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The CPA firm of which you are a manager has placed you in charge of the audit of the Thornburg School District.The district receives substantial financial support from the State Education Agency. The state requires aid recipients to have annual single audits conducted by independent CPA firms. The firms are responsible for verifying that recipients have complied with theprovisionsofall financial awards from the state. From your preliminary survey, you learn that the district received an award of $3 million to provide free hot lunches to elementary school children of low-income families. The award specifies that only children from families with incomes under $30,000 are eligible to participate in the program. The state requires districts to determine eligibility, but it provides no guidance as to how they are to do so. Based only on this limited information, it is obviously not possible to develop a specific audit program to ensure that the district has complied with the eligibility provisions. However, before you even meet with district officials to discuss the audit, you wish to have a preliminary strategy in mind.
(1) As best you can from the limited amount of information provided, design a strategy to test compliance with the eligibility provisions.
(2) Suppose that the audit is being conducted under the federal Single Audit Act and that the auditor is required to adhere to all of its reporting provisions. As part of your examination, you find that 25 students out of 350 in the program failed to meet the eligibility requirements. Assuming that the auditors consider the amounts involved as indicative of a weakness in internal controls, how, if at all, should that finding affect your report on the program
How would you improve it? Calculate alternative rates that you would use and explain why you think it would help Rex. You should draw on information provided in Tables 1 to 4 to support your recommendation.
Use the hig-low method to estimate the companys utilities cost behavior and state the cost formula and predict the utilities cost for a month in which 12,000 pounds of the product were produced
Evaluate the annual net cost savings promised by the new etching machine.
Evaluate the allocation of the acquisition price to undervalued assets and Goodwill Evaluate the amounts of 4 years' excess depreciation/amortization for the undervalued assets, from 2009-2012
Evaluate the subsequent amounts for the month of May cost of direct materials used and cost of direct labor used.
Direct material usage budget and direct material purchases budget and manufacturing overhead cost budgets for each of the three activities
Evaluate the average markup percentage for setting prices as a percentage of the full cost of the product.
Evaluate that the degree of operating leverage is 2.90. The output rises to 78,000 units - Find what will the percentage change in operating cash flow ?
There were no other errors or corrections. Ignore any tax considerations - evaluate the total net effect of errors on Mystical's 2013 net income?
Finch supplies remaining components and assemble the final product at a cost $340. Finch's marketing, packaging, and shipping expenses total $40 per unit. Each unit is sold for $2,800.
Evaluate the equivalent units of production with respect to direct labor and evaluate the equivalent units of production with respect to direct materials.
Purpose the Income Statement for the year ended December 31, 2008 and Prepare the Statement of Retained Earnings for the year and purpose the Balance Sheet at December 31, 2008.
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