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Toady.com is a new public phone and internet company heavily financed by the Eastpac Bank. During your audit of Toady.com you have found that the business is in the practice of signing up new customers with very little in the way of credit checks. You are concerned that the disclosure of bad and doubtful debts may not accurately reflect the true situation of the company. You notice that if you apply the standards correctly the bad and doubtful debts will have such an effect on the financial statements that capital adequacy requirements may be breached.
When you approached management about the adequacy of these disclosures they told you that they were happy with the bad and doubtful debts at their current level, and that they would not be changing their method of application of the standard.
What is your first obligation? What type of auditor's report will you issue, and why?
You have met with a potential client, who informs you that all the employees and officers of his company are bonded.
What are the organizational implications when most managers have different or similar values?
School District 25 formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end.
trade between a buyer and a seller are free on board (FOB) destination. What document gives evidence that a liability exists and can be unrecorded?
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
Find characteristics that distinguish NFP from business enterprises and issues relevant to NFP financial reporting and describe your rationale by reference to existing reporting requirements.
The auditor of a bank is called to a meeting with a senior operations manager because of a customer's report that an auto load payment was not credited. According to the customer, the payment was made at a teller's window using a check drawn on a ..
What summary journal entry did Disney make to record interest incurred during fiscal 2009? (Hint: Don't forget to distinguish between interest incurred and cash paid for interest.)
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
What is the duty of disclosure, what is the duty of "utmost good faith" ?
"Accounting firms must be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year". Write down a response disagreeing with the above statement
The operational reviewer typically has multiple personal attributes that make them and mold them into operational reviewer. List and describe at least three and tell why they are positive attributes for the operational reviewer.
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