Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Refer to the Professional Judgment in Context feature "Thor Industries, Inc. and Mark Schwartzhoff: Fraudulent Reductions in Cost of Goods Sold Through Manipulation of Inventory Accounts." Answer the fol- lowing questions.
a. List the incentives and opportunities that enabled Schwartzhoff to commit the fraud. Speculate on his possible rationalizations.
b. What do the control deficiencies imply about the approach Deloitte should have used to audit the inventory-related accounts and assertions on the Thor and Dutchmen audits? Discuss your answer in terms of the relative mix of evidence in the form of tests of details, substantive analytics, and tests of controls. Why might Deloitte auditors have lacked professional skepticism regarding the financial results of Dutchmen?
c. What substantive audit procedures (both tests of details and analytical procedures) could have detected this type of fraud earlier?
Considering that an auditor cannot express an opinion with certainty even after conducting an audit, is an audit worth the cost for the stakeholder?
What is the issue being addressed in the paper? What are the findings of the paper? Why is this paper important to auditors, and what are the implications of this paper for the auditing profession?
A practitioner cannot accept an engagement unless he believes the subject matter to be capable of reasonably consistent evaluation against suitable, available criteria. What levels of assurance should be given in attestation engagement reports?
What are bad debts in dollars currently and under the proposed change? Calculate the cost of the marginal bad debts to the firm.
Determine the taxable year of the LLC under the Code and Regulations and two years after formation of the LLC, Barney sells half of his interest (25%) to Aldrin, Inc. Can the LLC retain the taxable year determined in part (a)? Why or why not?
What federal departments are sponsoring the listed programs? Which programs would be considered Type A programs or Type B programs and why?
A new project being considered would require an investment of $15,000 and would generate annual net operating income of $3,000. What is the residual income of the new project?
Audit evidence, rank the items in terms of their reliability - auditor received a representation from the entity's lawyers regarding the probable outcome of a pending court case
Disbursements of a branch of the federal government for a special research project to determine whether the expenditures were consistent with the legislation that authorised that project.
your recent review of management financial data for 201213 has shown the following key statisticsfinancial
Determine the cost of goods available for sale, the ending inventory, and the cost of goods sold. Then create the journal entries for January 4 and 18.
Explain audit risk model and its components of risks. For substantive testing, what affect auditor in deciding the extent and time of carrying the audit procedures when considering these risks.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd