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Explain the Role playing as an Financial auditor.
This is the ending part of my accounting class and the instructor wants us to role play as an auditor. Please help me out with the below scenario and explaination for my client.
"You are the auditor of Browning, Inc., a manufacturer of plastic products. In reviewing the balance sheet of the company, you notice several receivables from the officers of the company. You report your findings to the president of the company and inform him that these receivables will be considered related party transactions for purposes of financial accounting and reporting. The president seems somewhat annoyed by your comments and asks you to explain what you mean by "related party" transactions and how the financial statements will be affected by these transactions. Prepare a brief response to the president's question."
Forest Ltd's financial report, identify two factors in the information provided that increase audit risk - Discuss one adjustment to be made to your audit plan in response to the audit risk associated with each of the factors identified in part (a).
As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
Describe methods of evaluating performance to increase productivity and profitability. List the characteristics of control systems
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Should the staff member of your PA firm whose uncle owns the advertising agency be assigned to examine advertising costs? Discuss.
Why is the Code of Conduct important to the profession? Many professionals believe that in today's business environment it is more difficult to adhere to the Code of Professional Conduct. Why might this be true?
In outlining your plan, discuss the roles the Internal Audit will play in preventing fraud: Why is each of the groups above reluctant to take the responsibility for detecting and preventing fraud?
smith a certified public accounting firm was engaged to audit the financial statements of the sky-is-the-limit company.
List and discuss the steps AOW should follow with regard to dealing with a predecessor auditor and a new client before accepting the engagement.
Discuss how the concept of risk can be used to detect one of the financial statement fraud schemes. Ensure to include specific procedures to detect the fraud scheme of your choosing.
1.describe about owning a computerized accounting system by developing internally purchased from 3rd party provider or
Categorize each scenario as primarily indicating (1) an incentive to commit fraud, (2) an opportunity to commit fraud, or (3) a rationalization for committing fraud.
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