Modern Notebook: 2016

Madami nagpiPm saken kung anong school daw ba
maganda at affordable

obviously di na naten isasama yung ibang UAAP AT NCAA sa choices dahil mahal doon! diko isasama yung ibang school kasi d ako nakapag inquire pero lwede nyo itry sa MLQU (Manuel L Quezon University) sa quiapo yan.. or gumala kayo sa ubelt! walang pipigil sainyo!

let me give you some hints

for Quality education

UE - graduate po ako jan and masasabi ko naman na quakity education naman
pero yung turo guys remember wala sa name ng school! nsa prof yung pagtuturo kaya if ayaw nyo ng turo sabhn agad sa management.
may retention sila for Bsa and pag bumagsak ka shift kana pde ka mag Bsact for 4yrs only pero do not assume na same treatment sayo as BSA. walang retention si bsact
pag may gsto pa kayo malaman pm nyoko sa fb ko.
calayagjoanna@yahoo.com.ph

NU - same as ue din kaso d ako nagtry doon eh nag inquire lang ako pero sabi naman nila ok daw. Dati walang retention pero ngayon meron nadaw
open naman office nila for inquiry lalo na onti lang ata ang bsa don

EAC - kilala ko dean dto kaya Good quality educ. para kalang galing sa ue
dkopa natatry pero nag inquire ako and sabi onti lng ng Bsa nila kaya tutok lalo sila sa mga ito lalo na bago ang dean
eto yung school for accountancy kung saan si dean open sainyong mga reklamo at hiling

PSBA- currentky andito ako and magaling ang PSBA dko lang alam bakit ndi pa nagtop eto? andito lahat ng reviewers sa cpar/RESA/nrc etc.
yun lang Manual lahat dto pati enrolment and sa grades

for tuition fees
PSBA 20-33k depende sa units mo
EAC - 1160 PER UNIT., 2800 DOWNPAYMENT
(syempre eliminated si UE at NU sa tuition)

lilipat kaba?
for transferees

UE - NO failing grades/drop, and submit the requiremnts like honoravle dismisaal,Nso,2x2 , yung exam mo, etc for more info visit
www.ue.edu.ph

NU
*undergrad : take the entrance exam first FOR FREE!
pero expect na madaming page at kakainin ang oras mo, wala naman atang bumabagsak don haha
pero sympre bago ang requirements mabuting magpa credit ka muna ng mga subjs mo kay sir 3floor ata sya
dadaan kadon sa cantten ng NU tas akyat ka haha
para malaman mo kung may ipapaulit sila sayo! pag nilait ka alam mona layasan mona yan haha jk
ayon tapos pumuntankang admission bbgyan ka ng listahanng reqs mo
na ipapasa :)))

graduate/2nd courses : deretso kana pa credit wag kana mag exam kse no need na :) tas pasa ka reqs

EAC - makinig ka saken kse yung mga tao don insan mga bangag d alam ano ipapagawa sayo kaya pabalik balik ka
punta kang admission dala kang 2x2 baka hingan ka tapos sabihin mk magpapacredit ka (bbgyan ka nila ng referral slip) then aakyat ka ng 5th flr pra sa BA office yung name sa door (business educ )
then katok tas pasok ka! hanapin mo si dean kamo magpapacredit ka
tas sympre dala mo grades mo dba?n
edi go abot mo tas after nyan bgay mo yung papapirmahan mo na referral !ette rtas baba ka ng admission ssbhn sayo don magbayad ka sa cashier pra sa exam mo (o diba na scam ka! bayad ka kagad! haha jk pwede kang umuwi kung dmo nagustuhan ddon,, pede kang umatras kasi sayang ung 330 mo! alam moyon? mmya may ipaulit sayo sayang naman baka may iba pang campus na pwede kang deretsonlang) *** undergrad or not mag eexam kapadin**
(For the record wala sikang retention ah? kaya for sure wala kang uulitin 😄😄)

PSBA
same as NU
undergrad -mag eexam
graduate/2nddegree : no exam needed
magsubmit nalang ng grades sa registrar para sa pagpapacredit
tas babalikan mo the other day

anopaba? comment 👇👇👇👇

Parts of Audit Report

1. Report title. Auditing standards require that the report be titled and that the title include the word independent. For example, appropriate titles include “independent auditor’s report,” “report of independent auditor,” or “independent accountant’s opinion.” The requirement that the title include the word independent conveys to users that the audit was unbiased in all aspects.

2. Audit report address. The report is usually addressed to the company, its stockholders, or the board of directors. In recent years, it has become customary to address the report to the board of directors and stockholders to indicate that the auditor is independent of the company.

3. Introductory paragraph. The first paragraph of the report does three things: First, it makes the simple statement that the CPA firm has done an audit. This is intended to distinguish the report from a compilation or review report. The scope paragraph clarifies what is meant by an audit.

Second, it lists the financial statements that were audited, including the balance sheet dates and the accounting periods for the income statement and statement of cash flows. The wording of the financial statements in the report should be identical to those used by management on the financial statements..

Third, the introductory paragraph states that the statements are the responsibility of management and that the auditor’s responsibility is to express an opinion on the statements based on an audit. The purpose of these statements is to communicate that management is responsible for selecting the appropriate generally accepted accounting principles and making the measurement decisions and disclosures in applying those principles and to clarify the respective roles of management and the auditor.

4. Scope paragraph. The scope paragraph is a factual statement about what the auditor did in the audit. This paragraph first states that the auditor followed generally accepted auditing standards. For an audit of a public company, the paragraph will indicate that the auditor followed standards of the Public Company Accounting Oversight Board.

The remainder of the scope paragraph discusses the audit evidence accumulated and states that the auditor believes that the evidence accumulated was appropriate for the circumstances to express the opinion presented. The words test basis indicates that sampling was used rather than an audit of every transaction and amount on the statements. Whereas the introductory paragraph of the report states that management is responsible for the preparation and content of the financial statements, the scope paragraph states that the auditor evaluates the appropriateness of those accounting principles, estimates, and financial statement disclosures and presentations given.

5. Opinion paragraph. The final paragraph in the standard report states the auditor’s conclusions based on the results of the audit. This part of the report is so important that often the entire audit report is referred to simply as the auditor’s opinion. The opinion paragraph is stated as an opinion rather than as a statement of absolute fact or a guarantee. The intent is to indicate that the conclusions are based on professional judgment. The phrase in our opinion indicates that there may be some information risk associated with the financial statements, even though the statements have been audited. The auditor is required to state an opinion about the financial statements taken as a whole, including a conclusion about whether the company followed U.S. generally accepted accounting principles. One of the controversial parts of the auditor’s report is the meaning of the term present fairly. Does this mean that if generally accepted accounting principles are followed, the financial statements are presented fairly, or something more? Occasionally, the courts have concluded that auditors are responsible for looking beyond generally accepted accounting principles to determine whether users might be misled, even if those principles are followed. Most auditors believe that financial statements are “presented fairly” when the statements are in accordance with generally accepted accounting principles, but that it is also necessary to examine the substance of transactions and balances for possible misinformation.

6. Name of CPA firm. The name identifies the CPA firm or practitioner who performed the audit. Typically, the firm’s name is used because the entire CPA firm has the legal and professional responsibility to ensure that the quality of the audit meets professional standards.

7. Audit report date. The appropriate date for the report is the one on which the auditor completed the auditing procedures in the field. This date is important to users because it indicates the last day of the auditor’s responsibility for the review of significant events that occurred after the date of the financial statements.

Categories of Audit Report

— Unqualified audit report

— Modified Audit Report

Unqualified audit report

this is the simplest and most common report encountered, primarily because most sets of financial statements satisfy the various criteria as laid down in the statements of financial Accounting Standards (SFAS), Philippine Standards of Auditing (PSA) and statutes.

Unqualified opinion – is expressed when the auditor concludes that the financial statements are presented fairly, in all material respects, in accordance with the identified financial reporting framework.

Among the circumstances that are present in order to render an unqualified opinion are the following:

· If proper accounting records were kept;

· Where the company has a number of branches, if and whenthe information received from the branch office was adequate;

· Where applicable, if the accounts are consistent with theprovisions of the Corporation Code;

· If applicable Statements of Financial Accounting Standards (SFAS), have been adopted by the client;

· If the opinion expressed in the director’s statement to membersare consistent with the auditor’s knowledge the client and

· If any defects or irregularities have been adequately disclosed.

Modified Audit Report

In certain circumstances, an auditor may not able to give a “clean” report on the financial statements.

“An auditor’s report is considered to be modified in the following situations:

Matters That Do Not Affect the Auditor’s Opinion

• emphasis of matter

Matters That Do Affect the Auditor’s Opinion

• qualified Opinion;

• disclaimer of Opinion

• adverse Opinion

Matters That Do Not Affect the Auditor’s Opinion

Emphasis of matter paragraph – “An auditor’s report may be modified by adding an emphasis of matter paragraph(s) to highlight a matter affecting the financial statements which is included in a note to the financial statements that more extensively discusses the matter. The addition of such an emphasis of matter paragraph(s) does not affect the auditor’s opinion. The auditor may also modify the auditor’s report by using an emphasis of matter paragraph(s) to report matters other than those affecting the financial statements.” (Glossary of Terms, Preface to Philippine Standards on Auditing and Related Services) “The paragraph would preferably be included after the opinion paragraph and would ordinarily refer to the fact that the auditor’s opinion is not qualified in this respect.

Matters That Do Affect the Auditor’s Opinion

An auditor may not be able to express an unqualified opinion when either of the following circumstances exist and, in the auditor’s judgment, the effect of the matter is or may be material to the financial statements:

• there is a limitation in the scope of the auditor’s work; or

• There is disagreement with management regarding the acceptability of the accounting policies selected, the method of their application or the adequacy of financial statement disclosures.

The circumstances described in (a) could lead to a qualified opinion or a disclaimer of opinion. The circumstances described in (b) could lead to a qualified opinion or an adverse opinion.

Qualified Opinion - a qualified opinion should be expressed when the auditor concludes that an unqualified opinion cannot be expressed but that the effect of any disagreement with management , or limitation on scope is not so material and pervasive as to require an adverse opinion or a disclaimer of opinion. A qualified opinion should be expressed as being “except for ‘’ the effects of the matter to which the qualifications relates.

Disclaimer of Opinion – a disclaimer opinion should be expressed when the possible effect of a limitation on scope is so material and pervasive that the auditor has not been able to obtain sufficient appropriate audit evidence and accordingly is unable to express an opinion on the financial statements.

Adverse Opinion – an adverse opinion should be expressed when the effect of a disagreement is so material and pervasive to the financial statements that the auditor

Sarbanes Oxley act 404(Assessment of Internal Control)

This Act requires the auditor of a public company to attest to management’sreport on the effectiveness of internal control over financial reporting.PCAOB Auditing standard 2 requires the audit of internal control to be integratedwith the audit of the financial statements.

SOX Section 404 (Sarbanes-Oxley Act Section 404) mandates that all publicly-traded companies must establish internal controls and procedures for financial reporting and must document, test and maintain those controls and procedures to ensure their effectiveness. The purpose of SOX is to reduce the possibilities of corporate fraud by increasing the stringency of procedures and requirements for financial reporting.

Reports involving other parties

Assume Responsibility

• If you accept responsibility for the other auditor’s work (and it is unqualified) the standard report may be issued without modification.

• If the other auditors report is qualified and the qualification is material to the financial statements taken as a whole, you must qualify your report.

Shared Responsibility

• The opinion is unaffected (i.e. can be unqualified).

Assume No Responsibility

• A qualified opinion or disclaimer, depending on materiality, is required.

Qualified Opinion

• Use the term “except for” in the opinion paragraph to exclude a specific item from the auditor’s opinion.

• Qualified opinion is appropriate when there is a:

-Material scope limitation (qualified scope, additional paragraph, and qualified opinion)

-Material departure from GAAP (additional paragraph, qualified opinion)

Disclaimer

• Auditor cannot express an opinion.

• Disclaimer of opinion is appropriate when:

-There is a highly material scope limitation.

-There is a lack of independence

Relationship of materiality to audit opinion

Materiality

A misstatement in the financial statements can be considered material if knowledge of the misstatement would affect a decision of a reasonable user of the statements.

Levels of Materiality

• Amounts are immaterial.

• Amounts are material but do not overshadow the financial statements as a whole.

• Amounts are so material or so pervasive that overall fairness of the statements is in question.

Relationship of Materiality to Type of Opinion

MATERIALITY DECISIONS

Materiality

Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements (IASB Framework).

Concept of Materiality

• Auditor Considerations

– Circumstances pertaining to the entity

– Information needs of those relying on financial statements

· Purposes for Preliminary Judgments

– Scope decisions

– Evaluation of known misstatements

Preliminary Judgments about Materiality

• Planning Materiality

– Circumstances change

– Additional information identified

· Judgments at Two Levels

– Financial Statement Level

– Account Balance Level

Materiality at the Financial Statement Level

• Quantitative Guidelines

– No official guidelines within auditing standards

– 5-10% of Net Income before Taxes

– ½-1% of Total Assets

· Qualitative Considerations

– Quantitatively immaterial, qualitatively material

– Illegal act by entity

Materiality – Quantitative Example

Allocating Financial Statement Materiality to Accounts

• When financial statement materiality is quantified

• Must allocate to individual accounts

• Balance Sheet and Income Statement accounts

• Two Considerations

– Material misstatement amount of account

– Probable cost of verification

Materiality and Audit Evidence

• Sufficiency of Evidence

– Inverse relationship

– Lower amount of tolerable misstatement needs more evidence to obtain reasonable assurance

· Evaluation of Evidence

– Reevaluate preliminary materiality

– Quantitative and Qualitative considerations

Materiality is also linked closely to other accounting concepts and principles:

• Relevance

• Reliability

• Completeness

Mga Pahina

Miyerkules, Oktubre 26, 2016

PSBA / NU / EAC / UE For ACCOUNTANCY

Linggo, Agosto 28, 2016

Audit Report

Sabado, Hulyo 30, 2016

ACCOUNTING MATERIALS FOR FREE ;)

Sabado, Hulyo 23, 2016

Utilization of scarce resources

Huwebes, Hunyo 2, 2016

Greetings!!