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Audit program outlines in detail what an auditor plans to do and the expected required time to accomplish each task. An audit engagement may involve more than one audit program. For example, we can have an audit program for accounts receivable, one for cash, one for inventory, etc.can you describe the benefits of audit program in terms of resource planning and other aspects of auditing?
Auditor before they accept a new client or continue to service existing clients, they conduct audit risk. It is not always possible to completely avoid risk. Our attempt is always to keep it at an acceptable level. The Audit Risk Assessment involves considering multiple factors one of which is management integrity. If the leadership of a company is engaged in an illegal activity, this raises a red flag on the Audit Risk assessment.
Planning is an important part of auditing. Planning involves acquiring full understanding of the business to be audited and its environment, the internal control, and the audit risk. It is also at this stage that the audit determines what it considers to be a material misstatement.What is materiality (in your own words)? What steps would you apply to determine materiality?
MRP Structure - Prepare the MRP tables for each item for an 8 week planning period. Use the lot-for-lot lot-sizing rule
Assume that the equilibrium price of DVD players increases and the equilibrium quantity increases. Illustrate which of the following best fits the observed data.
Accounts Receivable had a blalance of $5400 the beginning of the month and $2,200 at the end of the month. Credit sales totaled $30,000 during the month. Assuming that all sales were made
Determine which of the following motivates corporations to enter into stock repurchase programs?
Explain the organizational structure of your selected organization, then compare and contrast it with two different organizational structures.
Identify a potential research question that would be of interest to Wordplay Greeting Cards. Present your research question, and identify why you think it would be of interest and benefit to them.
A seed shoots out from the pod with the speed of 2.6m/s but with a direction of motion 30° below the horizontal. The seed pod is initially 1.1m above the ground.
Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable? Why don't people rush to the bank and retrieve their money? How do banks prevent panics from occurring?
Ignore the time value of money and compute the optimal pricing scheme of the iphone, Suppose that there are equal numbers of each customer type, and that the MC of the iphone is $100.
FMC Aberdeen and Green River Organizational Structure/Culture - Prepare an organizational analysis for Kenneth Dailey, site manager for FMC Corporation's Green River, Wyoming facility.
Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group.
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
Determine ordering cost per order
What are the legal issues involved in this situation? What should the auditor use as a defense in the event that he is sued? What was the CPA's deficiency in conducting the audit of accounts receivable?
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
You will be required to obtain/study annual reports of companies in the industry
Your company's accounts payable clerk is asked to fill in for your accounts receivable clerk. Many things look unfamiliar to her, and she needs some explanations. You start by saying, "Accounts receivable is claims from monies due to the company."..
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.
To properly assess the internal controls in place at CSSC, you have found that there are three major objectives that an entity should follow in designing an effective internal control system:
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
Define lapping and give an example. What is a substantive test of transactions? How would it be applied to accounts receivable an inventory?
Purpose a sample draft of a standard unqualified audit opinion and make sure you add a clause that the opinion is a Sample Only and not to be used for any other purpose
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