NWC=154,500,000 euros Current=3.7 Competitor: Lactalis Lactalis market share: 26% Parmalat market share: 29.5% European Food Safety Administration Questions? U.S. vs. International Reporting Compare prior year to current year content Investments in associates (from 3.3->60.1) Trade Receivables (from 484->529) Compare Parmalat to other firms in the industry Analyze financial and nonfinancial data Compare revenues to square feet of manufacturing plants Confirmations regarding related party transactions Evaluate estimates useful life of PPE for depreciation Parmalat Background cont. Audit Report Financial Accounting Standards Change in Auditors Parmalat & Lactalis Merger Accounting 0 + - = 9 8 7 1 2 3 4 5 6 c
Transcript: Audit Simulation Presentation BY: Franklina Boateng Audit Simulation Presentation Plan the audit Establish an understanding with the client as to the nature of the engagement Develop an Audit: Strategy Plan Plan the audit Understanding the Client. Gathering Sufficient background information to assess the risks of material misstatment of the financial statements. Inverviewing management Understanding the Client. Risk assessment procedures This procedure is used to gather information and include inquiries of management. Analytical procedures Observation Inspection. NOT a huge difference on assets and liab ilites form the year 2015-2016 Risk assessment procedures This understanding helps the aditors identify account balances, transactions, and disclosures with a high risk of material misstatement Understanding of the client Assess the risk of misstatment and design further audit procedures At this point auditor identify account balances, transactions and disclosures that might be materially misstated. Fixed asset was not accrately report Depreciation expense was off Assess the risk of misstatment and design further audit procedures Performing further audit procedures Tests of controls Analytical procedures Tests of details of transaction and balances Audit procedures Inquiry Inspection Observation Confirmation Recalculation Reperformance Performing further audit procedures Complete the audit Search for unrecorded liabilities Review minutes of meetings Perform final analytical procedures Perform procedures to identify loss contingencies Perform review for subsequent event Obtain representation letter Evaluate audit findings Complete the audit Form an opinion and issue the audit report Different opinions on different statements Auditors provide differing opinions on the respective financial statement. This final step on the process is issuance of the audit report based on the conclusions reached in the preceding steps Form an opinion and issue the audit report There were accounts materially misstated. Employees were Sketchy Fraudulent. PTP NEEDS TO INSPECTED Amounts were overstated My opinion Questions!!! Thank You Whittington, Ray, and Kurt Pany. Principles of Auditing & Other Assurance Services. 20th ed., McGraw-Hill Education, 2016. Reference
Transcript: Cairo Metro Line 3 Phase 4B Thank You.... AC Scope - G2 Bridges Sector 1st Oct. 2018 Project Introduction Project Introduction Metro Line 3 Owner Natinal Authority for Tunnels (NAT) Phase 4B Phase 4B * 6 Elevated Stations * 7 Viaducts * Depot AC Scope - Bridges Sector AC Scope - Bridges Sector * 2 Elevated Stations * 5 Viaducts Important Information Important Information Project type : JV "Arab Contractors and Orascom Project Leader: Arab Contractors Consultant: JV "Systra, ACE, Ehaf" JV Consultant: DAR Elhandasa Project Duration : 38 monthes Contract Finish Date : 30/10/2019 Project Organizational Structure Project Organizational Structure Client (NAT) National Authority of Tunnels Main Contractor (JV) AC and OC Joint Venture Arab Contractors Bridges Sector G4 G3 G2 G1 Fund Check Approve Material Design Interface Installation Erection Gs Gs Groups Responsibilities Signaling & Telecommunications &Driving modes Civil Works (Viaduct & Stations) Power Supply, Electromechanic & Workshop Track Works G1 G2 G3 G4 Overall Progress Overall Progress 100.00% 81.73% 72.84% 48.62% 41.65% 14.09% 22.50% On behave of the safety management and the staff of Greater Cairo Metro Line 3 Phase 4B, Safety Tips Safety Tips Welcome to all of you All visitors should be registered to obtain Visitor/(s) Pass. Site Access SITE ACCESS Signing in and out is important; as it facilitates the evacuation to all. PERSONAL PROTECTIVE EQUIPMENT Personal Protective Equipment All persons entering any construction area are required to wear the minimum protective equipment (Hard hat, High visibility vests and Safety Shoes) The allowable speed limit in site is (10 km/hr) Vehicles Speed Limit VEHICLE SPEED LIMIT In case of emergency, the evacuation alarm will sound across the entire site. Please try to: Remain calm. Keep close to the nearest safety man "wearing a red helmet". He will guide you to safe area at nearest assembly point. Do not leave the group when they are heading to the assembly point. Site Evacuation Instructions SITE EVACUATION INSTRUCTIONS Smoking is prohibited in both offices and construction site. It is only allowed in the designated areas. Smoking SMOKING Thank You..... Thank You.....
Transcript: Group Members Matt JUstin Karl Khalid 245 Park Avenue 245 Park Avenue, New York, New York Ernst & Young Centre 680 George Street, Sydney, New South Wales Bay Adelaide Centre 333 Bay Street, Toronto, Ontario One New York Plaza 1 New York Plaza , New York , New York Place de Ville I 320 Queen Street, Ottawa, Ontario
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