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Toady.com is a new public phone and internet company heavily financed by the Eastpac Bank. During your audit of Toady.com you have found that the business is in the practice of signing up new customers with very little in the way of credit checks. You are concerned that the disclosure of bad and doubtful debts may not accurately reflect the true situation of the company. You notice that if you apply the standards correctly the bad and doubtful debts will have such an effect on the financial statements that capital adequacy requirements may be breached.
When you approached management about the adequacy of these disclosures they told you that they were happy with the bad and doubtful debts at their current level, and that they would not be changing their method of application of the standard.
What is your first obligation? What type of auditor's report will you issue, and why?
As best you can from the limited amount of information provided, design a strategy to test compliance with the eligibility provisions and propose, in general terms, an approach to fulfilling the mandate of the city council.
Explain what the following five words mean to you non CPA audit, financial audit, compliance audit, operational audit, fraud audit
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
Use what you have learned to create a story that summarizes and/or illustrates selected key concepts and techniques related to organizational fraud.
As an auditor for Franken's Markets you have discovered fraudulent activities. In your previous discussions with management, no one with the Franken organization identified fraudulent behavior or activity and any questions related to such matters ..
Comment on the appropriateness of work done and conclusions drawn by the audit staff and recommend the right course of action, where applicable.
Determine the total estimated uncollectibles. Prepare the adjusting entry at March 31 to record bad debts expense.
Discuss how you would perform preliminary analytical procedures and recommend ways to mitigate engagement risk and audit risk.
To properly assess the internal controls in place at CSSC, you have found that there are three major objectives that an entity should follow in designing an effective internal control system:
You have met with a potential client, who informs you that all the employees and officers of his company are bonded.
An auditor is concerned with the balance sheet as of a particular date, such at 12/31. Sometimes events occur or become know subsequent to the balance sheet date and before the issuance of the audit report.
Course: AP/ADMS 4551 Auditing: and Other Assurance Services, What is the auditor's responsibility for discovering this type of embezzlement.
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