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Auditing

Audit Case study 1.8 Crazy Eddie, Inc.

Was not able to attach PDF due to size, but copy of Case Study Crazy Eddie, Inc. available at http://business2.fiu.edu/1048733/www/Spring_2010_ACG6686_RD4/Crazy%20Eddie.pdf 1. Compute key ratios and other financial measures for Crazy Eddie during the period 1984-1987.Identify and briefly explain the red flags in Crazy Edd

Audit: Case study 1.2 JUST FOR FEET, Inc.

JUST FOR FEET, INC. CASE STUDY QUESTIONS Based on Case Study1.2 Just for Feet, Inc. Contemporary Auditing Real Issues and Cases 7th ed. Michael Knapp 1) Prepare common-sized balance sheets and income statements for Just for Feet for the period 1996-1998. Also compute key liquidity, solvency, activity, and profitability

Ben, an accountant, certifies several audit reports on Corporate Business, Inc. (CBI), Ben's client, knowing that CBI intends to use the reports to borrow money from Delta Credit Company. Ben believes that the reports are true and does not intend to deceive Delta, but does not check the reports before certifying them. Can Ben be held liable to Delta? WHY?

Ben, an accountant, certifies several audit reports on Corporate Business, Inc. (CBI), Ben's client, knowing that CBI intends to use the reports to borrow money from Delta Credit Company. Ben believes that the reports are true and does not intend to deceive Delta, but does not check the reports before certifying them. Can Ben be

benefits/costs of using within-firm secondary data

Business Insight (A Special Report); Innovation: Staring You in the Face; The path to new products might start with the customer data you've already collected; You just don't realize it Ranjay Gulati, James Oldroyd, Phanish Puranam. Wall Street Journal. (Eastern edition). New York, N.Y.: Sep 22, 2008. pg. R.9 Abstract (Su

Problem 7-4 Allowance for Bad Debts

Please help me with the attached problem. Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2010 balance sheet disclosed the following: Current assets: Receivables, net of allowance f

Cirrus Logic Inc -A mount of accounts receivable due

Cirrus Logic Inc. is a leading designer and manufacturing of advanced integrated circuits that integrate algorithms and mixed=signal processing for mass storage, communications, consumer electronics and industrial markets. The company's 2009n financial statement contained the following information: ($ in thousand) Balan

Brussels and Bradshaw Investment Bank (B&B) case

Read the Part II Case Study beginning on page 277 after Chapter 7. Brussels and Bradshaw Investment Bank (B&B) (attached) Required: ? Identification and summary of the key organizational behavior issues evident in the case ? Reflection on the identified issues along with recommendations or potential solutions to identi

Audit procedures over cash

While testing the year end balance in the general cash account, the auditor must accumulate sufficient, appropriate, evidence to evaluate whether cash as stated on the balance sheet, is fairly stated and properly disclosed. Identify broad audit procedures over cash, then give specific examples of detailed audit procedures.

Client benefits of using an internal auditor

Please help with the following problems regarding auditing and accounting. Give at least 300 words in the solution. Explain for the client the benefits of using an internal auditor. Explain how their background benefits the client.

integrated audit

The CEO of your company has recently met with the auditors to discuss the scope of the year's audit. The CEO has asked you to make a presentation at the next board of directors meeting to discuss the reason that public accounting firms perform an integrated audit. Include the following in the presentation: 1) Discuss the rea

Lenders, investment bank, intermediaries

Select one of the organizations you have analyzed during the course. - Identify two lenders the organization uses. - Identify the investment bank the organization uses to issue stock. - Identify and discuss the role these intermediaries play for the organization. - Discuss which government entities regulate securities thi

The Overpaid Bank Tellers

Please read the case provided in the link below and then answer the four questions at the end of the case. Thank you for helping me start this project. http://books.google.com/books?id=sn69pKnGkM4C&pg=PA195&dq=the+overpaid+bank+tellers&hl=en&ei=Ga6jTdS8A4fLgQfriZWICg&sa=X&oi=book_result&ct=result&resnum=2&ved=0CDwQ6AEwAQ#v

Miscellaneous receivable transactions

Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc. for $10,000 and accepted a 10%, 7-month note. 10% is an appropriate rate for this type of note.

6.With respect to audit objectives, the term validity relates to which of the assertions below? a.existence and occurrence b.completeness c.valuation or allocation d.presentation and disclosure e.rights and obligations

Can you please verify if these answers are correct? Please explain why, as well. Thanks! 6.With respect to audit objectives, the term validity relates to which of the assertions below? Answer: A a.existence and occurrence b.completeness c.valuation or allocation d.presentation and disclosure e.right

Activity Based Costing of Customers for Sandy Sun Bank

Sandy Sun Bank and Trust (SSB&T) offers only checking accounts. Customers can write checks and use a network of ATM's. SSB&T earns revenue by investing the money deposited; currently it averages 5.2 percent annually on it's investments of those deposits. To compete with larger banks, the bank pays depositors .05% on all deposits

Benefits and Limitations of an Audit

A fellow business student questions the benefits of an audit as follows: "Why should a company hire auditors? As far as I can tell auditors of public companies charge millions of dollars in audit fees, and it is not clear to me that management receives any benefit for this expenditure. It is just money down the drain. It is a

Essence of Skunk Fragrances: Effect on Accounts Receivable

Essence of Skunk Fragrances, Ltd. sells 5600 units of its perfume collection each year at a price per unit of $425. All sales are on credit with terms of 1/10, net 40. The discount is taken by 60 percent of the customers, by its main competitor, Sewage Spray. Essence of Skunk is considering a change in its credit policy to term

Continuous audit: Likelihood of success in the future; roadblocks to success

The CICA/AICPA's study defines a continuous audit as a "...process or methodology that enables independent auditors to provide written assurance on a subject matter using a series of auditors' reports issued simultaneously with, or a short period of time after, the occurrence of events underlying the subject matter". One