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Doug Stevens, CPA, is interested in testing the fairness of the ending inventory balance during the audit of Morris Co. Doug has relatively little experience using statistical sampling methods and, quite frankly, doesn't like to turn anything over to random chance' especially the selection of items to test. Doug used a judgmental method of selecting items for testing. The method involves testing the inventory- item balances that he deems most risky or most likely to be misstated. Doug identified items to test based on size of balance, findings from prior years, age of inventory, description, and professional judgment. He selected 26 items with a total book value of $ 720,000. In his “sample, he found a combined $ 80,000 in overstatement errors. The book value of inventory on the entity's records is $ 1,090,000. Overall materiality for the engagement is $ 500,000. Doug's policy is to use 50 percent or less of overall materiality as tolerable misstatement for any one account. Required: a.zbalance is fairly stated?
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
For each account identified in a) identify and explain the most relevant audit assertion affected (you should identify no more than 2 assertions for each account).
What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
Briefly discuss the audit committee's involvement in operational analysis, business ethics, financial integrity, non-financial data integrity, and administration of the internal audit function.
please make a statement of revenues expenses and changes in net assets for the year ended 31st december 2012 assuming
Decide whether, in the event of an economic slowdown in the U.S., Bank of America's overseas revenue generation might serve to shelter the parent from slow or negative growth in the U.S. market. Explain and support your opinion.
Prepare a common-size income statement and balance sheet for McDonough Products. The first column of each statement should present McDonough Products common-size statement, and the second column should show the industry averages.
In a discussion between Peters and Ferrel, Two auditing students, Peters made the following statement: "A CPA is a professional person who is licensed by the state for the purpose of providing an independent expert opinion on the fairness of finan..
Beeline Manufacturing produces two types of industrial ventilation machines: heavy-duty and standard. The assignment basis for overhead costs has always been direct labor hours. For 2013, Beeline compiled the following data for the two products:
bulleat at my restaurant - cash flowread and complete case study 10-10 eat at my restaurant in your text. address the
Describe the preferred format of the internal audit report, comparing it the recent report from the external auditors.
What are the potential red flags with respect to the Jost audit? If you were Yancy Corliss, would you go ahead and recommend to Sharon Rules that the firm should submit a bid for the Jost audit? Why or why not?
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