Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Below are four independent client scenarios:
1. Colburn Pharmacy, Inc., has 77 stores located in the New England area. Approximately 60 percent of the inventory recorded on the balance sheet for the consolidated company is located at one of two distribution warehouses, which are in Boston, MA, and Hartford, CT. The remainder of inventory is spread across the 77 stores. The high dollar value items in the inventory consist of prescription drugs that are stored in secure areas both in the distribution centers and at the individual stores.2. Zenith, Inc., manufactures high end motorcycles in production facilities located in Pennsylvania and Wisconsin. During 2011, the company also opened major production facilities in India and Brazil. Each production facility receives raw materials that are then assembled into motorcycles. Manufactured motorcycles are stored at the production facilities until orders are received from dealers.3. Texide Electronics manufactures component parts that are used in their customers' computer and other electronic products. Given that customer products differ, each of Texide's products is designed uniquely for each customer's production process. Individual parts are quite small, and the interior components are not visible to the human eye. All inventory items are stored in Texide's only manufacturing plant.4. Food Giant is a regional grocery store chain located in the Pacific Northwest. Rather than operate a company owned distribution center, Food Giant uses five different independent storage warehouse companies across the region to store most of its grocery inventory before shipping to the individual stores. Typically, about 75 percent of the inventory is located at the storage warehouses with the remaining inventory located at one of Food Giant's 42 stores.Required:a. For each independent client scenario, describe issues the auditor should consider when determining which locations to visit to physically observe the client's inventory count.b. How would you determine which locations to visit?c. For each scenario, how does the type of inventory create potential risks of material misstatements in the inventory balances?d. How might the auditor address the risks noted in part c.
What type of substantive procedures are the auditors more likely to use?
Write general journal entries to record the transactions and Write a stockholders' equity section as of the close of business on December 31, 2012.
Would King & Queen be liable to EFL? Provide specific case references and advising you that they intended to make a loan to Impulse and were relyingon the 2012 audited financial report to assist them in making their decision?
Prepare a memo to the audit partner on the 'state of the company's industry' and associated risk factors -Understanding planning stage of the audit process-review of client business and perform audit risk analysis
Industry average data was obtained from the Australian Bureau of Statistics, and is calculated using figures from all listed property development companies in Australia.
Which of the following statements is true about an auditor's responsibility to communicate with respect to a public company's internal controls?
You are an audit senior in an accounting firm and you asked the audit partner about the ‘audit expectation gap'. Discuss the views of the audit partner.
multiple choice1.which of the following are components of teamschedule?a.teamschedule and teamschedule
Historic cost should be replaced by an alternative measurement base in order to make financial statement more useful. Critically discuss this statement, concluding with whether or not you agree with it.
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
pure company acquired 80 percent of the outstanding common stock of saxxon company on 2nd january 2013 for 675000. at
Computer Boutique sells computer equipment and home office furniture. Currently, the furniture product line takes up approximately 50% of the company's retail floor space.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd