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You have met with a potential client, who informs you that all the employees and officers of his company are bonded. For this reason, he is requesting that under these conditions that you not look at his company's system of internal control so his company may reduce the cost of an audit.
Prepare a letter to the potential client explaining the following:
Why you can or cannot honor his request.
The reasoning for your decision.
The potential ramifications of your decision.
Based on your choice of action, what the perceived corporate governance of the company would be to the public.
Describe the substantive tests that you would perform on transactions in the acquisitions cycle of this system to gain adequate assurance over the assertions of completeness, cut off and accuracy.
Wilmont Electronics' profit has been less than expected for the past several quarters. After an internal audit, it was determined that inventory losses have been rising over the past year, which has accounted for the majority of the profit loss.
Explain the control principle of independent internal verification. What practices are important in applying this principle?
Tidwell, Inc. has weekly credit sales of $19,400, and the average collection period is 34 days. The cost of production is 75 percent of the selling price. What is the average accounts receivable figure?
International Standards on Auditing (ISA) have been approved by the International Auditing and Assurance Board (IAASB). Recently, the IAASB has issued a number of proposed ISAs for comment
Describe a common-size financial statement. Explain how one is prepared. Explain what a common-size financial statement report communicates about a company.
Reston Company uses a job-order costing system. The company applies overhead cost to jobs on the basis of machine hours. For the current year, the company estimated that it would work 36,000 machine-hours and incurs $153,000 in manufacturing overh..
Show the reason for and the type of audit report that you would issue and consider that each item is significant.
Prepare a memo that you will present to the CEO in which you do the following: Suggest the sources from which you can obtain information that would be needed to prepare the description of internal control in the audit working papers.
For each control, state which transaction-related audit objectives is (are) applicable and for each control, prepare an audit procedure that could be used to test the control for effectiveness.
Discuss the difference between half-year, mid-quarter, and mid-month conventions. What type of asset falls into each category and why do you think the IRS code has these different categories.
On July 1, 2007, Gale Sondergaard Company sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Sondergaard will receive interest at the prevailing rate for a note of this type. Both..
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