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1. Assume that you are an auditor and as part of your routine audit, you discover a fraud being committed by the accounts receivable manager. The fraud is large enough to have a material impact on the financial statements. How does this finding affect the rest of your audit? 2. What type of report would an auditor issue after the client changes inventory methods from one year to the next to smooth income? 3. What is the appropriate action for an auditor who believes the client will not be able to remain as a going concern for more than another year? 4. What type of opinion would an auditor likely give for a retail firm that prevents the auditor from reviewing inventories and accounts receivable? 5. What type of evidence-gathering procedures would normally be used for accounts receivable? 6. What does the auditor accomplish by testing controls? 7. What is the difference between tracing and vouching? 8. Why do auditors use sampling? 9. What is sampling for attributes? 10. Why does the PCAOB require a separate but integrated audit of internal controls? 11. Are auditors responsible for finding material fraud? 12. How does internal auditing differ from external auditing?
A bank branch must keep a stock of cash on hand for customer withdrawals. The net daily withdrawal rate at the branch is $5,000. The opportunity cost of cash is 10% per year.
Compute price and usage variances for direct materials, compute the direct labor rate and labor efficiency variances and compute the fixed overhead spending and volume variances. Intercept the volume variance.
Suppose you are consulting for a VP branch bank. You notice that several branches have consistently low customers service ratings even though there are no apparent differences in resources or staff characteristics.
The term of the noncancelable lease is6years, with no renewal option. The equipment reverts to the lessor at the termination of the lease and equal rental payments are due on January 1 of each year, beginning in 2012.
Which of the following describes the internal control component "monitoring of controls"?
Using the information above, prepare the statement of activities and the statement of net assets on a government-wide basis (using full accrual accounting). The beginning fund balance in the government-wide Statement of Net Assets is $2,686,283.
What each of the above actually refers to and what it means and what is your view, giving a rational explanation to your view (you may use other sources to support your view, properly referencing).
In 1993, President Carlos Salinas de Gortari proposed a bill that would formally grant the Bank of Mexico-As an investor, how would you view such a proposal? What other changes might help to amplify the signals sent by this proposal?
Computer Boutique sells computer equipment and home office furniture. Currently, the furniture product line takes up approximately 50% of the company's retail floor space.
Discussion of business objectives, risks and key processes and review of the audit process and timeline
What are the organizational implications when most managers have different or similar values?
Owner invests cash in exchange for stock and pays cash for employee wages, incurs legal costs on credit and receives cash for services provided
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