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50-100 words-There is a lot of regulation in the financial industry, but there are still large frauds being committed. Are the current regulations sufficient?
Suppose you are consulting for a VP branch bank. You notice that several branches have consistently low customers service ratings even though there are no apparent differences in resources or staff characteristics.
The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000.
Weaver, Inc. received a $60,000, six-month, 12% interest -bearing note from a customer. The note was discounted the same day at Third National Bank at 15%
What are the different types of audits that retailers use. Why is auditing necessary? What benefits can be gained to offset the costs associated with them?
What are the qualitative benchmarks an auditor can use to assess materiality? How can an auditor use both qualitative and quantitative measures to make a better assessment of materiality?
Seven different types of evidence were discussed. The following questions concern the reliability (competence) of that evidence: Explain why confirmations are normally more reliable evidence than inquiries of the client.
The audit committee helps to assure independence. The audit committee is comprised of directors, not managers, and their job is to appoint, retain, oversee, evaluate and terminate the audit firm.
What is the purpose of a bank reconciliation? When speaking to an account manager and she/he told you they don't have time to reconcile the bank account every month, how would that need to be encouraged to be done?
What is you opinion on the Chase Bank trade? They lost 2 Billion on a risky investment; it caused their stock price to loose 10%. It supposedly was a "Hedge" that went wrong.
Describe the relationships between cash in the bank and transaction cycles. Where are you likely to gain the most accurate information?
Accounts are closed and adjusted at the end of the year. Accounts receivable has a balance of $350,000 and the allowance for doubtful accounts has a balance of $15,000. What is the net realizable value of the accounts receivable?
Discuss the difference between general controls and application controls. Provide an example of a policy on internal controls. How might a policy on internal controls be communicated to employees?
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