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The Institute of Chartered Accountants of Pakistan

Auditing

Intermediate Examination Autumn 2012 Module D Q.1 5 September 2012 100 marks - 3 hours Additional reading time – 15 minutes

Shahrukh and Company, Chartered Accountants, have conducted the statutory audit of the financial statements of Karim Limited, a listed company, for the year ended 30 June 2012 under the Companies Ordinance, 1984. The job incharge has drafted the following audit report: Auditors’ Report to the Members We have audited the annexed balance sheet of Karim Limited (the Company) as at 30 June 2012, and the related Income and Expenditure Account, Statement of Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity together with the notes forming part thereof, for the year then ended and we state that we have obtained all the information and explanations which were necessary for the purposes of our audit. It is the responsibility of the company’s management to establish and maintain a system of internal control and prepare and present the above said statements in conformity with the approved auditing standards and the requirements of the fourth schedule to the Companies Ordinance, 1984. Our responsibility is to audit these statements. We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable and limited assurance about whether the above statements are free of any misstatement. An audit includes examining evidence supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report that: (a) in our opinion, proper books of accounts have been kept by the company. (b) in our opinion: (i) the balance sheet and profit and loss account together with the notes thereon have been drawn up in conformity with the Companies Ordinance 1984, and are in agreement with the books of account and are further in accordance with accounting policies consistently applied; (ii) the expenditure incurred during the year was in accordance with the objects of the Company; and (iii) the business conducted, investments made and the expenditure incurred during the year were for the purpose of the Company’s business; (c) in our opinion and to the best of our information and according to the explanations given to us, the balance sheet, profit and loss account, statement of comprehensive income, cash flow statement and statement of changes in equity together with the notes forming part thereof, conform with the approved accounting standards as applicable in Pakistan and give the information required by the Companies Ordinance, 1984, in the manner so required and respectively give a true and fair view of the state of the Company’s affairs as at 30 June 2012; and (d) in our opinion, no zakat was deductible at source under the Zakat and Ushr Ordinance, 1980. Chartered Accountants Date: 01 September 2012 Required: Identify the errors in the above report vis-à-vis a standard statutory audit report. (Note: You are not required to redraft the report.) (12 marks)

As the engagement partner, you have reviewed the audit working papers of Samarkand Limited (SL). The audit team has highlighted the following matters in the working papers. (a) Twenty percent of the company’s recorded turnover (revenue) comprises of cash sales. Proper records of cash sales have not been maintained. Consequently, the audit team was unable to design audit procedures to verify the cash sales. During the current year, the company changed the method of charging depreciation on its fixed assets from the straight line to the diminishing balance method. However.

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Group Assignment *Business**Statistics* CBEB1109 Tutorial. Tuesday 11.00am – 12.00pm Instructor. Dr. Sharifah Latifah Binti Syed A Kadir Group. Group 2 Group Members. 1. Kao Wei Jian CEA 130028 2. Lim Kin Chun CEA 130041 3. Amirul Asyraaf bin Azhar CEA 130002 4. Nur Hasfaiza bt Mohd Zaid CEA 130063 5. Muhammad Hamdin Zarif Bin Mohd Zaidi CEA 100062 6. Lim Sin Pei CEA 130043 7. Wong Siew Yen CEA 130097 1. Of 100 individuals who applied for systems analyst positions with a large firm during the past year, 40 had some prior work experience, 30 had a professional certificate and 20 of them had both work experience and a certificate. a Determine if work experience and certification are independent events. Let A = Prior Work experience B = Professional Certificate A A’ Total B 20 30 50 B’ 40 10 50 Total 60 40 100 = = 0.4 P(A) = = 0.6. so it is not an independent event. b What is the probability that a randomly chosen applicant, i had either work experience or a certificate? ) = = = 0.9 ii has neither work experience nor a certificate? iii has a certificate if he has some previous work experience? = 0.33 2. Because of economic conditions, a firm reports that 30 percent if its accounts receivable from other *business* firms are overdue. If an accountant takes a random sample of 10 such accounts, determine the probability that p=30% @ 0.3 n=10 X

B(10,0.3) a. none of the account is overdue By.

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*Business**Statistics* II: Research Paper Robert Franjieh April 19, 2015 Introduction This research paper will be designed to answer a couple questions regarding *statistics* about the Buena School District school bus data. The questions I will be discussing and answering will be based on maintenance of the school busses. The question prepared is; is it cheaper or more expensive to run Thompson, Bluebird, or Keiser busses? I will also be addressing another question based on other variables by removing the gas types and making it just one gas type instead of two; does gas type have anything to do with the maintenance of the Thompson, Bluebird and Keiser busses when removed from the regression? In order to answer these questions, both regressions and data sets do not contain the 6 passenger busses, being there are only very few and that they might skew the regression. To explain a little about maintenance on busses, a routine oil change can run anywhere between $150-$250. Diesel engines can go 6,000 to 10,000 miles between oil changes depending on idling time and driving time. If you buy a used bus, one of the first major components that may fail you is the turbocharger. Expect to pay $1,700-$2,000 for a replacement. A tire for a bus can easily cost anywhere between $400-$600. This does not include the price of installation. If your bus should break down, you will need a heavy-duty.

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The *importance* of ethical decisions making in a *business* What’s ethics---? These are principles and standards that govern the world of *business* in making decisions .in which the decisions maybe wrong or bad but it all depends in what the makers view is good or bad. There is the *importance* of making ethical decisions in *business* to employees, customers, investors and also the *business* itself.so the decisions that are made in the *business* can affect it negatively or positively. Good Ethics guides all managerial decisions, creating a common framework upon which all decisions are founded .its helps to create a cohesive understanding of the boundaries within an organization and the standards set for interacting with external stakeholders’ formal, well communicated code of ethics can also help to protect a company’s reputation and legal standing in event of the breach of ethics by an individual employee. It involves acting in a morally correct, honorable way or manner. However, *business* ethics provides the guidelines with regards to acceptable behavior by organizations in both their strategy formulation and day to day operations. Businesses and organizations have thus realized the *importance* of ethical standards necessary for both corporate success and maintaining or achieving a positive corporate image. Making ethical decisions shows what you.

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Trajico, Maria Liticia D. BSEd III-A2 REFLECTION The first thing that puffs in my mind when I heard the word *STATISTIC* is that it was a very hard subject because it is another branch of mathematics that will make my head or brain bleed of thinking of how I will handle it. I have learned that *statistic* is a branch of mathematics concerned with the study of information that is expressed in numbers, for example information about the number of times something happens. As I examined on what the statement says, the phrase “number of times something happens” really caught my attention because my subconscious says “here we go again the non-stop solving, analyzing of problems” and I was right. This course of basic *statistic* has provided me with the analytical skills to crunch numerical data and to make inference from it. At first I thought that I will be alright all along with this subject but it seems that just some part of it maybe it is because I don’t pay much of my attention to it but I have learned many things. I have learned my lesson. During our every session in this subject before having our midterm examination I really had hard and bad times in coping up with this subject. When we have our very first quiz I thought that I would fail it but it did not happen but after that, my next quizzes I have taken I failed. I was always feeling down when in every quiz I failed because even though I don’t like this.

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*Business* Analytics: Unit 1: Descriptive *Statistics* and Mathematical Foundations Kaplan University March 23, 2014 Descriptive *Statistics* and Mathematical Foundations Part I: Pie Chart & Bar Graph This information regards T-100 Domestic Market’s boarding information during the previous year for the top seven airlines in the United Sates. According to the data Southwest Airlines boarded 81.1 million; Delta Airlines, 79.4 million; American Airlines, 72.6 million; United Airlines, 56.3 million; Northwest Airlines, 43.3 million; U.S. Airways, 37.8 million, and Continental Airlines, 31.5 million (KU, 2014). This is ungrouped data that needs to be grouped into a pie chart and a bar graph. The bar graph and pie chart both lists nonmetric (qualitative) descriptive *statistics* . The descriptive *statistics* are called, ordinal *statistics* which rank each airline from highest to lowest or lowest to highest annual boarding information (Black, 2012). The pie chart and bar graph summarizes the top seven airlines previous years boarding data. First, I will discuss the pie chart. The pie chart below shows the percentage breakdown of each airline’s annual boarding information. Each of the breakdowns represents the magnitude of the whole pie chart in percentages (Black, 2012). As you will notice that the leaders in the airline industry is Southwest and Delta Airlines with 20 percent.

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Subject Areas Use of *Statistics* 1. World of Sports • Enter results from the different tournaments around the world • Research projects to improve the quality of the game and keep the fans interested • provide analysis on players and team strategy, as well as tackle larger research projects • statistical t tools include basic regression analysis, logistic regression, Monte Carlo simulation, classification, and hierarchical regression 2. Education • *Statistics* provides simple yet instant information on the matter it centers on. • Statistical methods are useful tools in aiding researches and studies in different fields such as economics, social sciences, *business* . medicine and many others. • Provides a vivid presentation of collected and organized data through the use of figures, charts, diagrams and graphs. • Helps provide more critical analyses of information 3. Physical Sciences • in the sphere of physical science like physics, chemistry, botany etc. a large number of measurements are taken which are found to vary from actual results. Thus, to have an idea about the degree of accuracy maintained, statistical techniques are used together with the powerful tools of sampling, estimation, design of experiments etc. 4. Psychology • One must need to use *statistics* in psychology to document a behavioral reaction to a conditional stimuli and find a pattern or relation to a certain condition or stimulus. For example.

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*IMPORTANCE* OF *STATISTICS* In today's world we are faced with situations everyday where *statistics* can be applied. *Statistics* can be used to determine the potential outcome of thousands of things where the human mind alone wouldn't be able to. *Statistics* benefits all of us because we are able to predict the future based on data we have previously gathered. Being able to predict the future not only changes our lifestyle but also helps us be more efficient and effective. *Statistics* is the science of collection, analysis, and presentation of data. Statisticians contribute to scientific enquiry by applying their knowledge to the design of surveys and experiments; the collection, processing, and analysis of data; and the interpretation of the results. Statisticians may apply their knowledge of statistical methods to a variety of subject areas, such as biology, economics, engineering, medicine, public health, psychology, marketing, education, and sports. Many economic, social, political, and military decisions cannot be made without statistical techniques, such as the design of experiments to gain federal approval of a newly manufactured drug. Statisticians provide crucial guidance in determining what information is reliable and which predictions can be trusted. They often help search for clues to the solution of a scientific mystery and sometimes keep investigators from being misled by false.

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Virtually all, 99.7% of the area under the curve is within +/- 3 standard deviations of the mean Is a z-score the distance between a selected value (X) and the population mean (u) divided by the population standard deviation(s)? Yes. We use z-scores to change normal probability distributions into standard normal probability distributions, which are unique because they have a mean of 0 and standard deviation of 1. To convert to a standard normal probability distribution we must find the z-scores for each observation. These are found by subtracting the mean value from the selected value and dividing by the standard deviation. The Normal Probability Distribution Find an example of application of probability theory in your workplace or *business* . Show that the reasons that your workplace uses probability analysis, such as probability of risk calculations or percent defects or percent for pass or fail of a product, etc. In my company, I do groundwater sampling for remediation projects. When we are finished, we send our samples to a laboratory via FedEx or UPS. The laboratory reports that approximately 2 bottles are broken in every cooler shipped, regardless of how well they are packed. To perform sample analysis, the laboratory needs 1-500 ml bottle of groundwater, and 1-50ml vial of water to perform all of the tests for each well. When we take samples we collect 3-500ml bottles and 3-50 ml vials of groundwater per well because we know that on.

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In an editorial on the topic of Sci-Hub, Marcia McNutt (Editor-in-Chief of Science Journals) lists a few reasons why Sci-Hub may be bad for scientists. One of the drawbacks she lists is (emphasis mine):

Authors do not benefit from download statistics, for example, *which are increasingly being used to assess the impact of their work* .

This surprised me, as I have never come across any mention of download statistics being used to measure the impact of papers / scientists. *Are download statistics really being used in any meaningful way when assessing the impact of scientists?*

I'm also asking because sites like ArXiv does not provide download statistics, and neither do other secondary publication servers (university paper repositories, private homepages. ), which would hurt the impact rating the same way.

asked May 28 '16 at 10:17

The thing is also that most download statistics are quite utterly useless, at it also counts search engines crawlers and downloads by non-scientific people. Also, you don't want to put this information on your own CV, as it is extremely easy to manipulate. And if you can't use it on your own CV, it is not very useful in a portofio of "impact measuring" tools. – DCTLib May 28 '16 at 12:29

The argument is a ludicrous one, defending a parasitic system that should have been buried a long time ago, and written by an individual with a blatant conflict of interest.

In theory there exist some attempts to measure scientific impact from download data. Example .

In practice, nobody cares, partly due to the fact that there are many ways to get an article without incrementing the counter. (and also because we already have enough stupid metrics).

answered May 28 '16 at 12:27

Assigmnment 1

Question 1: Give a comprehensive account of the importance of Statistics to you (i) as a government agent, (ii) as a Public Administrator, (iii) as an individual

Statistics, is study of the systematic collection, organization, and interpretation of data. This includes the planning of data collection in terms of the design of surveys and experiments. Is is therefore safe to say that Statistics, as a discipline, is the development and application of methods to collect, analyze and interpret data for future planning and problem solving.

The common goal of a statistical research project is to investigate causality, that is the is the relationship between an event (the cause) and a second event (the effect) where the second event is understood as a consequence of the first and in particular to draw a conclusion on the effect of changes in the values of predictors or independent variable on dependent variables or response. Modern statistical methods involve the design and analysis of experiments and surveys, the quantification of biological, social and scientific phenomenon and the application of statistical principles to understand more about the world around us. Since data are used in most areas of human endeavor, the theory and methods of modern statistics have been applied to a wide variety of fields. i) As a Government Agent: As a government agent, Statistics is an important tool to help us determine what to advice government. The government needs to know what needs to be done, ways to improve to what is being done we do, where to implements new policies and projects. The rate of population growth, per capital income and whole lot of the other things affecting the welfare and wellbeing of the society. Its helps to identitfy why some things we do work better than others by showing us when they work, how they work, and what elements in them work best. The possibilities are almost endless as we move conditions around for testing.

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*IMPORTANCE* OF *STATISTICS* In today's world we are faced with situations everyday where *statistics* can be applied. *Statistics* can be used to determine the potential outcome of thousands of things where the human mind alone wouldn't be able to. *Statistics* benefits all of us because we are able to predict the future based on data we have previously gathered. Being able to predict the future not only changes our lifestyle but also helps us be more efficient and effective. *Statistics* is the science of collection, analysis, and presentation of data. Statisticians contribute to scientific enquiry by applying their knowledge to the design of surveys and experiments; the collection, processing, and analysis of data; and the interpretation of the results. Statisticians may apply their knowledge of statistical methods to a variety of subject areas, such as biology, economics, engineering, medicine, public health, psychology, marketing, education, and sports. Many economic, social, political, and military decisions cannot be made without statistical techniques, such as the design of experiments to gain federal approval of a newly manufactured drug. Statisticians provide crucial guidance in determining what information is reliable and which predictions can be trusted. They often help search for clues to the solution of a scientific mystery and sometimes keep investigators from being misled by false.

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techniques. Firstly we look at data analysis. This approach starts with data that are manipulated or processed into information that is valuable to decision making. The processing and manipulation of raw data into meaningful information are the heart of data analysis. Data analysis includes data description, data inference, the search for relationships in data and dealing with uncertainty which in turn includes measuring uncertainty and modelling uncertainty explicitly. In addition to data analysis, other decision making techniques are discussed. These techniques include decision analysis, project scheduling and network models. Chapter 1 illustrates a number of ways to summarise the information in data sets, also known as descriptive *statistics* . It includes graphical and tabular summaries, as well as summary measures such as means, medians and standard deviations. Uncertainty is a key aspect of most business problems. To deal with uncertainty, we need a basic understanding of probability. Chapter 2 covers basic rules of probability and in Chapter 3 we discuss the important concept of probability distributions in some generality. In Chapter 4 we discuss statistical inference (estimation), where the basic problem is to estimate one or more characteristics of a population. Since it is too expensive to obtain the population information, we instead select a sample from the population and then use the information in the sample to infer the.

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Trajico, Maria Liticia D. BSEd III-A2 REFLECTION The first thing that puffs in my mind when I heard the word *STATISTIC* is that it was a very hard subject because it is another branch of mathematics that will make my head or brain bleed of thinking of how I will handle it. I have learned that *statistic* is a branch of mathematics concerned with the study of information that is expressed in numbers, for example information about the number of times something happens. As I examined on what the statement says, the phrase “number of times something happens” really caught my attention because my subconscious says “here we go again the non-stop solving, analyzing of problems” and I was right. This course of basic *statistic* has provided me with the analytical skills to crunch numerical data and to make inference from it. At first I thought that I will be alright all along with this subject but it seems that just some part of it maybe it is because I don’t pay much of my attention to it but I have learned many things. I have learned my lesson. During our every session in this subject before having our midterm examination I really had hard and bad times in coping up with this subject. When we have our very first quiz I thought that I would fail it but it did not happen but after that, my next quizzes I have taken I failed. I was always feeling down when in every quiz I failed because even though I don’t like this.

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of 1000 flights and proportions of three routes in the sample. He divides them into different sub-groups such as satisfaction, refreshments and departure time and then selects proportionally to highlight specific subgroup within the population. The reasons why Mr Kwok used this sampling method are that the cost per observation in the survey may be reduced and it also enables to increase the accuracy at a given cost. TABLE 1: Data Summaries of Three Routes Route 1 Route 2 Route 3 Normal(88.532,5.07943) Normal(97.1033,5.04488) Normal(107.15,5.15367) Summary *Statistics* Mean 88.532 Std Dev 5.0794269 Std Err Mean 0.2271589 Upper 95% Mean 88.978306 Lower 95% Mean 88.085694 N 500 Sum 44266 Summary *Statistics* Mean 97.103333 Std Dev 5.0448811 Std Err Mean 0.2912663 Upper 95% Mean 97.676525 Lower 95% Mean 96.530142 N 300 Sum 29131 Summary *Statistics* Mean 107.15 Std Dev 5.1536687 Std Err Mean 0.3644194 Upper 95% Mean 107.86862 Lower 95% Mean 106.43138 N 200 Sum 21430 From the table above, the total number of passengers for route 1 is 44,266, route 2 is 29,131 and route 3 is 21,430 and the total numbers of passengers for 3 routes are 94,827. Although route 1 has the highest number of passengers and flights but it has the lowest means of passengers among the 3 routes. From.

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compliments the regular mathematics and therefore both are tested in primary schools. Mathematics is the written application of operation. It teaches students to think clearly, reason well and strategize effectively. Mental Mathematics is the ability to utilise mathematical skills to solve problems mentally. The marks scored by pupils generate *statistics* which are used by teachers to analyse a student’s performance and development of theories to explain the differences in performance. The Standard 3 class is where the transition from junior to senior level occurs where teachers expect the transference of concrete to abstract thinking would have occurred. A common theory by many primary school teachers is ‘Students perform better in Mathematics than Mental math. Mental math is something that has to be developed and involves critical thinking. Mental math requires quick thinking and the student must solve the problem in their minds whereas in regular mathematics, the problem can be solved visually. Therefore, teachers should take these factors into consideration while testing and marking students in these areas.’ In this study, the *statistics* of 30 students of a standard 3 class of San Fernando Boys’ Government School will be analysed to determine the truth of this theory. DATA COLLECTION METHODS Mathematics and mental mathematics marks of term 1 of the class of 2013 were obtained from a Standard 3 teacher of San Fernando Boys’.

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INTRODUCTION *Statistics* and mathematics are everything to economics. infact *statistics* and Mathematics, the economic field wouldn't even exist. Economist need *statistics* to represent data, to track and store information, to identify trends, to attribute value and mathematics to calculate those figures.The way to look at the relationship between *statistics* and economics is that economics is essentially the study of human decisions and trends, and how these have a financial impact. Economists rely on information to form analyses, understanding and opinion on the human activity that they are scrutinizing. This information comes in the form of statistical data. *Statistics* is the core around which economic deductions are built. It highlights the relationship between figures that would otherwise be meaningless, and is key to economic analysis. An example of this would be an economist trying to analyze the performance of a car manufacturer over the period of a year. Figures that show the car manufacturer's sales, profits, costs, and other important economic information would be relayed through the use of *statistics* . Although people would be right to argue that economics requires more than just *statistics* (for example, it also relies heavily on understanding and monitoring of sociological factors), it's undeniable that *statistics* form an integral part of.

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*Importance* of *Statistics* in Society (Lecturer: *Statistics* and Research Methodology) Nepal Commerce Campus Tribhuvan University Kathmandu, Nepal Email:drbhandari2012@gmail.com *Statistics* plays a vital role in every fields of human activity. *Statistics* has important role in determining the existing position of per capita income, unemployment, population growth rate, housing, schooling medical facilities etc…in a country. The statistical tools like Index number, correlation, time series analysis, regression analysis, hypothesis testing, and multivariate analysis help to analysis data and predict about future. Now *statistics* holds a central position in almost every field like Industry, Commerce, Trade, Physics, Chemistry, Economics, Mathematics, Biology, Botany, Psychology, astronomy etc…. So application of *statistics* is very wide. *Statistics* helps in providing a better understanding and exact description of a phenomenon of nature. It helps in proper and efficient planning of a statistical inquiry in any field of study by collecting an appropriate quantitative data. *Statistics* helps in understanding the nature and pattern of variability of a phenomenon through quantitative observations and helps in drawing valid inference, along with a measure of their reliability about the population parameters from the sample data. *Statistics* .

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Organization of Terms Experimental Design Descriptive Inferential Population Parameter Sample Random Bias *Statistic* Types of Variables Graphs Measurement scales Nominal Ordinal Interval Ratio Qualitative Quantitative Independent Dependent Bar Graph Histogram Box plot Scatterplot Measures of Center Spread Shape Mean Median Mode Range Variance Standard deviation Skewness Kurtosis Tests of Association Inference Correlation Regression Slope y-intercept Central Limit Theorem Chi-Square t-test Independent samples Correlated samples Analysis-of-Variance Glossary of Terms *Statistics* - a set of concepts, rules, and procedures that help us to: organize numerical information in the form of tables, graphs, and charts; understand statistical techniques underlying decisions that affect our lives and well-being; and make informed decisions. Data - facts, observations, and information that come from investigations. Measurement data sometimes called quantitative data -- the result of using some instrument to measure something (e.g. test score, weight); Categorical data also referred to as frequency or qualitative data. Things are grouped according to some common property(ies) and the number of members of the group are recorded (e.g. males/females, vehicle type). Variable - property of an object or event that can take on different values. For example, college major.

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