COMMERCE 4AD3 Lecture Notes - Share Capital, Transaction Processing, Fixed Asset
26 Nov 2012
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Document Summary
Introductory paragraph declare that the financial statements were audited. Description of the audit (forth and fifth paragraph) Several circumstances may permit an unqualified opinion paragraph, but they raise the need to consider information and paragraphs that are additional to the stand report: Consistency: the effects of various changes in account and the appropriate disclosures. Uncertainty: a paragraph that draws attention to accounting and disclosure for contingencies. Emphasis: additional explanatory paragraphs that emphasize a matter of importance. Going concern: a paragraph that draws attention to problems of being able to continue as an entity. Moral responsibility deals with character and doing the right thing . Professional responsibility more formal; ethical responsibilities and rules for proper conduct. Legal responsibility criminal and civil law. Imperative principle / kantian ethics / deontological ethics universal principles must always be followed regardless of the consequences. Utilitarian principle the greatest good for the greatest number is all that matters.
