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Refer to the Professional Judgment in Context feature at the outset of the chapter, which describes the embezzlement at Chesapeake Petroleum and Supply.
a. Why is internal control important to an organization?
b. How does internal control help an organization achieve reliable financial reporting?
c. Why does an external auditor need to know about a client's internal control?
d. What is internal control over financial reporting and what are its components?
e. What type of control is segregation of duties and what risks is that control intended to mitigate?
f. What controls could Chesapeake have implemented that may have prevented the embezzlement?
Who is responsible for the preparation of and information within the company's financial statement?
Advise Colin on the advantages to the company of having its financial statements audited (you may assume that the company would be able to claim exemption from audit).
When assessing risk factors due to errors and fraud, what are some types of examples of these? Have you seen this occur in the workplace past/present/familiar with a situation?
Show the components of TeamSchedule and how does the use of TeamSchedule and TeamTEC improve the monitoring and reporting of resources?
Discuss the potential Audit and Engagement Risk involved for the auditor of Bella Confectionery and discuss the Inherent Risk associated with Bella Confectionery Company.
Present a recent example of fraud with non-cash assets or fraudulent reimbursement. Be sure to answer the following questions in your paper:
Can a nonprofit (not-for-profit) organization release restrictions on a "strike fund" and use it in the general fund for current year activity? Why or why not?
Identify any breach committed by the Auditors under the Corporations Act 2001 and APES 110- Code of Ethics for Professional Accountants - use analytical procedures to support your financial statement analysis and identify which were the major fac..
Explain how fund accounting principles for nonprofit organizations affect routine revenue type journal entries.
Why might this attitude exist among students who have not yet taken a statistics class? Would a similar attitude exist toward a business or history class? Explain your thoughts.
What should a taxpayer (T/P) do when he receives the audit notice? Can the T/P avoid meetings with IRS auditor once he hires a representative?
To test this control, identify the population from which you should select a sample to test this control and for a given sample unit in this population, what would be an "error"?
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