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Assume that Smith & Smith, CPAs, audited Apollo Shoes Inc., last year. Now CEO Larry Lancaster wishes to engage Anderson, Olds, and Watershed, CPAs (AOW) to audit its annual financial statements. Lancaster is generally pleased with the services provided by Smith & Smith, but he thinks the audit work was too detailed and interfered excessively with normal office routines. AOW has asked Lancaster to inform Smith & Smith of the decision to change auditors, but he does not wish to do so.
Required: List and discuss the steps AOW should follow with regard to dealing with a predecessor auditor and a new client before accepting the engagement.
Identify any breach committed by the Auditors under the Corporations Act 2001 and APES 110- Code of Ethics for Professional Accountants - use analytical procedures to support your financial statement analysis and identify which were the major fac..
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.
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.
What are the principles of the AICPA Code of Professional Conduct? .What part(s) of the AICPA Code of Conduct was violated by Andersen? By any Enron employee who was a CPA?
1.What is meant by using benchmarks for setting a preliminary judgment about materiality? How will those benchmarks differ for the audit of a manufacturing company and a government unit such as a school district?
By looking to Pall corporation rations (debt to total assets, current ratio, current assets to total assets, profit margin, and return on assets)-- (what conclusions would you as an auditor make and what additional testing would you do as a result)?
Audits of financial statements are designed to determine whether account balances are materially correct. Assume that your client is a manufacturing company that has the following assets on its balance sheet
A company purchases 300 shares of its $100 par value stock at $110 per share. It then reissues 50 shares at $115 per share. The entry upon re-issuance of the stock would include a
What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
"The $3,600 of property taxes for the house were prorated with $1,950 being apportioned to the seller and $1,650 being apportioned to the buyer. In December of the current year the buyer paid $3,600 for property taxes."
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?
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.
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