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a. What is an audit program?
b. Identify two tasks that need to be accomplished in the framework for developing an audit program.
c. What essential information is generally documented in an audit program?
Verna's makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 60% are collected in the first month after sale; and 15% are collected in the second month after sale.
Plain Truth Adverting employs KPR, a large accounting firm, to audit its books each year. This involves considerable expense for the advertising firm, since sales account managers are very independent and maintain separate record keeping systems.
Identify 6 principles of internal control. Give examples for each principle that might be observed when picking up pizza.
Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form). Be sure that the 10-k report and the annual report are for the same fiscal year.
Prepare all journal entries necessary
Seven different types of evidence were discussed. The following questions concern the reliability (competence) of that evidence: Explain why confirmations are normally more reliable evidence than inquiries of the client.
(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
Describe the relationships between cash in the bank and transaction cycles. Where are you likely to gain the most accurate information?
What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit?
To prepare a report on a criteria audit conducted at Curtin Hospital.
Conduct a full situational audit of the Shangri-la hotel in Singapore and prepare a strategic plan for the next three years.
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
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