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1. How do the actions of the audit committee, impact the scope of the internal audit function?
2. Do you agree with the Chief Accountant's directions on the review of computer operations and applications? Explain why.
3. Briefly discuss the audit committee's involvement in operational analysis, business ethics, financial integrity, non-financial data integrity, and administration of the internal audit function.
4. How does the geographic and organizational dispersion of corporate activities change the role of the audit committee?
5. Do special analyses performed for management compromise internal audit's ability to independently appraise management performance for the audit committee?
6. How can the internal and external auditors conflict and cooperate in their interrelationships with the audit committee?
When a company is deciding whether to undertake an investment (from a number of possible options), what is the general procedure for the submission of proposals and the subsequent audit of investment?
Prepare a bank reconciliation for XYZ Company at September 30 using the following informatiom:
My company needs $300,000 to take a cash discount of 2/10, net 70. A bank will loan the money for 60 days at a total interest cost of $5,500.
Find the effective rate of both. Which is lowest? If Marine Bank eliminates its compenstating balance requirement, would the answer change? What would the new effective rate be?
Identify the accounts affected and whether this will be an overstatement or understatement and creating fictitious inventory by adding false count sheets to the inventory count.
When a business sells its accounts receivable to a financial institution, is it called, line of credit,cash equivalent, factoring, or market to market?
Obtain and review the annual report of a public company and locate its audit committed charter. What are the key features of the charter? What are its strengths? What are the weaknesses?
Choose any KPIS based on your industry/interests and explain why the existing KPIs offer a partly-complete measure. For each KPI, come up with an extension that might offer a better and/or in-depth measure.
Which of the following describes the internal control component "control procedures"?
Your CPA firm has just been engaged as the independent auditors for Drotos Theaters. The theater chain is opening a new theater in one month.
What was the balance inn Branson Co.'s cash account before recognizing any of these reconciling items? What was the balance shown on the bank statement before recognizing any of these reconciling items?
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..
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