Risks and liability factors in an audit

Assignment Help Accounting Basics
Reference no: EM13125593

What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?

Reference no: EM13125593

Questions Cloud

Find the probability that winners are all men : 11 women and 9 men are the contestant in a competition. If 3 winners are ramdomly selected. what is the probability that they are all men?
Prepare the journal entries required in the capital projects : The township authorized a bond issue of $11 million for the construction of a pedestrian walkway as part of a downtown revitalization project. An additional $1 million of general revenues is to be used for the project. The authorization was record..
Explain bomb calorimeter gross heat of combustion : Bomb Calorimeter, gross heat of combustion, In the following experiment 1.1651g of benzoic acid (6318 cal/gm) produced a net corrected temperature rise of 3.047C, also 8 cm (2.3 cal/cm) of fuse wire were consumed in the firing.
Determine the total bond interest expense : Par Four Issues $1,700,000 of 10%, 10-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,505,001.
Risks and liability factors in an audit : What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
What warranty company give if tires to outlast warranty : Random sample with a normal distribution with a mean of 60,000 and standard deviation of 2300. What warranty should the company us if they want 96% of the tires to outlast the warranty?
Explain in molecular terms, whether evaporation rate : explain in molecular terms, whether evaporation rate of a liquid is constant or varied in the presence of changing ambient air pressure.
Find out the amount that might be reported for pension : Making the periodic contributions to a funding agency to ensure that funds are available to meet retirees’ claims. Find out the amount that might be reported for pension expense.
Compute depreciation expense using straight-line method : Lockard Company purchased machinery on January 1, 2012, for $151,840. The machinery is estimated to have a salvage value of $15,184 after a useful life of 8 years.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Budgeted volume and standard volume

Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours.

  Phases of the retirement plan

Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.

  Intellectual property claims

Yuli Copters is known to be aggressive in ignoring intellectual property claims. Imagine they just go ahead with the project as stated above. (In other words, they decide not to pay for the license.)

  What is the maximum amount of the dstribution

Company A, a calender year corporation, has a deficit in current E & P of $100,000 and a $290,000 positive balance in accumulated E & P.

  Estate tax purposes as of which date

If an election is available and is made to use alternate valuation for federal estate tax purposes, then if a parcel of real estate owned by the decedent is sold within six months after the decedent's death, the parcel of real estate is valued for..

  Calculate how much in sum the mariners are saving

First assume that all of the deferred money and accumulated interest is paid out along with the final salary payment at the end of 2012. Use 5.5% as the discount rate. What is the present value (as of the signing date) of Ichiro's contract under t..

  What was the cost of goods manufactured for may

The One Stop Print Shop has used the same overhead rate on all jobs. Job 216 was the only job in process at the beginning of the month. At that time it had incurred direct labor costs of $150 and total cost of $570.

  Purchase of marketable securities

The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. (a) Record the purchase of marketable securities on December 4.

  Calculate the beginning inventory in process

Calculate the beginning inventory in process for (a) direct material equivalent units and (b) the conversion equivalent units if 10,000 whole units are identified and they are 40% completed.

  Prepare the partnership income statement for the year

Revenues for the year ended 31 January 20X1 were $507,000 and expenses were $330,000. Under plan (b) above prepare the partnership income statement for the year.

  Discuss normative theory

Why does it appear that to be highly successful (particularly in a financial sense), we assume that the gains are achieved unethically? Would you cite examples of how (or when) positive and normative theory are used together? What is the benefit of..

  Accrual accounting for taxation

Solutions Corporation, a computer vendor and consulting company, uses the accrual method of accounting. Its tax year is the calendar year. The following are three of the corporation's transactions during the current year:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd