Unit 4 DB examples - Bolling Hill LLP audited The Million...

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Bolling & Hill, LLP audited The Million Man March in March of 1996. Their techniques followed generally accepted auditing practices (GAAP) which consist of Principle of regularity, Principle of consistency, Principle of the permanence of methods, Principle of non- compensation, Principle of continuity, Principle of periodicity, Principle of Full Disclosure/Materiality, and Principle of Utmost Good Faith. The audit shows that The Million Man March ( a Not-for-profit organization, had an ending balance of $13,190. In my opinion it is not a wide investment for a company such as The Million Man March to spend the little funds they have on an external audit. References MILLION MAN MARCH 1995, INC. AUDITED FINANCIAL STATEMENTS DECEMBER 31, 1995 (May 31, 1996). Retrieved from http://www.millionsmoremovement.com/mmm1995_audit.htm Generally accepted auditing principles. (n.d.). Retrieved from http://www.fasab.gov/accepted.html Method, Techniques and Findings of an Audit Auditing is a form of "Risk Management" among organizations. Risks generally arise out of uncertainty, from either internal or external sources. As a result of pursuing or not pursuing a particular course of action, there is the possibility of economic financial loss or gain, physical
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damage, injury or delay. "Risk" is defined as the chance of something happening that will have an adverse impact upon the achievement of objectives. There will always be some risk involved in anything we chose to do. The choice is between the actions we dare to take, given the level of risk we will accept and the level we will attempt to treat. Risk has two key elements:
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This note was uploaded on 04/02/2011 for the course ACCT 205 taught by Professor Wendyw.achilles during the Fall '10 term at American InterContinental University.

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Unit 4 DB examples - Bolling Hill LLP audited The Million...

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