What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
I need help. Please put in excel. Thank you. On April 1, 2010, Prince Company assigns $500,000 of its accounts receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2010. The assignment agreement calls for Prince Company to continue to collect the receivables. Third National Bank assesses a finan
The Code of Professional Conduct is very important for the auditing profession. The AICPA, State Boards, and other professional organizations spend a great deal of time and effort implementing, and reinforcing the ethical standards, and penalizing those who violate the ethical standards. Required: Why is the Code of Condu
Please help getting started on some research on the topic of what internal and external auditors do covering the following items: *providing information to users of the audit like investors *providing information to business owners *meeting the needs of managers *responsibilities to the audit committee *evaluating what a
"Included in Gonzalez Company's December 31 trial balance is a note receivable of $12,000. The note is a 4-month, 10% note dated October 1. Prepare Gonzalez's December 31 adjusting entry to record $300 of accrued interest, and the February 1 journal entry to record receipt of $12,400 from the borrower."
Stanley Bugg finally realized his dream and began operating Bugg's Bug Extermination as a sole proprietor. Stanley Bugg did not have the cash to purchase a truck, so he borrowed $10,000 from Sucker Bank & Trust. In exchange for the money, Stanley Bugg promised to pay the bank a monthly payment and entered into a security agree
If the actual December 31st A/R balance was $12,000; projected sales in March are $50,000; 70% of sales are on credit; 60% of credit sales are collected in the month of sale and 40% are collected in the month after the sales, what is the projected accounts receivable balance on the pro forma balance sheet for the end of March?
1. The auditor's responsibilities with regard to audit works is usually up to the last date of field works. (True/False) 2. Name the various types of opinions expressed by an independent auditor. 3. List the three types of going concern issues. 4. Describe very briefly three conditions under which an auditor issue
Audit Program Development. Based on the findings of the Internal Controls Questionnaire prepare a list of audit objectives for Wal-Mart Financial Reporting Cycle for revenue. Wal-Mart Stores, Inc. is a large chain of discount department stores, which has been branded as Wal-Mart. According to the Fortune Global 500, it is th
What are the two types of audit tests? List three factors that affect an organization's control environment.
Discuss the purpose of a bank reconciliation. 300 words apa
Short term financing with Bank Loans The Hand-to-Mouth Company needs $10,000 loan for the next 90 days. It is trying to decide which of the three alternatives to use: Alternative A: Forgo the discount on its trade credit agreement that offers terms of 2/10, net 30. Alternative B: Borrow the money from Bank A, which has of
5. Generally accepted auditing standards recognize two categories of evidential matter: underlying accounting data and corroborating information. In making an audit in accordance with GAAS: a. corroborating information is always required, while underlying accounting data may be gathered under certain circumstances. b. underl
What is an audit programing format for test of controls and tests of balances?
These are the question that I need help answering: 1. Review your work and the model answer. What accounts for any noticeable differences between the two? (1 paragraph) 2. What alternatives are available to the Farm Bank? (1 paragraph) 3. What would you recommend and why? (1 to 2 paragraphs) 4. Provide justification (1
What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit?
Why do auditors have to consider the internal controls of the organization?
Is any component of audit risk within the control of the auditor? Explain.
How are analytical procedures used in an audit engagement?
What sources of information can an auditor use to develop expectations? Give examples.
In your audit for calendar 2009, you found a number of matters that you believe represent possible adjustments to the company's books. These matters are described below. Management's attitude is that "once the books are closed, they're closed," and management does not want to make any adjustments. Planning materiality for the
The Bondport file at the text website will help in the solution of the following church endowment fund case study. (This is an actual situation with the original market price data preserved.) In May 1990, Local Church had an endowment fund with a market value of about $750,000. This fund was managed by a bank trust department wi
When you put money in the bank - it says CR. When you take out money - it says DR (your Debit card) Now go back and look at the Debit and Credit rules - it says when asset (money/cash) increase - you DR, when asset (money/cash) decrease - you CR. So - the Question is why is the bank doing Dr and Cr in the opposite?
Answer briefly the following questions 1. Define auditing, attest, and assurance services. Provide two examples of each type of service. 2. What are the issues affecting the auditing profession? 3. List the three categories of GAAS. 4. Give three examples of qualitative factors that might affect the prelimina
Why is it important for an audit firm to understand their prospective client's environment?
Can someone explain in more detail the differences between the auditors? Internal audit and External audit.
The audit committee helps to assure independence. The audit committee is comprised of directors, not managers, and their job is to appoint, retain, oversee, evaluate and terminate the audit firm. I think this is important because the process is not administered by executive level management, but the Board of Directors. I think
a. What is an audit program? b. Identify two tasks that need to be accomplished in the framework for developing an audit program. c. What essential information is generally documented in an audit program?
Please help me answer these: 1. An inaccurate form of the audit risk model would show that: a. detection risk can be determined from audit risk, inherent risk, and control risk b. detection risk is inversely related to audit risk c. increases in control risk will cause decreases in detection risk d. audit
Evaluate how to organize the business for managerial control based on accounting information. Wilmont Electronics' profit has been less than expected for the past several quarters. After an internal audit, it was determined that inventory losses have been rising over the past year, which has accounted for the majority of the