Types of evidence during their audit of black oil

Assignment Help Accounting Basics
Reference no: EM13988014

Assume that the auditors find serious weaknesses in the internal control of Black Oil, Inc., a producer and distributor of fine wines. Would these internal control weaknesses cause the auditors to rely more or less upon each of the following types of evidence during their audit of Black Oil?

  1. Documents created and used only within the organization.
  2. Physical evidence.
  3. Evidence provided by specialists.
  4. Analytical procedures.
  5. Accounting records.

Reference no: EM13988014

Questions Cloud

Dealer of securities : Question: If a dealer of securities is quoting rate as 200-250 then the rate 200 signifies which rate with reference to him?
Accounting and human resources business processes : As a part of the Final Project for this course, you will perform research for a medium-sized widget manufacturing company (approximately 200 employees) to evaluate their computer needs and make recommendations about an information system to support t..
Various levels of production : True/False Question The cost factors of the product mixed is also taken into account to arrive at cost at various levels of production and its cost impact of the manufacturing.
Which is a technique for avoiding sexist language : You are a consultant for Con-Glom Inc., an industrial equipment manufacturing firm. A coalition of concerned scientists and environmental groups has issued a report on global warming
Types of evidence during their audit of black oil : Assume that the auditors find serious weaknesses in the internal control of Black Oil, Inc., a producer and distributor of fine wines. Would these internal control weaknesses cause the auditors to rely more or less upon each of the following types..
Discuss any potential policy implications for the issue : Rationing Issues in Healthcare The concept of rationing healthcare is dealt with on a daily basis. Healthcare rationing in the United States exists in various forms. Access to private health insurance is rationed based on price and ability to pay. Di..
Briefly describe two products-goods or services : Briefly describe two (2) products (goods or services) offered at a business you are familiar with. Next, identify two (2) major competitors and describe the two (2) products they offer that compete with yours.
What is the earliest event you can remember : What is the earliest event you can remember? How old were you at the time of the event? Describe the level of detail in the early memory and your certainty of the details compared to the same for an event that happened within the past 3 years
Planning to invest in a new dry cleaning machine : Tim Brown of Omega Drycleaners is planning to invest in a new dry cleaning machine worth $80,000. The life of the machine is estimated to be 12 years and at the end of this period the manufacturer will pay $10,000 for the old machine. The incremental..

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is marys basis in the real property

Mary received a liquidating distribution from ABC Corporation as part of the complete liquidation of ABC Corporation. Mary's basis for her ABC Corporation stock was $10,000.

  Audit report modifications

Complete problem below. List a represents the types of opinions the auditor ordinarily would issue and List B represents the report modifications [if any] that would be necessary. Select as the best answer for each situation [items 1 to 6] the typ..

  Partnership for federal income tax purposes

Is the plant a partnership for federal income tax purposes?

  What is the minimum number of special revenue funds

What is the minimum number of Special Revenue Funds you would expect a local government to have?

  Under gaap when a company installs safety andor

under gaap when a company installs safety andor environmental devices in excess of what the law mandates it is treated

  Find out sales mix percentage and contribution margin ratio

mega electronix sells television sets and dvd players. the business is divided into two divisions along product lines.

  Astral records-compact-disk manufacturing industry

On August 24, 1993, her first day as chief executive officer (CEO) of Astral Records Ltd., North America (Astral NA), Sarah Conner confronted a host of management problems at the company.

  Record the exchange assuming caleb paid

(1) Record the exchange assuming Caleb paid $ 30,000 cash and the exchange has commercial substance.

  Post the transactions to t accounts

The following transactions pertain to Boykin Corporation for 2013: Jan. 1 Began operations when the business acquired $25,000 cash from the issue of common stock. Mar. 1 Paid rent for office space for two years, $8,400 cash.

  Problem regarding critical value

If the standard deviation was .67 and at the 0.025 significant level, has the shelf life of the cupcake mix increased?A. Yes, because computed t is greater than the critical value.

  Identify the concept underlying

Consider the following two situations. Although they are similar, their treatments are exactly opposite. Identify the concept underlying both treatments, and explain why the concept treats the two situations differently.

  Problem 1 during 2012 barden building company constructed

problem 1 during 2012 barden building company constructed various assets at a total cost of 10500000. the weighted

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