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Create an audit report with the findings being somewhere between $5,000,000 and $30,000,000 Include these items in the report: The area under audit where the finding occurred, The steps you undertook during the audit, The problem that was noted, the amount of the finding and the suggested accounting correction, The conclusion of the auditor as a result of the steps taken and the problem noted, and The corrective action necessary to prevent this problem from reoccurring.
Here is an example:
Having undertaken the audit of ABC College during the last week, it was found that there was a discrepancy in the actual cash balance and the cash in the cash box. This was found to be mainly due to the oversight of few cash receipts and not having recorder two of the cash payments. We found that the payments that were not accounted for were of value $10,000 and the receipts that were not recorder for were of value $50,000. It was evident that the receipts and payments were not being recorded with prudence by the accountant. The possible way to avoid this problem form reoccurring is to create a strong system of internal control and dividing the responsibility of collection of cash and recording of cash between two different people.
Please describe the procedure used in either case and do you think there was sufficient internal control to prevent improper claims?
If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:
Prepare the journal entries for these transactions.Purchased a tract of land in exchange for $10,000 cash down payment and a noninterest-bearing note requiring five $10,000 annual payments, with the first annual payment in one year. The fair value ..
Use a two-step binomial tree to calculate the value of a derivative that pays off max[(30-ST), 0]2 , where ST is the stock price in 4 months. If the derivative is American-style, should it be exercised early?
Ziebart Corp.'s EBITDA last year was $390,000 (= EBIT + depreciation + amortization), its interest charges were $9,500, it had to repay $26,000 of long-term debt, and it had to make a payment of $17,400 under a long-term lease. The firm had no amo..
Morales Company issued $800,000 of 8%, 5-year bonds at 106, which pays interest annually. Assuming straight-line amortization, what is the carrying value of the bonds after one year?
evaluate the synergies gained for the company as a result of the business combination and how the combined business is better positioned to compete in the global marketplace.
Cindy Lore, his accountant, says that more information is needed to determine the firm's financial well being. Analyze the situation and determine who is correct and support your position.
Rhoda, a calendar year taxpayer, files her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25000.
Is Cost-Volume-Profit Analysis still relevant in the 21st Century business organization? Support your answer with reasoned arguments and references as appropriate.
Vial-tek has an existing loan in the amount of $3.5 million with an annual interest rate of 9.5%. The company provides an internal company-prepared financial statement to the bank under the loan agreement.
What is the underlying rationale for Alimony Rules:
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