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1.
(a) What is internal audits role in the organization's ethics and compliance program?
(b) What is the board's role in the organization's ethics and compliance program?
2.
AFR Company's internal audit function recently completed an audit of the Company's various employee benefit plans. The internal auditors' working papers contain the following audit observation:
Savings Plan Contributions Made to Ineligible Employees' Accounts
AFR Company has an employee savings plan that provides a matching contribution to participating employees' savings accounts. When an employee stops participating in the plan, the Company suspends matching contributions. During the internal audit function's examination of the plan, we found that the Company was still making contributions to the accounts of a number of employees who had ceased to participate. No one in the human resources department or in payroll has the specific responsibility of updating the contribution matching database when an employee leaves the Company or drops out of the program or for periodically checking to see that appropriate levels of matching contributions have been made. More than $85,000 had been contributed to such accounts. Management now is trying to recover erroneous company contributions.
A. Define inherent risk and residual risk.
B. Which of the two types of risk would have a greater impact on the annual internal audit plan?
Prepare the stockholders' equity section of the balance sheet, for Penn Company as of June 30, 2015, as it should appear in its annual report to the shareholders
What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit?
What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
Making reference to the ratios you calculated in part a) and the additional information provided, describe what you consider to be the risk factors that will impact on the audit of receivables and inventory.
Whats a true and fair view is it the same as everything being correct in my financial statement and is it correct that you as an auditor should be responsible for the prevention and detection of fraud and error?
Criticism of sarbanes-oxley act 2002 do not believe the act will be effective at deterring accounting frauds because it primarily relies on specifying new crimes and higher penalties( increasing the maximum fine and prison terms).
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.
Since 4X Heavy Ltd is a new client of KCA outline the steps that you would initially undertake as part of taking on this client.
When a company is deciding whether to undertake an investment (from a number of possible options), what is the general procedure for the submission of proposals and the subsequent audit of investment?
Explain type of auditing work would you expect if you were employed in one of these governmental auditing jobs?
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.
The subsequent amortization and interest schedule reflects issuance of 10-year bonds by Capulet Corporation on 1 st January, 2006, and the following interest payments and charges.
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