Got a tricky question? Receive an answer from students like you! Try us!

Code of Professional Conduct - Case Study Example

Only on StudentShare
College
Case Study
Miscellaneous
Pages 4 (1004 words)

Summary

Audit reports are used by financial statement users as evidence to the reliability and validity of balance sheet, income statement and statement of cash flows. The audit reports below indicate both a qualified opinion and the worst which is the adverse opinion(Whittington, 1995)…

Extract of sample
Code of Professional Conduct

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
The company recorded land purchased at $100,000 at appraiser's value of $700,000 in violation of generally accepted accounting principles that such land should be recorded at historical cost of $100,000 only.
In our opinion, except for the violation of the generally accepted accounting principles on proper recording of land, the financial statements referred to above present fairly, in all material aspects, the financial position of Graham Company as of December 31, 20XY, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.
W ...
Download paper
Not exactly what you need?

Related Essays

Personal and Professional Development in Nursing
Nurses can use a variety of ways to demonstrate individual accountability; two methods are continued competency and professional development. Professional competency is an empowerment tool in that it enables the nurses to fulfil their responsibilities of care effectively. It is also, therefore, important to understand the factors that influence clinical competency (Memarian et al., 2007, 203-214).…
4 pages (1004 words)
Personal Professional Development in Nursing
The code of professional conduct calls for a high standard of professional behaviour from the nurses, regulating the nursing and midwifery practice in order to ensure standards and proving protection for the clients. Nursing, in essence, is a care system that springs from safe, caring, and competent and educated decision making, and nurse is a professional who is willing to accept personal and professional accountability for evidence-based practice (Wiseman, 2007, 167-173).…
4 pages (1004 words)
Codes of Professional Conduct in Accounting
A code of ethics ensures that the professionals do not get into conflicts with the society as the professionals become more aware of the limits to which their activities can go.…
5 pages (1255 words)