Obtain and review the annual report of a public company and locate its audit committed charter. What are the key features of the charter? What are its strengths? What are the weaknesses?
Describe what is meant by generalized audit software. Would auditors even consider using Word or Excel?
Imagine that you're the Senior Auditor on the Peach Blossom Cologne Company audit. The Partner on the engagement comes into your office and tells you she's not satisfied with the memo that Jasper Parsons (the former Senior) wrote on Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.
What is causing the downward trend in bank failures?
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
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
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
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.
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
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
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?
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
See attached file for format of table. Interappliance Inc. (II) is a medium sized private company in the business of developing, manufacturing and distributing wireless Internet devices. These devices permit users to browse the Internet and to send and receive e-mail while mobile. II's niche is in commercial Internet devi
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
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
What is an audit? What are the different types of design audits? What are the key elements of a design audit? How would you effectively use a design audit in your organization?
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
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.
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
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 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/