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1) SAS 99 requires auditors to identify risks that need further examination in order to determine the full extent of a possible fraud. (a) Name three of these risks and give examples of each. (b) If after conducting a thorough audit, the auditor believes there is a likelihood of misstatements that could be material to a company’s financial statements, what should the auditor do? Name the four items.
2) The Sarbanes-Oxley Act of 2002 enhanced corporate governance and accountability and stated implications for non-compliance of public companies.
(a) Name the six items of improved corporate governance
(b) Give a brief definition of each of the above six items
1. What is meant by the “Chutzpah Defense”? Is this type of defense considered an option today?
2. What are the three major categories of occupational fraud?
3. What aspect of a company’s operations is involved in corporate governance? Name at least five.
The residual position (the portion retained by the issuer) in the CMO offering is considered which kind of position? Primary Equity Interest only Debt
An example of diversifiable risk that a financial manager should ignore when analyzing a project's risk would include: Commodity price changes, Labor costs, Overall stock price fluctuations
Annual Maintenance Cost starts in year 3 and increases $100 per year Annual Income starts in the year noted and increases at the rate G1 for 5 years, then becomes stable for 3 years and then declines at the rate G2 for 4 years. Compute the present wo..
Netscrape Communications does not currently pay a dividend. You expect the company to begin paying a $2.6 per share dividend in 15 years, and you expect dividends to grow perpetually at 3.6 percent per year thereafter. If the discount rate is 13 perc..
A credit card is offered with monthly payments and a 21.99% APR. What is the loan's effective annual rate (EAR)?
The Corner Store has sales of $72,510, total assets of $60,400, a debt-equity ratio of 1.2, and a profit margin of 3 percent. What is the equity multiplier?
Romo Enterprises needs someone to supply it with 121,000 cartons of machine screws per year to support its manufacturing needs over the next five years, and you’ve decided to bid on the contract. It will cost you $880,000 to install the equipment nec..
You have a $2 million portfolio consisting of a $100,000 investment in each of 20 different stocks. The portfolio has a beta of 0.85. You are considering selling $100,000 worth of one stock with a beta of 1.05 and using the proceeds to purchase anoth..
Tara Knowles buys an annuity that will pay her $24,000 a year for 25 years. The payments are paid on the first day of each year. What is the value of this annuity today if the discount rate is 8.5 percent?
The formula for calculating the present value (PV) of a perpetuity is PV = PP/(1 + i), where PP is the perpetuity payment and i is the discount rate. Common stock represents ownership of the firm. A mortgage bond is secured by a lien on real property..
Yan Yan Corp. has a $5,000 par value bond outstanding with a coupon rate of 4.8 percent paid semiannually and 27 years to maturity. The yield to maturity on this bond is 4.8 percent. What is the price of the bond?
Assume the following: Annual Salary = $65,000 Other monthly debt payments = $250 Estimated monthly property taxes & insurance = $500 Mortgage interest rate = 6.0% Mortgage term = 30 years Down payment = 10% what is the affordable home purchase price ..
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