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Suppose that you are audit senior in an accounting firm. Your firm has recently won an audit for a company ELDERS ltd. Thus, your firm does not have any other clients that operate in this industry. Your audit partner is concerned about his lack of knowledge of the industry the company is operating in. He is aware of the needs of ASA 315.
Your audit partner asks you to prepare a memo on the ‘state of the company's industry' and associated risk factors.
Required:
a) Prepare a list of all useful sources that you will use to obtain the required knowledge.
b) Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
c) Suggested five most important basic balance-related or transaction-related audit objectives based on your finding of the risk factors.
Adjusting Entries: Interest receivable at 1/1/06 was $5,000. During 2006 cash received from debtors for interest on outstanding notes receivable amounted to $6,000.
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On July 1, 2007, Gale Sondergaard Company sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Sondergaard will receive interest at the prevailing rate for a note of this type. Both..
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should auditors perform tests of long term notes payable transactions after the balance sheet date?
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.
Accounts receivable are $45,000 and are directly proportional to total sales. The sales forecast for next year is $125,000, which represents a 5% growth over the current year. The forecast accounts receivable would be:
What type of concessions might a creditor grant the debtor in a troubled debt situation? What is meant by "impairment" of a loan? Under what circumstances should a creditor or debtor recognize an impaired loan?
Control risk has been assessed as high and detection risk is low. What is the timing of the substantive procedures likely to be and the auditor has decided that they will use a larger sample for confirmations at year end. What is the level of detecti..
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?
A staff auditor was listening to a conversation between two senior auditors regarding the audit risk model. Following are some statements made in that conversation.
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