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Identify an example of audit procedures and describe what it means

1)Explain the concept of materiality and describe one of the ways the concept of materiality is used in planning and performing the audit. 2)What is audit risk and what is it composed of ? 3)What is the definition of audit evidence ? 4)Identify and describe one of the six factors that influence the reliability of audit

Bank Reconciliation and Bad-Debt Reporting

Please see attached - 4 questions E8-27 Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank 7,000 Add: Deposits in transit 1,540 Deduct: Outstanding checks (2,000) Bala

Audit of a multifaceted special events organization

As an independent financial consultant, you have been hired to audit the books of a multifaceted special events organization. Upon examination of the records, you determine that management intentionally commingled funds between the different divisions of the organization. Explain your response to this situation and justify the r

Determine back reconciliation info

Prepare a bank reconciliation as of October 31 using the attached info - see attachment for details. Refer to the information given below. a. The October 31 cash balance in the general ledger is $844. b. The October 31 balance shown on the bank statement is $373. c. Check

Schedule of Accounts receivable

1.The following information is available regrading the outstanding accounts receivable of Mufu Contracting at September 30, 211: Month of credit Sale Customer May June July Aug Sept B. Axley 28,000 0 0 0 0 T. Holton 0 0 72,000 24,000 14,000 W. Nix 0 18,000 0 4,000 12,000 C. Percy 0 0 4,000 0 10,000 K. Willis 0 0 0 0 9

Three stages of an audit

Please help with the following problem. There are three stages of the audit in which analytical procedures are performed. Identify one of these three stages and discuss the purpose of performing analytical procedures in that stage. Also, indicate whether analytical procedures are required by current professional auditing sta

Problem 10: Great Lakes Co.'s Allowance for Bad Debts; net realizable value of AR

On January 1, 2009, the balance in Great Lakes Co.'s Allowance for Bad Debts account was $5,200. During the year, a total of $3,500 of delinquent accounts receivable were written off as bad debts. The balance in the Allowance for Bad Debts account at December 31, 2009, was $7,300. (a.) What was the total amount of bad debts

Audit: Operational reviewer attributes

The operational reviewer typically has multiple personal attributes that make them and mold them into operational reviewer. List and describe at least three and tell why they are positive attributes for the operational reviewer.

Bank Reconciliation

Bank Reconciliation - compute Cash account balance and bank statement balance before reconciling items Bronson Co. received its bank statement for the month ending May 31, 2010, and reconciled the statement balance to the May 31, 2010, balance in the Cash account. The reconciled balance was determined to be $18,600. The reconcil

Produce a Strategic Audit for Kodak

Kodak Produce a Strategic Audit for Kodak. Include IFAS, EFAS, and SFAS tables in Excel format, with narrative and detailed comments and in Word Document file with detailed narrative and comments along with copy of tables from Excel file. Discuss implementation aspects: o Programs o Budgets o Pr


20. Why might an auditor use sampling? A. Because testing and entire accounting system is impractical and unnecessary. B. Because the client has not paid for full testing of the financial statements. C. The auditor deems that there is no fraud in a certain area of the business. D. The auditor deems that there is fraud in a c

Binford Company Bank Reconciliation

Bank reconciliation is the process of systematically comparing the cash balance as reported by the bank with the cash balance on the company's books explaining any differences. FORMAT: Balance per bank Balance per book Additions

Produce a Strategic Audit for Kodak.

Produce a Strategic Audit for Kodak. As you produce your Strategic Audit, make sure to include all eight sections. IFAS, EFAS, and SFAS tables are to be presented in Excel format, separate from the rest of the assignment, which is to be written in a Word file. As a reminder, two files are to be submitted: One Excel file (coun

External Audit Review

Assume that you have just completed the audit of XYZ Corporation and you are the lead auditor on the assignment. As the lead auditor it is your job to write and prepare the audit report that will be presented to the corporation's CFO, Controller and Internal Audit Manager. They are material in nature and will require an adjusti

Estimate Bad Debt Write-off and Net Accounts Receivable

At the end of 2008, Tindal Company has accounts receivable of $1,200,000 and an allowance for doubtful accounts of $60,000. On February 28, 2009, Tindal Company determined that the receivable from Fendi Company of $8,000 will not be collected, and management authorized its write-off.

Calculate range for overall materiality and PAJE threshold

An office of one Big Four firm determines a preliminary estimate of materiality this way: An audit partner: 1. Judges overall materiality for the financial statements taken as a whole to be an amount falling within a range of 5 percent (lower limit) to 8 percent (upper limit) of net income, and 2. Instructs staff to doc

Subsequent Events Treatment for Financial Audit of Flowmeter Inc

See attached file for suggested format for answers. In connection with the audit of Flowmeter, Inc., for the year ended December 31, 20X0, Hirsch, CPA, is aware that certain events and transactions that took place after December 31, 20X0, but before Hirsch issues his report dated February 8, 20X1, may affect the company's fi

Firm's Average Collection Period & Current Receivable Balanace

Milwaukee Surgical Supplies, Inc., sells on terms of 3/10, net 30. Gross sales for the year are $1,200,000 and the collections department estimates that 30% of the customers pay on the tenth day and take discounts, 40% pay on the thirtieth (30th) day, and remaining 30% pay, on average, 40 days after the purchase. (Assume 360 da

Prepare a memo to the audit partner which describes the solution

See attached file. Your job will be to explain how we got to the answers. Use the starting point in the tables and go from there. Here is the Mt. Hood Furniture solution. Please use the same starting point. The task is to figure out how this was calculated. Write a memo based on the solution. Describe how you got to the solu

Audit research paper: Apple Inc.

This is a marketing research where I want to benchmark what I have done with what someone else would get. I will not use what I do get from an OTA as my only work. Problem: Here is an outline for the audit: 1. Executive Summary a. Two page summary of the entire audit 2. Company Description a. Highlights of the fir

A Company's Board of Directors

If the company you work for has or will have a Board of Directors why is it important to know as much as you can about what a Board does? How is a Board involved in the annual audit process that involves the outside Independent auditors? Thanks for your help!

Bank of America: economic analysis

Can you please assist with the questions below? I would like to focus on Bank of America in the DOW Jones Stock Market 1)Why do you think it will be an interesting focus for your economic analysis? 2. What is the price of the stock? How many shares can you purchase with your $1000? To keep things simple, assume the broker