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1. how much information should go into the documentation. Based on your understanding of the issues in this section, do you think the auditor should include more material than necessary just to protect him/herself? What are the pros and cons of such a policy? 2. In this chapter, different types of evidence are discussed. If outside evidence is more reliable than evidence from the company, should the auditor plan to obtain only outside evidence to get the most reliable results? Why or why not? 3. The book mentions that it is necessary for the auditor to understand the client's business. Why is that the case? How does classifying the client into a safe or risky category affect the audit? Do you think auditors should still accept clients in high risk industries? If yes, why? If not, who would audit them? 4. Why do you think related party transactions are particularly difficult to audit? What are the risks involved? How can the auditor resolve these risks?
Miles Company began 2010 with a retained earnings balance of $142,400. During an examination of its accounting records on December 31, 2010, the company found it had made the following material errors, for both financial reporting and income tax repo..
Cunningham, Inc. sells MP3 players for $60 each. Variable costs are $40 per unit, and fixed costs total $60,000. What sales are needed by Cunningham to break even?
mancuso corporation amended its pension plan on january 1 2010 and granted 160000 of unrecognized prior service costs
roberts iii corporation is considering an investment in special-purpose equipment to enable the company to obtain a
1.which of the following is true?a.if using the double-declining-balance the total amount of depreciation expense
What are the differences between bottom-up and top-down approaches to security valuation? What are the advantages of a top-down approach? Why does it make intuitive sense that the slope of the yield curve is considered a leading economic indicator? W..
1 cash flows from financing activities as part of the statement of cash flows include payments for dividends. a. true
clark international produces designer watches. each watch requires materials worth 14.50 and three direct labor hours.
cocoa pet corporation manufactures two models of grooming stations a standard and a deluxe model. the following
cisco inc. reported the following in its income statement for the year ended july 26 2008 basic earnings per share of
uploaded imagean aging schedule for accounting companycustomer totals 285000.total est bad debts 42.610at december 31
perine company has 2000 pounds of raw materials in its december 31 2013 ending inventory. required productionf for
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