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Smith, a certified public accounting firm, was engaged to audit the financial statements of the Sky-is-the-Limit company. The company has its own IT installation. While obtaining an understanding of internal control, Smith found that Sky-is-the-Limit lacked proper segregation of the programming and operating functions. Smith analyzed the internal control surrounding the system to ensure that the corporate governance was being maintained, and he concluded that the existing compensating general control activities provided reasonable assurance that the objectives of internal control were being met.
Prepare a letter addressed to the board of directors that discusses the following:
• How is the separation of the programming and operating functions accomplished in a properly functioning IT environment?
• Explain the 3 subdivisions of information systems management, and discuss how they apply to this situation.
Please make a Statement of Revenues, Expenses, and Changes in Net Assets for the year ended 31 st December, 2012 assuming the city plans to account for its activities on the accrual basis
What could Nike's Corporate Responsibility team do to improve Nike's public image. Why did Nike's attempt to address it critics prove unsuccessful?
Control risk has been assessed as high and detection risk is low. What is the timing of the substantive procedures likely to be and the auditor has decided that they will use a larger sample for confirmations at year end. What is the level of detecti..
What are the standards or legislations that management and auditor complied with as according to directors' responsibility paragraph and auditor's responsibility paragraph in the audit report?
The Clarity Project involved the International Auditing & Assurance Standards Board (IAASB) reviewing and reissuing all its standards to improve the clarity of wording and make their application more consistent.
Since an auditor is unable to examine every transaction, it is necessary to determine how many transactions to examine. After completing all the steps of the internal control audit process, the auditor determines a sample of transactions to audit.
Discuss the economy, financial markets and the means they currently use to attract direct foreign investment. Conduct an analysis of what they are doing right/wrong in their financial markets and whether you recommend investment there should conclu..
Analysing role of auditing in company's annual report / public disclosure - select a public listed company with disclosures available from companys website
What has been the impact on company management and auditors in implementing the provisions of the Sarbanes-Oxley Act of 2002? Discuss how effective you think this Act is in preventing fraud and accounting oversights.
How would you propose that generally accepted accounting principles (GAAP) should be developed and enforced in comparison with how the principles are now developed?
Do some research on your bank using the Internet and the CyberLibrary, and write a short paper that put it all together in making a recommendation on whether or not you think one should buy shares in your bank as part of your own investment portfo..
Describe methods of evaluating performance to increase productivity and profitability. List the characteristics of control systems
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