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1.Auditors often have to test the effectiveness of infrequently operating controls, such as monthly closing and reconciliation processes. Determining the appropriate extent of testing of such controls presents 1.unique challenges because of the small size of the population. Visit the Web site for The CPA Journal (www.cpajournal.com) and use the search function to locate the article Auditing Internal Controls in Small Populations by Julian E. Jacoby and Neal B. Hitzig, December 2011.Based on your reading of the article, answer the following questions.
a. What is the nature of most infrequently operating controls, and why is it important for the auditor to test these controls?b. What are the factors that the auditor should consider in determining the extent of tests of controls? c. Why do the authors believe that existing guidance for small populations results in sample sizes that are too small?d. Explain the sampling approach the authors recommend be used to test small populations. Include comparison of the recommended sample size ranges under this approach to those recommended in the AICPA Audit Sampling Audit Guide.
"The $3,600 of property taxes for the house were prorated with $1,950 being apportioned to the seller and $1,650 being apportioned to the buyer. In December of the current year the buyer paid $3,600 for property taxes."
Reflect upon the three elements of the "Fraud Triangle". While it is understood that all three elements are important, select one and explain why it is the most important. Provide support for your rationale.
on january 1 2012 palmer company leased equipment to woods corporation. the following information pertains to this
Making reference to the ratios you calculated in part a) and the additional information provided, describe what you consider to be the risk factors that will impact on the audit of receivables and inventory.
The president has promised an intensive ''audit'' of all aspects of the department's performance. The university has never explicitly established formal goals for the athletic department.
Show the cash flows from investing and financing activities sections of the cash flows statement.
question 1.why would the courts want to limit the ability of third parties to sue auditors who have been negligent? are
Discuss the appropriate recognition and measurement of the supply agreement between Phoenix Ltd and Nxasana Ltd (see work paper B1) in the accounting records of Phoenix Ltd for the year ended 31 December 2006.
The CEO of Kleptos (W.E. Chatham) has asked Dewy Cheatem, and Howe to bid on doing the Kleptos Audit. However, as a precondition of taking the contract, you must agree to not complain about the funding receipts from the Victorian government being jou..
You have been asked to audit your company security plan as it applies to acceptable employee use of the Internet and e-mail. Write a preliminary audit plan, including scope, objectives, and audit steps.
Your CPA firm has just been engaged as the independent auditors for Drotos Theaters. The theater chain is opening a new theater in one month.
Why is the audit plan and why
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