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Auditing

realizable value of accounts receivable

A portion of the current assets section of the December 31, 2010, balance sheet for Gibbs Co. is presented here: Accounts receivable $ 20,700 Less: Allowance for bad debts (3,500) $ 17,200 The company's accounting records revealed the following information for the year ended December 3

Company is California Water Services Group Audit report.

Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form). Be sure that the 10-k report and the annual report are for the same fiscal year. In either document, locate the auditor's report for the financial statements only. This is a one-page report that is generally

Queues: Zimmerman's Bank, Paul Harrold's Styling Shop

D.1 Customers arrive at Paul Harrold's Styling Shop at a rate of 3 per hour, distributed in a Poisson fashion. Paul can perform haircuts at a rate of 5 per hour, distributed exponentially. a) Find the average number of customers waiting for haircuts. b) Find the average number of customers in the shop. c) Find the average t

Audit Risks in an Economic Downturn

Please help with the following problems regarding auditing. Provide at least 200 words in the solution. Discuss what you believe to be the most significant audit risk in an economic downturn. Based on the risk identified above, discuss how an auditor can minimize exposure related to this risk.

Gains on exchange of bond holder debt for preferred stock

Jefferson Corporation has $20,000,000 of 10% bonds outstanding. Because of cash flow problems, the company is behind in interest payments and in contributions to its bonds retirement fund. The market value of the bonds has declined until it is currently only 50% of the face value of the bonds. After lengthy negotiations, the pri

Create Audit Report

Cohen and Single, LLP, are auditing the ICFR and financial statements of Copley and Sons, a public company that sells supplies to government agencies.Copley and Sons has a 12/31 fiscal year end. Cohen and Single conclude that the financial statements for the current and prior year are fairly stated. However, they found a mat

Auditor Evaluate Results of Audit Procedures

How does the auditor evaluate the results of audit procedures? What types of qualitative factors might the audit consider when encountering an error? How might the results affect the audit conclusion?

Competence

7-34 (Objective 7-4) Seven different types of evidence were discussed. The following questions concern the reliability (competence) of that evidence: a. Explain why confirmations are normally more reliable evidence than inquiries of the client. b. Describe a situation in which confirmation would be considered highly reliable a

Based on the audit documentation guidelines from the PCAOB, discuss whether or not you believe these guidelines are adequate to protect a certified public accountant from a lawsuit that may be filed by shareholders of a company. Discuss any additional documentation that you believe should be required to protect a company's shareholders from potential financial harm.

Based on the audit documentation guidelines from the PCAOB, discuss whether or not you believe these guidelines are adequate to protect a certified public accountant from a lawsuit that may be filed by shareholders of a company. Discuss any additional documentation that you believe should be required to protect a company's s

Design Audit Model

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.

The Third Standard: Audit Field Work

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

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

Deposits in Transit, Outstanding Checks & Bank Reconciliation

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

Confirming individual accounts receivable balances: Misstatements

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

Verna: Budgeted receivable balance on December 31.

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 Management of Accounts Receivable and Inventories

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.

Kienholz Company: Balances in Account Receivables

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.

How the World Bank Impacts Developing Countries

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

Accounts Receivable Turnover - Statement of Cash Flows

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/

Case: First Federal Bank of Bakersfield

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

Assess XYZ's online job bank and resume submission; FDA compliance system

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

Globe Bank Reconciliation; Moore Co Uncollectible Accounts

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.