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Pyramid Products Company has a revolving credit agreement with its bank. The company can borrow up to $1 million under the agreement at an annual interest rate of 9 percent. Pyramid is required to maintain a 10 percent compensating balance on any funds borrowed under the agreement and to pay a 0.5 percent commitment fee on the unused portion of the credit line. Assume that Pyramid has no funds in the account at the bank that can be used to meet the compensating balance requirement. Determine the annual financing cost of borrowing each of the following amounts under the credit agreement:
a. $250,000b. $500,000c. $1,000,000
Describe in detail the controls over payroll in auditing.
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
Seven different types of evidence were discussed. The following questions concern the reliability (competence) of that evidence: Explain why confirmations are normally more reliable evidence than inquiries of the client.
Since an auditor is unable to examine every transaction, it is necessary to determine how many transactions to examine. After completing all the steps of the internal control audit process, the auditor determines a sample of transactions to audit.
Show the audit inherent risk and rate the risk as low, medium or high.
Identify and describe Reed's responsibilities to detect Smith's errors and fraud. Do not identify specific audit procedures.
Identify a profile for a taxpayer who is more likely than the national average to be audited by the IRS. What factors cause certain taxpayers to be audited more frequently?
Discuss how can an organization best use its internal complaint process to forego the need for external resolution? When might a professional moderation be useful? Provide an example.
What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
What are the primary reasons for audit failures and the potential scandals that occur when problems are brought to light?
What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services?
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