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For each of the following situations indicating heightened fraud risk, discuss how a professionally skeptical auditor might interpret the situation.
a. The company is not as profitable as its competitors, but it seems to have good products. However, it has a deficiency in internal control over disbursements that makes it subject to management override.
b. The company is doing better than its competitors. Although sales are about the same as competitors, net income is significantly more. Management attributes the greater profitability to better control of expenses.
c. The company is financially distressed and is at some risk of defaulting on its debt covenants. The company improves its current ratio and other ratios by making an unusually large payment against its current liabilities, accompanied by highly discounted sales if their customers paid before year end.
d. A smaller public company has a CFO who has centralized power under her. Her style is very intimidating. She is not a CPA; and she has limited accounting experience. The company has not been able to increase profitability during her time with the company.
What are the different types of audit reports and when should each be used? In what types of situations would an auditor be allowed to issue an unqualified audit report?
Would King & Queen be liable to EFL and Would your answer change if EFL had written to King & Queen advising you that they intended to make a loan to Impulse and were relying on the 2012 audited financial report to assist them in making their decis..
Describe the relationships between cash in the bank and transaction cycles. Where are you likely to gain the most accurate information?
What are the strengths of MUS? Provide at least three examples in which MUS might be used. What are the difficulties that the auditor may experience in using MUS?
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?
Was sufficient audit evidence obtained to verify and support the recorded LOCOM inventory reserve balance - what additional audit procedures, if any, could be performed to obtain appropriate evidence to audit the LOCOM inventory reserve balance?
Why do you think it will be an interesting focus for your economic analysis? What is the price of the stock? How many shares can you purchase with your $1000? To keep things simple, assume the brokerage fee is waived. This is just a virtual exercis..
As best you can from the limited amount of information provided, design a strategy to test compliance with the eligibility provisions and propose, in general terms, an approach to fulfilling the mandate of the city council.
Based on relevant accounting pronouncements for the sale of real estate, how should Leno, Inc. account for the transaction at March 31, 2011 and what additional type of evidence should the auditor examine prior to recognizing any gain on the transa..
Prepared in good form a working paper and conclude whether the auditor can rely on the control of authorization of credit. Your working paper could add the sampling steps identified in the textbook for tests of controls.
What do the control deficiencies imply about the approach Deloitte should have used to audit the inventory-related accounts and assertions on the Thor and Dutchmen audits?
impulse pty ltd impulse is an entertainment system manufacturer that was established in 2005. your audit firm king amp
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