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Problem
The owner of a small company asked a CPA to conduct an audit of the company's records. The owner of the company told the CPA that the audit was to be completed in time to submit audited financial statements to a bank as part of a loan application. The CPA immediately accepted the engagement and agreed to provide an auditor's report within three weeks. The owner agreed to pay the CPA a fixed fee plus a bonus if the load was granted. The CPA hired two accounting students to conduct the audit and spent several hours telling them exactly what to do. The CPA told the students not to spend time reviewing the internal controls but instead to concentrate on proving the mathematical accuracy of the ledger accounts and summarizing the data in the accounting records that supported the company's financial statements. The students followed the CPA's instructions and after two weeks gave the CPA the financial statements which did not include any footnotes. The CPA reviewed the statements and prepared an unmodified auditor's report. The report did not refer to GAAP or to the consistent application of GAAP. Briefly describe at least three principles underlying AICPA auditing standards and indicate how the actions of the CPA resulted in a failure to comply with each principle.
Presented below are the components in Waegelain Company's income statement. Determine the missingamounts.
in eight years kent duncan will retire. he is exploring the possibility of opening a self-service car wash. the car
identify a cost driver for costs for each of the followinga. machine maintenanceb. machine setupc. utilitiesd. quality
Identify the dependent and independent variables in this experiment. Are there any extraneous variables that might have influenced this experiment? Given your response to part (b), evaluate the internal validity of the experiment. Does Bert's reques..
For Astoria Company, actual sales are $11,663,000, and break-even sales are $7,368,000
Jon used the satutory percentage method of cost recovery. Calculate the total deduction Jon may take for 2011 with respect to the car
cypress oil companys december 31 2013 balance sheet listed 645000 of notes receivable and 16000 of interest receivable
Analyze the major impact to the users of accounting statements if the statements are prepared in error. Explain the major advantages of a business owner.
Green Acres Ltd. was involved in two default and repossession cases during the year:
Compute Chipco's total foreign tax credit, as well as the amount of excess credits (or excess limitation) in each separate basket of income
Evaluate the "never change" policy. Does it make any sense? Why would firms adopt such a policy
thorne Golf, the maker of a sought-after set of golf clubs, was formed in 2012. The selling price for each golf club set is $1,700, variable production costs are $900 per unit
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