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The Mesa Bank is offering your company the use of their lockbox services. They estimate that you can reduce your average mail time by 2 days and they can save you a combined clearing and processing time of 1.5 days by putting the checks into the clearing system sooner. The firm receives 320 checks a day on average written for $2,500. The current T-Bill rate is 4% or .0107% per day. If Mesa will charge your firm an annual fee of $35,000 and .20 cents per check handled will you accept Mesa's services?
Select the component of audit risk(a,b,c and d - below) that is most directly illustrated. The components may be used once, more than once, or not at all.
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
What is an unqualified auditor's opinion? Why is it important for financial statements to receive an unqualified auditor's opinion?
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
Prepare all journal entries necessary
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.
You will then be required to audit cases available on FLECS Blackboard or 20 hospital records.
To properly assess the internal controls in place at CSSC, you have found that there are three major objectives that an entity should follow in designing an effective internal control system:
During the audit of a regulated company you find that in three instances there were events that occurred that required the company to notify the regulatory agency of their occurrence.
Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable?Which audit procedures are usually the most useful for auditing the existence and rights assertions?
Write a recommendation brief for the client in which you justify the benefits of using an internal auditor. Conclude your recommendation by referring a particular person for the job based on their background.
Discuss how auditing may have played a role in the failure of Tyco International. How did the audit process potentially contribute to the firm's failure?
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