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Read the following scenario and identify any threats to compliance with the IFAC Code.
ABC firm is the auditor of Company Ltd and has been for 10 years. During this time, the audit partner responsible has always been John. The other partner in the firm, Robert, has been the review auditor for this assurance engagement. Robert has not been the lead audit partner as his wife's father is the CEO of Company Ltd.
Every year Company Ltd celebrates the end of the audit by throwing an all-expenses paid weekend away for their staff that worked on the audit and for the audit firm. This has led to a good relationship between the auditors and the company that makes the audit less formal. The staff all know each other well and the company believes it is money well spent.
Recently John was approached by the board of Company Ltd with an offer of employment as a director starting in two years time. The only condition was that the audit fees have to be reduced for the current and next year's audit.
Please make a Statement of Revenues, Expenses, and Changes in Net Assets for the year ended 31 st December, 2012 assuming the city plans to account for its activities on the accrual basis
What are bad debts in dollars currently and under the proposed change? Calculate the cost of the marginal bad debts to the firm.
Difference between net cash provided by operating activities and net income. Speculate on which number is likely to be the better indicator of long-term profitability.
A bank branch must keep a stock of cash on hand for customer withdrawals. The net daily withdrawal rate at the branch is $5,000. The opportunity cost of cash is 10% per year.
Prepare a two-page audit critique, and include each of the following: Briefly describe the purpose of the audit (identify the type of audit). Briefly describe the method(s) used during the audit
You are responsible for auditing a wholesale cosmetics distributor with an inventory consisting of thousands of individual items.
Imagine you are a company controller. Identify the internal control reporting options. Create criteria against which the options may be evaluated. Include internal controls for IT.
Under SOX, management must establish and maintain an adequate internal controls structure. Do you think this specific requirement was put into place in order to protect the auditor or the client more?
The fundamental relationship between bond price and yield is that they relate to each other inversely. How is this so?
Plain Truth Adverting employs KPR, a large accounting firm, to audit its books each year. This involves considerable expense for the advertising firm, since sales account managers are very independent and maintain separate record keeping systems.
Prepare a bank reconciliation for XYZ Company at September 30 using the following informatiom:
What are the implications of having the same person performing accounts payable and accounts receivable functions?
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