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1) What should a taxpayer (T/P) do when he receives the audit notice?
2) Can the T/P avoid meetings with IRS auditor once he hires a representative?
3) What can the T/P do if no agreement can be reach between him and IRS?
4) What are some common examples of the timing strategy?
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash?
Prepare all journal entries necessary
"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
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
Preparing memo on state of the company industry
You are required to identify a current controversy relating to Auditors' Independence.
Write down a report in 700 words, justifying the need for the system when controls are in place with insurance and portfolio approaches.
As an auditor for Franken's Markets you have discovered fraudulent activities. In your previous discussions with management, no one with the Franken organization identified fraudulent behavior or activity and any questions related to such matters ..
When assessing risk factors due to errors and fraud, what are some types of examples of these? Have you seen this occur in the workplace past/present/familiar with a situation?
The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000.
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