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1.Most grocery stores use bar code scanning technologies that interface with cash registers used to process customer purchases. Cashiers use the scanners to read bar code labels attached to each product, which the system then uses to obtain unit prices, calculate transaction totals, including sales taxes, and update perpetual inventory databases. Similarly, cashiers scan bar codes on coupons or member discount cards presented by the customer to process discounts. Along with the scanning technologies, groceries use point of sale technologies that allow customers to swipe debit and credit cards for payment, while still maintaining the ability for customers to pay with cash.
a. Which financial statement accounts are impacted by the use of these technologies in a typical grocery store?b. Identify risks inherent to this business process in a grocery store that might affect the financial statement accounts identified in part a. For each risk, describe how these technologies help reduce the inherent risk.c. How does the use of these technologies create new risks for a grocery store? d. How might an auditor use technology to test the operating effectiveness of a bar code scanner based check out system?
Classify the evidence by source into one of four categories: (1) directly from outsiders, (2) indirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.
Many companies have an internal audit staff to assess the adequacy of internal controls. Do you think your organization has an internal audit function? Or do you think your organization has outsourced this function to an external audit firm?
Discuss the key difference between conducting a financial audit and a fraud audit, and the related level of responsibility of the auditing firm.
You are considering an investment in Bank of America (BAC, NYSE). From your analysis, you believe this stock should be valued so as to produce a 9.5 percent long-term rate of return.
Business The accompanying graph shows the revenue (in billions of dollars) generate by the hardware industry in the United States from 1995 to 2007. Find the approximate average change in the revenue for each period.
A practitioner cannot accept an engagement unless he believes the subject matter to be capable of reasonably consistent evaluation against suitable, available criteria. What levels of assurance should be given in attestation engagement reports?
Payroll fraud is a type of fraud that's not very difficult to find, if there are controls in place. What often happens, however, is that the payroll clerk is well respected and trusted and allowed free reign.
Describe in detail the controls over payroll in auditing.
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
What is you opinion on the Chase Bank trade? They lost 2 Billion on a risky investment; it caused their stock price to loose 10%. It supposedly was a "Hedge" that went wrong.
What effect does OricewaterhouseCoopers' auditing have on your overall evaluation of Office Depot's efforts in the area of the environment?
Discuss how can an organization best use its internal complaint process to forego the need for external resolution? When might a professional moderation be useful? Provide an example.
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