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
Please summarize the major findings in the 1136 Tennant's Case
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
Who would the IRS audit - the flow-through entity or the tax-payer?
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.
Select the article below on audit sampling techniques. Share and discuss the article. Article: Audit Sampling (boon to auditors) http://www.caclubindia.com/articles/audit-sampling-boon-to-auditors--9014.asp.
Is there a penalty if an auditor goes to do an audit without having a sample size? If an auditor go to do an audit and they just randomly choose items to review once they get there, can they still get the same outcome as if they would if they were properly prepared and the client had the opportunity to review and pull any inform
If the best evidence an auditor can collect is only that meets the criteria of coming from a highly independent source, being highly objective, highly competent, highly reliable, etc., why would an auditor collect anything other than evidence that meets all of that criteria? In other words, why would the auditor collect documen
Plain Truth Adverting employs KPR, a large accounting firm, to audit its books each year. This involves considerable expense for the advertising firm, since sales account managers are very independent and maintain separate record keeping systems. Should the CEO of Plain Truth cancel the audit and rely on a brief year-end summary
Do you think there is ever a time when a standardized audit would be acceptable? For example, after the initial audit of a company is performed and tailored to them specifically, could the auditor then use those same audit procedures the next year? Could the audit possibly be standardized for the industry or does it have to be
What are the qualitative benchmarks an auditor can use to assess materiality? How can an auditor use both qualitative and quantitative measures to make a better assessment of materiality?
SOX requires rotation of audit partners every 5 years. Is that enough? I think one piece of SOX that was important to the issue of independence was the rule that audit partners must be rotated every 5 years. That means a new partner is coming in every 5 years with a fresh set of eyes and perhaps a little different way of
Perhaps the issue of independence in internal audit departments goes back to, as you mentioned before, the morality of the internal audit staff. The internal audit department I worked for took the issue of independence seriously. It was important to not only keep an independent mindset, but also to be independent in appearance
(Assertions) In planning the audit of a client's financial statements, an auditor identified the following issues that need audit attention. 1. The allowance for doubtful accounts is fairly presented in amount. 2. All accounts payable owed as of the balance sheet date are included in the financial statements. 3. All purch
This is a discussion about the establishment of internal audit departments in some organizations. How are reviews performed by external auditors different than those performed by internal auditors? How are the reviews alike? Do you think an organization benefits more from an internal audit or an external audit?
Why is an accounts receivable aging process important in a health care organization? What occurs if organizations do not use this method?
The micro-macro dilemma related to high-powered engines in cars, nuclear power, and bank credit cards
Explain how the micro-macro dilemma relates to each of the following products: high-powered engines in cars, nuclear power, and bank credit cards.
At July 31, Kuhlmann Company has the following bank information: cash balance per bank $8,069, outstanding checks $856, deposits in transit $1,500, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31.
Research and locate a company who was audited by an outside source and explain the method, technique, and findings of an audit.
Please answer to the following questions. Support your answers with academic or real-life criminal justice examples to accentuate your point. 1. Research and locate a company who was audited by an outside source and explain the method, technique, and findings of an audit. 2. Do you think that it is a wise investment to contrac
The financial statements are the representation of management. How can investors and other third parties trust this information? Discuss the CPA's role as an external auditor. Do research on the Internet and show the reference for the information. I just need to get started here - thank you.
Explain how you plan for conducting an audit. Explain the objective of conducting an audit and the responsibilities involved in the audit process.