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The Cash account of First on Alert Security Systems reported a balance of $2,470 at December 31, 2012. There were outstanding checks totaling $700 and a December 31 deposit in transit of $100. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $3,700. Included in the bank balance was a collection of $640 on account from Brendan Ballou, a First on Alert customer who pays the bank directly. The bank statement also shows a $30 service charge and $20 of interest revenue that First on Alert earned on its bank balance.
Requirement
Prepare First on Alert's bank reconciliation at December 31.
When assessing the tolerable deviation rate, the auditor should consider that, while deviations from control procedures increase the risk of material misstatements, such deviations do not necessarily result in misstatements.
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
Would your answer change if EFL had written to King and Queen advising you that they intended to make a loan to Impulse and were relyingon the 2012 audited financial report to assist them in making their decision?
The manager in Lansing has been stealing from the company. To cover the theft, he understates the amount of the outstanding checks on the monthly bank reconciliation. As a result, each monthly bank reconciliation appears to balance.
To test this control, identify the population from which you should select a sample to test this control and for a given sample unit in this population, what would be an "error"?
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Computer Boutique sells computer equipment and home office furniture. Currently, the furniture product line takes up approximately 50% of the company's retail floor space.
In the last sentence of the case, Johnson states, "there could be serious consequences to several different parties whatever decision he (Johnson) makes."
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
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