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You are the partner in charge of the audit of Drugs4U Ltd, a company which prepares, manufactures and sells to the a trade market a wide range of drugs which promote healthy living. The financial year end is 31st December and you are now reviewing the notes of the planning meeting held between the Finance Director, your audit manager and yourself in November. The company has had a successful year so far with turnover already exceeding HK$500M.
A new accounting package has been launched by the company. It was developed by the ex IT director who left subsequent an argument with the finance director over the lack of testing of the new software - it was not run in parallel at all because of time and cost. It has been running for under a month and the finance director has not recruited a new IT director because he considers that they are not required within the company. He has better things to do.
New shares have been issued to fund a new drug known as Argaiv which it is hoped will revolutionise exercise routines worldwide. These totalled HK$10M at nominal / face value and the company received HK$20M from this. The development costs for Argaiv and other products exceed HK$50M and the finance director proposes to capitalise this amount. A HK$75M bank loan has also been taken out - with the security on the loan being the land and buildings which the company owns outright at Sizewell in the United Kingdom. Therefore the land has been suspected of being contaminated with a radioactive metal - the source of which is as yet unknown.
Required:
To identify principal audit risk and corresponding audit procedures
Joseph Wellington, CFE, is preparing to give an educational presentation about management fraud at the annual ACFE conference, which will be held in Las Vegas.
Choose any KPIS based on your industry/interests and explain why the existing KPIs offer a partly-complete measure. For each KPI, come up with an extension that might offer a better and/or in-depth measure.
The financial controller is excited about the appointment because in the two months that the treasurer has been with the company he has realized a small profit for the company through foreign-exchange transactions in yen.
Jane O'Reilly is a staff accountant and earns $39,000 annually. She is married to Sid Metcalf, a full-time student at State University. Sid earned $1,200 from securities his grandmother had given him in 2007.
Ethical audit issue must contain integrity, auditing duties and responsibility - ethical issue must contain objectivity, confidentiality, competence
Explain the reasons an auditor may assess control risk at the maximum level for one or more assertions embodied in an account balance.
Show the reason for and the type of audit report that you would issue and consider that each item is significant.
What is the tax treatment of travel expenses for the purpose of data collection paid by a tenured full professor? Not sure what IRC this will relate to and need assistance getting started based on the following criteria
In the last sentence of the case, Johnson states, "there could be serious consequences to several different parties whatever decision he (Johnson) makes."
The profession has argued for decades about the advisability of mandatory reporting on internal control by public companies and by governmental entities. In the 1970s and 1980s,
You're the auditor for Busy Butterfly Corporation, whose management asserts that its internal controls are effective. While performing your audit of Busy Butterfly Corporation
Write a Cholecystectomy Audit report
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