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How can fictitious revenue be created through the use of false sales to shell companies? Discuss the method and result of committing this fraud.
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
Essence of Skunk Fragrances, Ltd. sells 5600 units of its perfume collection each year at a price per unit of $425. All sales are on credit with terms of 1/10, net 40. The discount is taken by 60 percent of the customers, by its main competitor, S..
Discuss how can an organization best use its internal complaint process to forego the need for external resolution? When might a professional moderation be useful? Provide an example.
Explain auditors' responsibilities with respect to detecting and reporting fraud? Provide a brief overview of the types of reports that accompany an entity's financial statements?
Explain for the client the benefits of using an internal auditor. Explain how their background benefits the client.
State the level of materiality as immaterial, highly material or material. If you cannot select the level of materiality, state the extra information needed to make a decision.
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
Lenter Supply Corp. is a medium-sized distributor of wholesale hardware supplied in southern Manitoba. It has been a client of yours for several years and has instituted excellent internal control for sales at your recommendation.
What are bad debts in dollars currently and under the proposed change? Calculate the cost of the marginal bad debts to the firm.
Show the audit inherent risk and rate the risk as low, medium or high.
As an independent financial consultant, you have been hired to audit the books of a multifaceted special events organization. Upon examination of the records, you determine that management intentionally commingled funds between the different divis..
Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?
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