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Given the recent accounting scandals, how much confidence should the public really have in financial audits?
In light of recent audit failures, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
There are several different professional codes of conduct. How does an accountant or auditor determine which code of conduct to follow? Provide examples.
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.
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.
Classify the evidence by source into one of four categories: (1) directly from outsiders, (2) indirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.
Determine the total estimated uncollectibles. Prepare the adjusting entry at March 31 to record bad debts expense.
A staff auditor was listening to a conversation between two senior auditors regarding the audit risk model. Following are some statements made in that conversation.
What are the powers of the Federal Reserve Bank in controlling the nation's money supply? Among the powers, which has the most impact? Which powers are used least often?
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.
Many companies have an internal audit staff to assess the adequacy of internal controls. Do you think your organization has an internal audit function? Or do you think your organization has outsourced this function to an external audit firm?
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
Explain what the following five words mean to you non CPA audit, financial audit, compliance audit, operational audit, fraud audit
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