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For the BakFirn Corporation, an accounting audit of accounts payable, vendor invoices, and inventory material acceptance is in progress. You notice that the three-way-match of pricing, amount, and units is not matching. You go to your next-level supervisor-the supervisor of the audit firm YOUCPA-and the supervisor informs you that you do not need to worry so much because they are not within the materiality amounts. He requests that you complete the outside audit as quickly as possible; the firm is under a tight budget with this client.
1. Assume that you are an auditor and as part of your routine audit, you discover a fraud being committed by the accounts receivable manager. The fraud is large enough to have a material impact on the financial statements. How does this findin..
State the highest level of deficiency that you think circumstances represent. Is it control deficiency, significant deficiency, or material weakness?
What changes could be introduced to further improve auditor independence and discuss the nature of professional scepticism and summarise the problems identified by the ASIC inspection program.
Discuss how internal control problems may have contributed to the failure of Tyco International. Describe these problems and their cause. What would you have done differently, if you had been in charge (be specific)?
What are some major components of an internal control system? Are these components always necessary?
Examples of five ethical dilemmas that could arise during the audit process and determinge how you would resolve them.
Bombeck Company sells a product for $1,500. When the customer buys it, Bombeck provides a one-year warranty. Prepare a journal entry to record the estimated liability.
Prepare journal entries to record these selected transactions for Vitalo Company.
The company you use should have its central processing unit (CPU) on site instead of connecting to it over phone lines. The company should have at least two of the following applications on its computer system: Accounts Payable, Accounts Receivable, ..
How would you respond to corporate decision to which you're ethically opposed?
Quincy Inc. has 20,000 shares of $10 par value common stock and 1,000 shares of $100 par value, 9%, cumulative, preferred stock. No dividends were paid the previous year.
An auditor evaluation and study of the internal accounting control system
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