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Questions:
1 Identify specific fraud risk present during PwC's audits of the Lipper hedge funds. Explain how Pwc should have responded to the fraud risk factors that you identified.
2 Provide examples of important audit objectives for complex financial instruments and transactions For each audit objective that you identify, list one or more audit procedures that could be used to accomplish that objective.
3 Identify the factors that may have contributed to the alleged flaws in the audit procedures that Pwc applied in testing the year-end market values of the Lipper hedge funds' investments. Discuss specific measures that audit firms can employ to reduce the likelihood that such factors will undercut the quality of their audits.
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
Each year since 2007, the accounting firm of Goode and Thuro was contracted to prepare audited financial statements for Family First Farm. Each year until the current audit, the CPAs did not find any discrepancies.
What are bad debts in dollars currently and under the proposed change? Calculate the cost of the marginal bad debts to the firm.
In a 2 page analysis report critically review the CAMELS rating system for assessing bank performance. Also explain why it is fast becoming a global standard adopted by central banks.
Write journal entries for each transaction and What is Nicole's Getaway Spa's gross profit percentage?
What are the powers of the Federal Reserve Bank in controlling the nation's money supply? Among the powers, which has the most impact? Which powers are used least often?
You are considering an investment in Bank of America (BAC, NYSE). From your analysis, you believe this stock should be valued so as to produce a 9.5 percent long-term rate of return.
what sort of prevent control could be use to deal with the problem face by amy? explain how the control would work?
Calculate the difference between the full unit cost for products X and Y calculated under the traditional costing system and that calculated under the ABC costing system and explain the differences calculated in (c) above for both products.
Explain how the nature of a substantive test could affect the decisions about when and how much substantive testing is performed and how do these decisions relate to the overall risk assessment for the item being tested?
There are five types of audit tests. List one audit test and describe at least two types of evidence that may be obtained from this test.?
Describe the preferred format of the internal audit report, comparing it the recent report from the external auditors.
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