Ron smith became the new ceo of peak ltd

Assignment Help Managerial Accounting
Reference no: EM13984715

A) Ron Smith became the new CEO of PEAK Ltd, until he died unexpectantly. After his death, his daughter Amy became the new CEO of PEAK Ltd and embarked on a cost cutting exercise, which included a reduction in key staff in the credit department.

B) During the planning stage of the audit of PEAK Ltd, the audit senior assessed the sales control system to be effective. But when testing sales, the audit assistant traced 2 sales to supporting documentation (invoices) with dates for the prior financial year. For each of the two situations described above, please complete the following:- 

SITUATION A - Outline briefly why the situation constitutes an audit risk. List and explain the component of the audit risk model affected. Indicate the key account balance(s) affected. Indicate the audit assertion(s) to be tested. 

SITUATION B - Outline briefly why the situation constitutes an audit risk. List and explain the component of the audit risk model affected. Indicate the key account balance(s) affected. Indicate the audit assertion(s) to be tested.

Reference no: EM13984715

Questions Cloud

Compute tangential acceleration of object at lowest point p : A pendulum of length I = 2 in and mass m = 0.2 kg is swinging from the ceiling. The amplitude of the oscillation is θmax = 10 degrees. Compute the total force acting on the bob at the lowest point P of the trajectory Give magnitude and direction.
Review the child abuse treatment case study : Explore the U.S. Department of Health & Human Services, Administration for Children & Families website, paying specific attention to the sections regarding child abuse. Review the Child Abuse Treatment Case Study
Marginal cost-average cost and average variable cost : The computer company “Bits Are Us” produces affordable, easy-to-use home computer systems and has fixed costs of $250. The marginal cost of producing computers is $700 for the first computer, $250 for the second, $300 for the third, $350 for the four..
Create unit tests for the new functionality : Q update your applications domain classes to use collections where it's appropriate. The item object MUST support all of these use cases. The application MUST use a collection.
Ron smith became the new ceo of peak ltd : Outline briefly why the situation constitutes an audit risk. List and explain the component of the audit risk model affected. Indicate the key account balance(s) affected. Indicate the audit assertion(s) to be tested.
What can we do to change the psychiatric system to improve : Eleanor is challenging mainstream psychology to change by asking 'what has happened' to people rather than 'what is wrong' with them. What can we do to change the psychiatric system to improve
The effects of the tax on equilibrium wage and employment : Some time ago the city of Chicago imposed a new per-worker employment tax on employers to help pay for city services. A city alderman, asserting that the city lawyers drafted the law so that it taxed employers, not workers, said ``The City of Chicago..
What motivates you to act morally : What motivates you to act morally - Can you describe a situation in which you failed to do the right thing even though you wanted to? What went wrong?
What is the intrinsic price of microsoft : A. What is the intrinsic price of Microsoft today and is it more or less than the market price? B. What will be the intrinsic price of Microsoft stock 10 years from now?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  T-accounts

Post the July, August, and September Journal Entries on T-ACCOUNTS

  Compute the following for year 2

Dividends during Year 2 totaled $89 thousand, of which $18 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $130.

  Explain what is meant by horizontal and vertical analyses

Explain what is meant by horizontal and vertical analyses of the balance sheet and the income statement.

  The standard cost card for a product shows

The standard cost card for a product shows that the product should use 4 kilograms of material B per finished unit and that the standard price of material B is $4.50 per kilogram.

  Does variable costing profit present a more realistic

Does variable costing profit present a more realistic view of firm performance in the two years?Explain.

  Roehler industrial has estimated that production

In Exercise 10-8, Roehler Industrial has estimated that production for the next five quarters will be:Production Information

  The approximate yield to maturity

Mesquite Corporation has a bond outstanding with a $80 annual interest payment, a market price of $850, and a maturity date in ten years. Please find

  Bond discount or premium

What proceeds did ClassCo get from sale of these Bonds? B] Show amortization schedule [table] for Bond Discount or Premium C] What was the ClassCo JE at sale of bonds [assume no other expenses for sale]? D] What was ClassCo JE forfirst year after sal..

  Fair market value

Beginning January 1, 2013 Sharp acquired 80% of Tippy Co for $1,360,000 (fair market value).

  Explain the basic deontological aspects of informational

Explain the utilitarian aspects of informational privacy for employeesExplain the basic deontological aspects of informational privacy for employers

  Calculate the discount rate used by the lender

Calculate the discount rate used by the lender. (Round your answer to 1 decimal place. Omit the "%" sign in your response.)Discount rate %

  How management accounting can help the managers

Write a short essay on how management accounting can help the managers of an organization to run their business efficiently?

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