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Frank is a technical manager of a CPA firm. Recently Frank was requested by his firm to conduct a review of the working papers on the audit of a new client, Alpha Electronics Limited ("Alpha"), a company engaging in the manufacturing and trading of computer accessories and devices, and to report his findings to the partner in charge of the audit. Upon review of the working papers prepared by the audit staff, Frank noted that a sample of 33 sales transactions was selected from the sales daybook at random for compliance test purposes. A total of 8 transactions were found to have discrepancies. The audit staff concluded in the working papers that since none of the errors found was above the materiality level set by the firm, the control system on sales would be considered as functioning properly and could be relied upon for other audit work.
Comment on the appropriateness of work done and conclusions drawn by the audit staff and recommend the right course of action, where applicable.
Show the cash flows from investing and financing activities sections of the cash flows statement.
Prepare a bank reconciliation for XYZ Company at September 30 using the following informatiom:
Discuss how database systems along with their characteristics (such as referential integrity -- but there are others) can help companies have an effective internal control system. Gives the three database characteristics and explains them.
Decide whether, in the event of an economic slowdown in the U.S., Bank of America's overseas revenue generation might serve to shelter the parent from slow or negative growth in the U.S. market. Explain and support your opinion.
During the audit of a regulated company you find that in three instances there were events that occurred that required the company to notify the regulatory agency of their occurrence.
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..
From the audit perspective, what are the main risks areas in MPA? Prepare a formal proposal to be submitted to theChairman of MPA
Construct the "Processing Cash Collections" segment of the internal control questionnaire on "Cash Receipts" to be used in the evaluation of internal control over the Spartan Drug Store, Inc. Each question should elicit either a yes or a no respon..
What are the auditor independence issues surrounding the provision of external auditing services, internal auditing services, and management consulting services for the same client?
Provide and discuss some of the evidence regarding the significance of fraud in the United States.
Classify by type of audit evidence: (1) directly from outsiders, (2) indirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.
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.
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