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On 1/1/2012 Company ABC gets 35,000 shares of company XYZ at a cash price of $10 per share. Company XYZ has 80,000 shares issued and outstanding. On 6/15/12, Company XYZ declares dividends of $2 per share. These dividends are paid on 7/1/12. For period of 1/1/12 to 12/31/12 Company XYZ has a total loss of $650,000 and the market price of its shares is $12 per share. Make journal entries for Company ABC
Show why each of the five areas specified by the audit committee may or may not be suitable for this assurance engagement.
Why should an external auditor, whose primary responsibility is to express an opinion concerning the representations in financial statements, suggest improvements to the information system?
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
Seven different types of evidence were discussed. The following questions concern the reliability (competence) of that evidence: Explain why confirmations are normally more reliable evidence than inquiries of the client.
In light of audit failures over the last decade, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?
Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form). Be sure that the 10-k report and the annual report are for the same fiscal year.
Discuss the reason for an integrated audit. Present a recent failure of a corporate governance in the US. What action did the public think was necessary to improve the quality of corporate governance in this example?
Acme Company purchases an oil tanker depot on January 1, 2012, at a cost of $828,000. Acme expects to operate the depot for 10 years. Prepare any journal entries required for the depot and the asset retirement obligation at December 31, 2012. Acme ..
You will then be required to audit cases available on FLECS Blackboard or 20 hospital records.
Show the audit inherent risk and rate the risk as low, medium or high.
Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?
Why might planning materiality differ from the materiality level used in evaluating audit findings? What official quantitative guidelines exist for financial statement materiality? Identify one of the quantitative guidelines commonly used in practi..
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