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Q:
Smith Manufacturing's bank has just informed the company's CFO that an audit is required to get an operating line of credit (LOC). The company requires the LOC to maintain its cash flow. Mr. Jones has contacted you to see if your firm is willing to perform an audit. Purpose a memo to Mr. Jones that addresses any concerns you can have regarding the audit. Suppose whether your firm can complete the audit, or whether it is a conflict of interest.
In addition, Mr. Jones is unfamiliar with the standard unqualified audit opinion report. He has asked that you give a copy of what the opinion would look like. Purpose a sample draft of a standard unqualified audit opinion as an attachment to your memo. Make sure you add a clause that the opinion is a "Sample Only" and not to be used for any other purpose.
Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
Consider a health care organization with which you are familiar with and explain the difference between cash and accrual accounting in health care setting. Be sure to include a discussion of the revenue recognition and matching principles.
State whether Event is adjusting or non-adjusting event.
As an auditor for Franken's Markets you have discovered fraudulent activities. In your previous discussions with management, no one with the Franken organization identified fraudulent behavior or activity and any questions related to such matters ..
Prepare Fenton's journal entries to record the sale on December 31, 2011. Prepare Fenton's journal entry on December 31, 2012, necessitated by this transaction. (Hint: Prepare an amortization schedule for the loan.)
What each of the above actually refers to and what it means and what is your view, giving a rational explanation to your view (you may use other sources to support your view, properly referencing).
Use the events and outcomes surrounding the collapse of Enron and Arthur Andersen to give insight on this issue in a one page Memo that is addressed to Mr. Tu Dewie and resolves his concerns.
you are expected to conduct a full situational audit of the shangri-la hotel in singapore and prepare a strategic plan
Identify the key assertion at risk with respect to the timing of the consignment stock sales (other that cut-off) and briefly explain why it is at risk.
question1. after issuance of the auditors report the auditor has no obligation to create any further inquiries with
Discuss the following in your essay and what each of the above actually refers to and what it means.
Write down a report in 700 words, justifying the need for the system when controls are in place with insurance and portfolio approaches.
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