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Audit Planning using Analytical Prodedures
Using the current financial statements of Walt Disney, WalMart and Caterpiller (see files on Canvas) perform the following analytical procedures to plan your audit of these companies.
Horizontal & Vertical Analysis
Prepare a horizontal & vertical analysis on the balance sheets and income statements for the companies for the last 2 years. Identify trends and other things of interest.
Ratio Analysis
Calculate and discuss the following financial statement ratios for the last 2 years
Current Ratio
Quick Ratio
A/R Turnover
Days Sales in Receivables
Invtl Turnover
Days Cost of Sales in Inventory
Debt/Equity
Times Interest Earned
Asset Turnover
Net Income/Sales
Based on the outcomes of these procedures identify the critical audit areas and challenges that you expect to face on these audits.
Define professional skepticism and discuss why it so important to the practice of auditing. Read the attached article, "A Model and Literature Review of Professional Skepticism in Auditing" by Mark W.
Jane O'Reilly is a staff accountant and earns $39,000 annually. She is married to Sid Metcalf, a full-time student at State University. Sid earned $1,200 from securities his grandmother had given him in 2007.
Describe the five components of the definition of auditing. For each component, identify which aspects of the audit committee oversight audit fit the definition.
What are role and responsibilities of the internal auditor with regard to SOX and financial statement audit
The following are audit procedures from different transaction cycles:
You are required to read the following statement issued by ICAA (Institute of Chartered Accountants in Australia and provide an essay of between 1,000-1,500 words (being the minimum and maximum). It should be properly referenced and must be primar..
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.
not-for-profit nfp organizations differ from classic business enterprises in a variety of ways. hence their business
A bank branch must keep a stock of cash on hand for customer withdrawals. The net daily withdrawal rate at the branch is $5,000. The opportunity cost of cash is 10% per year.
1.Distinguish between the terms performance materiality and preliminary judgment about materiality. How are they related to each other?
Write a report on the article bellow, including if described in the article - items to report on: perpetrator info, why the fraud was committed (motive), amount of loss (damages), and any other interesting facts;
wymont company produces a single product that requires a large amount of labor time. overhead cost is applied on the
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