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- From Koss Corporation case, discuss how a weak internal control system and board oversight contributed to the embezzlement activity at Koss Corporation. Speculate on how embezzlement impacts the corporate stock price, and determine the key type of disclosures that management should make to the financial statements. Provide specific examples.
- Discuss the responsibility of an auditor to uncover fraud perpetrated by its management client. Describe at least three mitigation risk strategies to satisfy this responsibility. Compare and contrast the responsibilities of both auditors and management to detect fraud based on the General Accepted Accounting Standards (GAAS) and the Public Company Accounting Oversight Board (PCAOB) guidelines.
How can a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?
State the level of materiality as immaterial, highly material or material. If you cannot select the level of materiality, state the extra information needed to make a decision.
What are the organizational implications when most managers have different or similar values?
Your CPA firm has just been engaged as the independent auditors for Drotos Theaters. The theater chain is opening a new theater in one month.
You are responsible for auditing a wholesale cosmetics distributor with an inventory consisting of thousands of individual items.
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
Prepare the consolidation removal entries
Identify 6 principles of internal control. Give examples for each principle that might be observed when picking up pizza.
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
You have learned that the internal control framework for most U.S. companies is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, issued in 1992.
Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents
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