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Using a standard format memo please discuss the why it is desirable for corporations, charities, and NGOs to change their External Audit firms every 7-10 years. Include in your discussion such concepts as: Independence, "Moral Hazard", and the Market-for-Lemons market failure.
Spacer Company has 2 service departments and two operating departments. Budgeted costs and budgeted activity in the several departments
Which of the following describes the internal control component "control procedures"?
Owner invests cash in exchange for stock and pays cash for employee wages, incurs legal costs on credit and receives cash for services provided
"Accounting firms must be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year". Write down a response disagreeing with the above statement
What do you see as the primary cause of the auditing problems that led to the Enron scandal? Who do you believe carries the moral responsibility for those failures? Why?
Stock splits and reverse splits are often a reflection of the economic times we live in. Could you find a recent real life example of a stock split or reverse split announced by a company?
Weaver, Inc. received a $60,000, six-month, 12% interest -bearing note from a customer. The note was discounted the same day at Third National Bank at 15%
What is the length of the channel the bank uses to distribute its own checking account products? How would you describe the channel positioning of People's Bank? What is People's unique selling proposition (USP) OR unique value proposition?
Indicate the audit procedure that most likely would have led to the discovery of the error. Identify one or two internal controls that would have prevented or detected the misstatement or irregularity.
How is the write-off of a bad debt handled on the tax return? How must the debtor handle the forgiveness of the debt? Why?
What is the relationship of risk and materiality? How are risk and materiality related? How are risk and materiality integrated into the audit process? What is an example of a statement that includes both risk tolerance and materiality?
Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards. Analyze the importance of ethics in the audit process.
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