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Consider that you are audit senior in an accounting firm. Your firm has recently won an audit for a company. Thus, your firm does not have any other clients that operate in this industry. Your audit partner is concerned about his lack of knowledge of the industry the company is operating in.
Your audit partner asks you to create a memo on the 'state of the company's industry' and associated risk factors.
Required:
a) Create a list of all useful sources that you will use to obtain the required knowledge.
b) Create a memo to the audit partner on the 'state of the company's industry' and associated risk factors.
c) Suggested five most important general balance-related or transaction-related audit objectives based on your finding of the risk factors.
Calculate the amount that would be received by an investor who has owned 170 shares of preferred stock and 260 shares of common stock since 2011 if a $0.35 per share dividend on the common stock is paid at the end of 2014.
The president has promised an intensive ''audit'' of all aspects of the department's performance. The university has never explicitly established formal goals for the athletic department.
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?
Auditing standards require the confirmation of accounts receivable in normal circumstances. What are the three exceptions to this requirement?
There is a lot of regulation in the financial industry, but there are still large frauds being committed. Are the current regulations sufficient?
Lowe Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information. Determine deposits in transit. (Assume the July 31 deposit in transit cleared the bank in August). b) Determine outstanding checks. (You are calculating..
Milner Corp. uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1,000 account of a customer, C. Schaub. On December 9, it receives a $200 payment from Schaub.
Discuss the nature of professional scepticism and summarise the problems identified by the ASIC inspection program. Recommend regulatory or quality control procedures which could be implemented avoid similar problems in the future.
Identify the companys independent registered public accounting firm. Determine how long this firm has served as the external auditors and other services,
Explain how the acceptance of large, high-risk audit clients for relatively high audit fees may threaten an audit firm's de facto and perceived independence.
When a business sells its accounts receivable to a financial institution, is it called, line of credit,cash equivalent, factoring, or market to market?
While the net worth method focuses on the balance sheet and the increase in net worth for the year the bank deposit method looks at the money deposited and withdrawn throughout the year.
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