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While the net worth method focuses on the balance sheet and the increase in net worth for the year the bank deposit method looks at the money deposited and withdrawn throughout the year. The bank deposit method provides an ability to reconstruct gross revenue rather than adjusted income. The bank deposit method is appropriate when most of the income is deposited in banks and most of the expenses are paid by check.
Prepare a bank reconciliation for XYZ Company at September 30 using the following informatiom:
Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
Conduct a full situational audit of the Shangri-la hotel in Singapore and prepare a strategic plan for the next three years.
When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the conseque..
Classify by type of audit evidence: (1) directly from outsiders, (2) indirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
You are auditing Green Corporation for the calendar year 2010. Among other items related to the audit; Green Corporation was being sued for personal injury resulting from the malfunction of one of their products. Discuss the nature of these events..
State the highest level of deficiency that you think circumstances represent. Is it control deficiency, significant deficiency, or material weakness?
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Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
Illustrate the tax issues that are raised and the relevant sections of the legislation.
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
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