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Frank is a technical manager of a CPA firm. Recently Frank was requested by his firm to conduct a review of the working papers on the audit of a new client, Alpha Electronics Limited ("Alpha"), a company engaging in the manufacturing and trading of computer accessories and devices, and to report his findings to the partner in charge of the audit. Upon review of the working papers prepared by the audit staff, Frank noted that a sample of 33 sales transactions was selected from the sales daybook at random for compliance test purposes. A total of 8 transactions were found to have discrepancies. The audit staff concluded in the working papers that since none of the errors found was above the materiality level set by the firm, the control system on sales would be considered as functioning properly and could be relied upon for other audit work.
Comment on the appropriateness of work done and conclusions drawn by the audit staff and recommend the right course of action, where applicable.
Show the cash flows from investing and financing activities sections of the cash flows statement.
You have learned that the internal control framework for most U.S. companies is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, issued in 1992.
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
Prepare all journal entries necessary
Conduct a full situational audit of the Shangri-la hotel in Singapore and prepare a strategic plan for the next three years.
Prepare a strategic audit for Wal-Mart. Write a synopsis for Wal-Mart, covering the following points:
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?
Given the increased emphasis on corporate fraud, should auditors be required to look aggressively for fraud factors like collusion, circumvention and management override? Why or why not?
While the net worth method focuses on the balance sheet and the increase in net worth for the year the bank deposit method looks at the money deposited and withdrawn throughout the year.
Lowe Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information. Determine deposits in transit. (Assume the July 31 deposit in transit cleared the bank in August). b) Determine outstanding checks. (You are calculating..
You are responsible for auditing a wholesale cosmetics distributor with an inventory consisting of thousands of individual items.
To identify principal audit risk and corresponding audit procedures
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