Create your own design audit model that you may use to determine the extent to which your organization participates in design-principled practices. Write a analysis based on your audit findings, which include recommendations for improvement.
1. What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit? 2. What are the components of the audit risk model? How does the audit risk model affect an audit plan? 3. The third generally
Audit: PCAOB general standards, are they adequate? Are the standards of field work adequate in today's business environment?
â?¢ Based on the Auditing Standards presented by the PCAOB, discuss whether or not you believe the "general standards" are adequate for today's business environment. â?¢ Based on the Auditing Standards presented by the PCAOB, discuss whether or not you believe the "standards of field work" are adequate for today's busines
Problem 27-1A Allocation of building occupancy costs to departments LO3 National Bank has several departments that occupy both floors of a two-story building. The departmental accounting system has a single account, Building Occupancy Cost, in its ledger. The types and amounts of occupancy costs recorded in this account for t
Thinking about some of the scandals in the news over the last few years such as Enron, WorldCom, Adelphia, Bernie Madoff, etc., analyze and discuss the conditions that could have contributed to making these fraudulent activities possible. What warning signs were there that could have alerted an auditor to the risk of management fraud?
Thinking about some of the scandals in the news over the last few years such as Enron, WorldCom, Adelphia, Bernie Madoff, etc., analyze and discuss the conditions that could have contributed to making these fraudulent activities possible. What warning signs were there that could have alerted an auditor to the risk of management
Lowe Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information. Balance, August 1 $16,600 Bank debit memorandum: August deposits 73,000 Safety deposit box fee $ 25 Checks cleared in August 66,678 Service charge 30 Bank credit memorandum: Balance, August 31 22,912
In confirming individual accounts receivable balances, your client's customers reported the exceptions listed below. Which of these exceptions should be considered misstatements for evaluation purposes, assuming that misstatements are defined as (a) differences that affect the account balance and (b) differences that affect
The audit documentation represents the auditor's accumulation of evidence and conclusions reached on an audit engagement. Prior-year audit documentation can provide insight into an audit engagement that will be useful in planning the current year audit. a. What are the purposes or primary functions of audit documentation? b. Who owns the documentation, the auditor or the client? c. What important planning information might an auditor learn when reviewing the prior-year audit documentation of a client? d. The auditor often requests the client to prepare a schedule, such as a schedule listing all repair and maintenance expenses over $5,000 for the past year. Assume that the client asks for a copy of the previous year's documentation to serve as a guide and the auditor is reluctant to furnish the documentation to the client. 1. Is it permissible to provide the client copies of the auditor's previous documentation? If so, are there any particular conditions the auditor should examine before furnishing the documentation to the client? 2. What procedures should the auditor use to assure that the client has properly prepared the requested documentation?
The audit documentation represents the auditor's accumulation of evidence and conclusions reached on an audit engagement. Prior-year audit documentation can provide insight into an audit engagement that will be useful in planning the current year audit. a. What are the purposes or primary functions of audit documentation? b.
Verna's makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 60% are collected in the first month after sale; and 15% are collected in the second month after sale. If sales for October, November, and December were $61,000, $51,000, and $41,000, respectively, what was th
The North Carolina Furniture Company (NCFC) manufactures upholstered furniture, which it sells to various small retailers in the Northeast and Midwest on credit terms of 2/10, net 60. The company currently does not grant credit to retailers with a 3 (fair) or 4 (limited) Dun & Bradstreet Composite Credit Appraisal. If NCFC were
There are several different professional codes of conduct. How does an accountant or auditor determine which code of conduct to follow? Provide examples. 2. How do independence, objectivity, and confidentiality impact an accountant or auditor's judgment? Use examples from your own work experience, if possible.
1. There are several different professional codes of conduct. How does an accountant or auditor determine which code of conduct to follow? Provide examples. 2. How do independence, objectivity, and confidentiality impact an accountant or auditor's judgment? Use examples from your own work experience, if possible.
Presented below is information related to Kienholz Company for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. Credit Sales Jan. 7 Agler Co. $10,000 Jan.
Please see article. Identify one of the issues or activities that the World Bank is involved. How have they made a difference in a developing country or countries with regards to this issue? http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22746029~menuPK:141310~pagePK:34370~piPK:34424~theSitePK:4607,00.html
I am writing a paper in which I analyze the individual values and the organization's values as reflected by the organization's plans and actions. I am to include the following in my paper: Explain how your individual values drive your actions and behaviors, and analyze the alignment between your values and actions and behaviors I chose Bank of America.
I am writing a paper in which I analyze the individual values and the organization's values as reflected by the organization's plans and actions. I am to include the following in my paper: Explain how your individual values drive your actions and behaviors, and analyze the alignment between your values and actions and behavio
Problem 7-3 Accounts Receivable Turnover for Coca-Cola and PepsiCo (p. 355) 1. Calculate the accounts receivable turnover ratios for Coca-Cola and PepsiCo for 2006. Coca-Cola PepsiCo Net revenue = $24,088 Net revenue = $35,137 Acct receivable = $2,587 Acct receivable = $3,725 $24,088/$2,587 = 9.31 $35,137/
See attached files. Read Case 9 "First Federal Bank of Bakersfield" on pages 535-537 of your textbook based on the information answer questions 1-4 on page 536. Directions for Submitting Your Project Write your responses in APA Style, complete sentences; provide specific examples when applicable. As with all material y
1) UNO National Bank has the following assets and liabilities( all amount in millions) Assets Liabilities Reserves $20 Transaction Deposits ? Loans $250
1. You have been asked to assess the interface for company XYZ's online job bank and resume submission function. Only pieces of data available are: (1) HR is overwhelmed with the number of submissions, (2) internal users complain their applications disappear into never-never land - that they never hear back about whether they we
Bank Reconciliation P 1. The following information is available for Unique Globe, as of May 31, 2011: a: cash on the books as of May 31, amounted to $43,784.16. cash on the bank statement for the same date was $53,451.46. b: A deposit of $5,220.94. Representing cash recipient of May 31, did not appear on the bank statement.
See attached file for proper format. The KGV Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September, which was a particularly busy month due to a powerful hurricane that hit neighboring islands causing
See attached file for a template. Problem 1. The May 31, 2012, balance per bank statement for Upton Company was $7,200. The cash balance per books was $9,500. Outstanding checks amounted to $800, and deposits in transit were $2,400. The bank statement contained an NSF check for $500, a service charge for $25, and a debit memo
Use the "Financial Reporting Problems at Molex" (Harvard Business School, no. 9-105-082) case by Paul Healy for the following questions. 1. Why does Molex have to hire an external auditor? 2. What was the financial reporting problem at Molex? How would the correction of the problem be recorded in Molex's financial statemen
What would be the reliability of the bank system below if each of the three components had a backup with a reliability of .80? A University Web server has five main components each with the same reliability. All five components must work for the server to function as intended. If the University wants to have a 95 percent rel
Provide a description of the relationship between internal controls and the audit process.
5.8 The auditor of a bank is called to a meeting with a senior operations manager because of a customer's report that an auto load payment was not credited. According to the customer, the payment was made at a teller's window using a check drawn on a account in that bank. The payment was made on its due date, May 5. On May 10,
Marshall and Wyatt, CPAs, has been the independent auditor of Interstate Land Development Corporation for several years. During these years, Interstate prepared and filed it's own income tax returns. During 20X4 Interstate requested Marshall and Wyatt to audit all the necessary financial statements of the corporation to b
Sample Size Determination: A bank manager wants to determine the percent of time tellers are working and idle
A bank manager wants to determine the percent of time that tellers are working and idle. She decides to use work sampling, and her initial estimate is that the tellers are idle 30 percent of the time. How many observations should the manager take in order to be 95 percent confident that the results will not be more than 2.5 perc
Using this link http://managementhelp.org/evaluation/program-evaluation-guide.htm on non profit organization audit sampling techniques. Share and discuss the articles.
"Negative confirmations are not as reliable as positive" since negative confirmations only require a response when the information sent does not match their understanding or records. Negative confirmations are therefore less reliable because an auditor cannot be certain that a response was not returned because the information wa
What effects are decreases in reserve requirements likely to have on (a) bank reserves, (b) Federal Funds rates, (c) bank lending, (d) Treasury bill rates, and (e) the bank prime rate? Explain your answers.