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Michael and Susan were ABAA classmates who are employed by different CPA firms. One day during a lunch they discussed about the importance of internal control in determining the amount of audit evidence required for an audit engagement. Michael thinks that internal control must be evaluated carefully for all companies irrespective of their sizes. On every audit he uses a standard internal control questionnaire and a flowchart of every business cycle. After careful evaluation of a system, he modify the evidence accumulated based on the controls and deficiencies identified. Susan however believes that internal controls are not adequate in small companies and hence she just ignores internal control and audit her client based on the assumption of inadequate controls. She does not wish to waste time and effect obtaining an understanding of internal control and assess control risk because she knows it has all kinds of weaknesses. She would rather perform substantives tests. Required 1. Explain the major differences between possible controls available to large and small companies. 2. Comment on Michael and Susan approaches 3. When auditing the financial statements of listed companies, what additional procedures Michael must perform over internal controls?
Dividends are expected to grow at a constant rate of 4% for the next two years, at which point the stock is expected to sell for $56.00. If investors require a rate of return on Modem's common stock of 18%, what should the stock sell for today?
the following costs result from the production of 24000 dvd sets manufactured by astra company for the year ended
suppose that the change in portfolio value for a 1 - basis point shift in the 3 month 6 month 1 year 2 year 3 year 4
rayya co. purchases and installs a machine on january 1 2013 at a total cost of 105000. straight-line depreciation is
prepare a two- to three-page paper in apa style sixth edition format that describes explains addresses and answers the
aqua system engineering provides consulting services to city water authourity a recent income statment releaved
the city of ridgetown received a gift of 3000000 from a local resident on april 1 2012 and signed an agreement that the
suppan company manufactures a variety of tools and industrial equipment. the company operates through three divisions.
aissued 100000 shares of common stock at 5 each 1000000 shares are authorized at 1 par value.bissued 10000 shares of
Net Assets Balance at the beginning of the year.
what is the overall change in working capital resulting from the following changes? 100 increase in inventories 50
Talia Corp. produces digital cameras. For each camera produced, direct materials are $24, direct labor is $16, variable manufacturing overhead is $12, fixed manufacturing overhead is $28, variable selling and administrative expenses are $10, and f..
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