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Jones, CPA, has completed the audit of Sarack Lumber Supply Co. and has issued a standard unqualified report. In addition to a report on the overall financial statements, the company needs a special audited report on three specific accounts: sales, net fixed assets, and inventory valued at FIFO. The report is to be issued to Sarack's lessor, who bases annual rentals on these three accounts. Jones was not aware of the need for the report on the three specific accounts until after the overall audit was completed.Requireda. Explain why Jones is unlikely to be able to issue the audit report on the three specific accounts without additional audit tests.b. What additional tests are likely to be needed before the report on the three specific accounts can be issued?c. Assuming that Jones is able to satisfy all the requirements needed to issue the report on the three specific accounts, write the report. Make any necessary assumptions.
You have been asked to assess the interface for company XYZ's online job bank and resume submission function. Only pieces of data available are: (1) HR is overwhelmed with the number of submissions, (2) internal users complain their applications d..
What steps would you take to investigate this suspected embezzlement? As a first step in your investigation, would you interview Jane about the problem? Why or why not? How would you conduct Jane's admission-seeking interview in order to be most effe..
Verna's makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 60% are collected in the first month after sale; and 15% are collected in the second month after sale.
What are the problems when an MNC tries to establish a uniform system of reporting for its worldwide operations? How can these problems be solved?
You will develop a three- to four page single spaced report that discusses: the accounts to be audited; key audit procedures; the reason for auditing the accounts.
Summarize the PCAOB's concerns with respect to problems its inspection teams have noted in auditors' performance in each of the areas listed.
Explain how the rules concerning stock ownership apply to partners and professional staff. Give an example of when stock ownership would be prohibited for each.What is the meaning of the generally accepted auditing standard that requires the auditor ..
The 2013 balance sheet for Hallbrook Industries, Inc., is shown below.
You have recently been appointed external auditor of the entity. You are assisting your Audit Manager in planning for the audit of the entity's financial statements - calculate materiality level for audit assignment.
What is your view, giving a rational explanation to your view (you may use other sources to support your view, properly referencing). Why do you think that these measures were introduced?
Has Rodney breached any auditing standards/regulations and if so, what and why? Do you have any concerns and are there any breaches that have occurred here?
Develop two alternative explanations for the increase in gross margin. Make one a fraud-related explanation and the other an error-related explanation.
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