User Account

All Pages

Why inventory so easy to inflate without auditor detection

Assignment Help Auditing
Reference no: EM131809185

Problem

Review the Journal of Accountancy Article: Ghost Goods: How to Spot Phantom Inventory

1. Why, from your perspective, is inventory so easy to inflate without auditor detection?

2. Does overstated inventory affect just the balance sheet? Explain how it affects the balance sheet and any other financial statements.

3. Why do you think Mickey Monus got away with his scheme for so long?

Reference no: EM131809185

Questions Cloud

Develop a choice table for interest rates : Place a monetary value on each advantage or disadvantage. Develop a choice table for interest rates between 0% and 25%.
What are values and ethics : What are values and ethics? Where or how are they formed? Can leaders influence the values and ethics of their followers?
Determine danny and mary taxable income : Value of premiums for $50,000 of group term life insurance provided by employer - $500. Determine Danny and Mary's taxable income
Measure effect of major and gpa on salaries of graduates : It is generally believed that a practical major such as business or engineering can really pay off for college graduates (CNN Money.com , July 22 , 2010).
Why inventory so easy to inflate without auditor detection : Why, from your perspective, is inventory so easy to inflate without auditor detection? Why do you think Mickey Monus got away with his scheme for so long?
Evaluates the root cause for medicare fraud : List each of the Five Whys and your response.Speculate as to why Mr. Emeigh participated in the scheme.Explain what you might have done to prevent this.
What is the effective annual interest rate : If the installment plan is chosen, what is the effective annual interest rate being paid on the "loan"? (Answer: 53.7%)
Acquired a project from client to market their new product : You have recently acquired a project from a client to market their new product.
How will you address the diversity of cultures : How would you determine team composition in a multinational team? How will you address the diversity of cultures within the team

Reviews

Write a Review

Auditing Questions & Answers

  Explain external environmental scan-five forces analysis

Explain External environmental scan/five forces analysis. Recommend specific tactics for improving your company's strategic alignment and operating performance.

  Discuss the specific risks and nature of the company

Consider and discuss the specific risks and nature of the company you will be auditing. Create comprehensive audit programs for the cash, financial instruments, sale, and receivables accounts and cycles.

  Audit of double ink printers ltd

HI6026 Audit - you are considering whether you will need to use the services of an expert in the audit of Double Ink Printers Ltd

  Review of the audits by mortdale accounting

ACC305 - breach of the ethical requirements of APES110 and if they are a breach of the ethical requirements state which ethical principle

  Internal audit

Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?

  Corporate governance disclosures by listed entities

Discuss briefly the broad responsibilities of the aforementioned parties and conclude with a 500 word overview of the alleged corporate governance failures that surrounded most of the financial failures

  Evaluate the acceptability of having the client perform

1.As part of the June 30, 2013, audit of accounts payable of Milner Products Company, the auditor sent 22 confirmations of accounts payable to vendors in the form of requests for statements

  How the given information would affect the assessment

Discuss how the above information would affect the assessment and work your office does on the audit of CitCo. Include in your discussion any special considerations that may result if the audit is conducted under GAGAS.

  Evaluate the role played by contract auditors

Evaluate the role played by contract auditors. Use technology and information resources to research issues in cost and price analysis.

  Audit of peach blossom cologne company

Imagine that you're the Senior Auditor on the Peach Blossom Cologne Company audit. The Partner on the engagement comes into your office and tells you she's not satisfied with the memo that Jasper Parsons (the former Senior) wrote on Understanding ..

  Question numerous years ago polar inc acquired an 80

question numerous years ago polar inc. acquired an 80 interest in icecap corp. the book values of icecaps liability and

  Holmes institute faculty of higher education

You are required to read the following statement issued by ICAA (Institute of Chartered Accountants in Australia and provide an essay of between 1,000-1,500 words (being the minimum and maximum). It should be properly referenced and must be primar..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd