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A fellow business student questions the benefits of an audit as follows:
"Why should a company hire auditors? As far as I can tell auditors of public companies charge millions of dollars in audit fees, and it is not clear to me that management receives any benefit for this expenditure. It is just money down the drain. It is also not clear to me that auditors accomplish anything. We have seen a number of material restatements of financial statements. Why should a company pay for audits that are ineffective? I think auditors are just a drain on society."
a. Explain the economic benefits provided by a financial statement audit.
b. Explain the inherent limitations that might prevent auditors from finding every potential material misstatement in financial statements.
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 ..
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).
Identify the four types of control mechanisms that are used in Delta Airlines. I need 1 slide for each type of control mechanisms with speaker notes. That's a total of 4 slides + a references slide for me to look at.
Prepare a memo that you will present to the CEO in which you do the following: Suggest the sources from which you can obtain information that would be needed to prepare the description of internal control in the audit working papers.
Why is there greater risk for an individual accounting worker than there was before? Why is the primary objective of an audit is to add credibility to management's financial statements?
You have received the bank statement for your company's account and need to reconcile it with your cash T-account. Your records show an ending balance for the month of $12,722.40 while the bank's records show an ending balance of $12,367.16.
What effects are decreases in reserve requirements likely to have on (a) bank reserves, (b) Federal Funds rates, (c) bank lending, (d) Treasury bill rates, and (e) the bank prime rate? Explain your answers.
Financial Statement Assertions: Inventory Inventories are properly at the lower of cost or market. Inventories in the warehouse on the balance sheet date are all reported.
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
What are the expected rates of reimbursement for this time frame for each payer? What is your expected accounts receivable? What is the rate that you should charge for these services (using one charge rate for all payers)? Find the total charges for ..
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