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Following are examples of control deficiencies that may represent significant deficiencies or material weaknesses. For each of the following scenarios, indicate whether the deficiency is a significant deficiency or material weakness. Justify your decision.
a.During its assessment of ICFR, the management of Lorenz Corporation and its auditors identified the following control deficiencies that individually represent significant deficiencies:
•Inadequate segregation of duties over certain information system access controls.
•Several instances of transactions that were not properly recorded in subsidiary ledgers. While the transactions that weren't recorded properly were not material, the gross amount of the transactions of that type totaled up to an amount several times materiality.
•A lack of timely reconciliations of the account balances affected by the improperly recorded transactions.
ravonette corporation issued 300 shares of 10 par value common stock and 100 shares of 50 par value preferred stock for
lambert department store is located in midtown metropolis. during the past several years net income has been declining
the following transactions occurred during julya. received 1900 cash for services provided to a customer during july.b.
techuxia corporation worked on four jobs during october job a256 job a257 job a258 and job a260. at the end of october
Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
louis company sells a single product at a price of 65 per unit. variable costs per unit are 45 and total fixed costs
manley company planned to sell 40000 units this year at 6.00 per unit. actual results indicate that 42000 units were
Using the FIFO method, prepare te following for the Shoe making department.
which of the following is an advantage of corporations relative to partnerships and sole proprietorships?reduced legal
Prepare entries for the appropriations - the company bought the machine for $130,000 cash.
Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.
billys hamburgers issued 5 10-year bonds payable at 90 on december 31 2012. at december 31 2014 billy reported the
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