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Question - Control testing in previous year - Alice is a junior auditor on the audit team for Sonoma Safari Park Ltd (SSP). The same audit firm has been SSP's auditor for the past two years.
During this time, the auditors have completed both the financial audit and the compliance audit for the Department of Tourism, stating that the business has adhered to the Wildlife Park Regulations.
SSP has requested that the auditors undertake both audit engagements again for the current year.
In each of the previous two years, the audit team has tested all of SSP's internal controls relevant to ensuring compliance with the Regulations. There have been no exceptions detected in this testing of controls in the past two years. A combined approach is also planned for the current year.
Alice suggests that, since there were no exceptions detected in previous years, no work on internal controls is required because last year's evidence will be sufficient.
Required - Explain why Alice's suggestion is not appropriate.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.
Term Structure of Interest Rates
Write a report on Internal Controls
Prepare the bank reconciliation for company.
Create a cost-benefit analysis to evaluate the project
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Distinguish between liquidity and profitability.
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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