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1. How do the actions of the audit committee, impact the scope of the internal audit function?
2. Do you agree with the Chief Accountant's directions on the review of computer operations and applications? Explain why.
3. Briefly discuss the audit committee's involvement in operational analysis, business ethics, financial integrity, non-financial data integrity, and administration of the internal audit function.
4. How does the geographic and organizational dispersion of corporate activities change the role of the audit committee?
5. Do special analyses performed for management compromise internal audit's ability to independently appraise management performance for the audit committee?
6. How can the internal and external auditors conflict and cooperate in their interrelationships with the audit committee?
Diebold's accounting for accrued liabilities and capitalized expenses and what the auditors could have done differently to identify the misstatements in the earlier years of the fraud.
Based on the Auditing Standards presented by the PCAOB, discuss whether or not you believe the "general standards" are adequate for today's business environment.
FIFO means "first in, first out." This follows the assumption that the first items received into inventory are the first items sold. In some cases, this may not be true because companies often have to sell new items after old ones have become outd..
Establish a separate department that will provide internal audit service to his audit clients.
Understand Corporate Governance, examine and describe recent failures in corporate governance, and identify actions that the public perceived necessary to improve the quality of corporate governance.
Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
Code of Ethics for Professional Accountants
In November 2013, Lamb Co. computed its equivalent unit costs under FIFO process costing as follows: What percentage complete were the beginning inventory units as to direct material? Packaging? Direct labor/ Overhead?
Make sure to address the critical elements so you will be successful in completing this assignment. Please answer the following questions in your paper:
Each year since 2007, the accounting firm of Goode and Thuro was contracted to prepare audited financial statements for Family First Farm. Each year until the current audit, the CPAs did not find any discrepancies.
Using Bank of America, research this international company. Conduct a brief organizational analysis by answering the following questions.
Describe these requirements and discuss whether you believe they are adequate. What changes could be introduced to further improve auditor independence.
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