What is the role of information systems in the audit function?
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The Case of Harley-Davidson - A Strategic Audit I. Current Situation A. Current (2002) Performance and Brief Case Abstract Harley-Davidson, Inc., hereinafter referred to as HD, celebrated their 100th anniversary in 2003. As impressive as this is in and of itself, even more impressive is the continued long and mostly
(See attached file for full problem description) --- Gigantic Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a result,
I am trying to get a jump start on my holiday break for the rest of this course. I have assignments covering this topic in my coursebook. 8. (Recording Bad Debts) At the end of 2004 Juarez Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2005, Juarez Company determ
The bank statements for Allen Co. indicates a balance of $8,000.00 on June 30, 2005. After the journals for June had been posted, the cash account had a balance of $3,675.00. Prepare a bank reconciliation on the basis of the following reconciling items: a) Cash sales of $342 had been erroneously recorded in the cash receipts
J&S Snowmobile manufactures and sales snowmobiles throughout the country. J & S has determined that through the establishment of local collection centers around the country, they can speed up the collection of payments by one and one-half days. Furthermore, the cash management department of his bank has indicated to them that
I now have $20,000 in the bank earning interest of 0.5 percent per month. I need $30,000 to make a down payment on a house. I can save an additional $100 per month. How long will it take me to accumulate the $30,000?
Cannon Company has enjoyed a rapid increase in sales in recent years, following a decision to sell on credit. However, the firm has noticed a recent increase in its collection period. Last year, total sales were $1 million, and $250,000 of these sales were on credit. During the year, the accounts receivable account averaged $
Question #1 Thompson Wood Products has credit sales of $2,160,000 and accounts receivable of $288,000. Compute the value of the average collection period. Question #2 What is operating and financial leverage. How are they used?
With the recent prevalence of corporate scandals in the United States, there have been many efforts made towards reform. You have been asked to evaluate and debate the following proposal: Accounting firms should be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year. Plea
What role is Peoples.com playing in the distribution of these insurance products: auto, home, and other personal insurance. Visit the Peoples Web site. 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 i
I need ideas for a paper on how Wal-Mart became the World's largest Company and a Strategic Audit for the Wal-Mart case.
See the attachment for the problem, and answer the following questions: 1. Review your work and the model answer. What accounts for any noticeable differences between the two? 2. What alternatives are available to the Farm Bank? 3. What would you recommend and why?
This is Case # 11 out of Wheelen and Hunger's: Strategic Management and Business Policy, 9th Ed. Your group is being asked to complete the following sections of a Strategic Audit: 1. Analysis of Strategic Factors 2. Strategic Alternatives and Recommended Strategy 3. Implementation 4. Evaluation and Control I hav
I desperatly need help! I need to find an article on "Wal-Mart Stores, Inc.: On Becoming the World's Largest Company", With that I need to produce a "Strategic Audit" for the Wal-Mart case. I need 15-20 pages and I only have 5 so far. I know this isnt going to be easy, but I need all the help and data I can get...thanks in
I am conducting a review inro how to properly record bookkeeping errors. Could you provide some assistance? Thanks. Problem (also attached): Describe how you would record each of the errors, listed below, on a cash reconciliation. 1. The bank recorded a deposit of $200 as $2,000. 2. The company's bookkeeper mistak
When a firm decreases or cancels a cash discount, sales are expected to _______, the investment in accounts receivable is expected to ________, the bad debt expense is expected to __________, and the profit per unit is expected to _______. (a) decrease; increase; increase; increase (b) decrease; decrease; increase; incr
In many companys, there are investment appraisal procedures, such as investment proposal forms (showing the projected return on investment among other things) and post-installation audit (appraisal of investment after it's been undertaken) forms. What is the rationale behind these sorts of procedures? How do they help compan
When a company is deciding whether to undertake an investment (from a number of possible options), what is the general procedure for the submission of proposals and the subsequent audit of investment? I'm only looking for a relatively brief outline, maybe bullet-points if possible?
Manning Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $200,000 and credit sales are $1,000,000. Management estimates that 5% of accounts receivable will be uncollectable. What adjusting entry will Manning Company make if the Allowance for Doubtful Accounts h
Should accountant take audit engagements from a client that they do other work for?
You are to complete the May 31 bank reconciliation for Laclede Town Center using the following information: A. Outstanding check: C. Deposit in transit..........$2,370 No. 975 ...........$1,360 D. Note collected by bank as No. 991 200 Laclede's agent (no interest)
Refer to article attached (Ernst and Young) Required: 1. A key issue with the SEC in this case appears to center on "Independence." Identify why auditor independence is deemed to be so important. 2. The auditor-client relationship identified in the article began prior to the Enron scandals. Briefly outline how "independ
Why do some restaurants offer customers a free meal if they are not given a receipt? What is the purpose of a bank reconciliation? When speaking to an account manager and she/he told you they don't have time to reconcile the bank account every month, how would that need to be encouraged to be done?
What is the difference between pledging accounts receivable and factoring accounts receivable?
Why does your bank statement show a credit for an increase in your cash balance? ------ Is the chart of accounts the same for every organization? If not, why not and "should it be?"