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Imaginary Services Co Pty. Ltd started trading last year, and has undergone a recent surge of growth due to increased demand for their Imaginary Service. Your firm was appointed auditor for Imaginary Services Co Pty. Ltd in August 2010. As a result of this timing, you did not get the opportunity to observe the physical inventory count as of 30 June 2010 as it was done prior to your appointment. Owing to the nature of the company's records, you have not been able to satisfy yourself as to inventory quantities. The inventory balance is material, however, you have found that controls over inventory are good, and that there is a low risk of misstatement for this asset. What type of audit report would you issue, and why? If the company was Imaginary Consumables Co Pty Ltd, and the controls over inventory were not so good, would this affect the audit report, and why?
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.
eli corporation issued 200000 of 10-year bonds on 1st january. the bonds pay interest on 1st january and july 1 and
write a report based on a coding benchmark audit. the resulting coding outcomes will be known as coder a. for audit
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
Why would the courts want to limit the ability of third parties to sue auditors who have been negligent? Are there any arguments that this liability should not be limited?
Adding certain controls costing $35,000 annually could reduce these losses to 0.5 percent of purchases. Should the control be recommended
Identify and analyze the types of risks that organizations face and to apply the applicable risk knowledge to understand and perform better audits.
1. the components of teamcentral include which of the following?a. implementation trackingb. management dashboardsc.
A company sells earnings forecasts for Japanese securities. Its credit terms are 2/10, net 30. Based on experience, 70 percent of all customers will take the discount.
Imagine you are a company controller. Identify the internal control reporting options. Create criteria against which the options may be evaluated. Include internal controls for IT.
There are several different professional codes of conduct. How does an accountant or auditor determine which code of conduct to follow? Provide examples.
consider that you are audit senior in an accounting firm. your firm has recently won an audit for a company. thus your
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