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You are auditing FloorMart, a retailer with 200 stores around the country. It has two basic sizes of stores-minimarts with 3,000 square feet and maximarts with 7,500 square feet. Both types of stores carry the same types of products. The client has pro- vided an Excel file with the square feet, sales, and inventory at each store. Access the textbook's resources on the Cengage Web site. The file is labeled "Floormat Data."
a. Using either Excel or ACL, identify the stores for which sales appear to be out of line with the other stores and require additional evidence.
b. What procedures would the auditor use to gather the additional evidence?
Given the increased emphasis on corporate fraud, should auditors be required to look aggressively for fraud factors like collusion, circumvention and management override? Why or why not?
What are the qualitative benchmarks an auditor can use to assess materiality? How can an auditor use both qualitative and quantitative measures to make a better assessment of materiality?
Using the information above, prepare the statement of activities and the statement of net assets on a government-wide basis (using full accrual accounting). The beginning fund balance in the government-wide Statement of Net Assets is $2,686,283.
Auditors accumulate evidence to: a) defend themselves in the event of a lawsuit b) justify the conclusions they have otherwise reached
1.Most grocery stores use bar code scanning technologies that interface with cash registers used to process customer purchases.
There are five types of audit tests. List one audit test and describe at least two types of evidence that may be obtained from this test.?
The company had disclosed its planned remediation efforts for 2004. How might the auditor have used that information during the 2005 audit in terms of audit planning?
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?
Chief executive officer compensation can be a material amount and is often scrutinized by regulators, analysts, competitors, and investors.
Read the following scenario and identify any threats to compliance with the IFAC Code. ABC firm is the auditor of Company Ltd and has been for 10 years.
heres another exercise this time in the opposite direction. this one may be a little more challenging. expenses paid
Discuss the implications of the sales bonus system for the control environment special factors would management have to have to consider?
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