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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

Questions 2

8. An employee of Wu Company collects $100 from a customer for payment of a balance due account. The employee keeps the money for personal use, debits sales returns and allowances, and credits accounts receivable in the general journal. Which internal control procedure would have discouraged this embezzlement? a. Comparing the

Audit manager from the audit firm

Joe Accountant and Mary Supervisor are very busy in meeting some deadlines in their department. The have been under a great deal of pressure to meet the deadlines. All week long they have worked long hours. It is Thursday afternoon and Rudy Auditor comes in and says to Mary that he needs certain files and reports by Monday mo

Audit manager

As audit manager you realize that to complete the audit of xyz company you will need to bring in two more auditors and another audit supervisor March 15th 2010. However the cost of the additional auditors will cause the audit manager to increase the cost of Audit of XYZ company by $45,000. Without the additional auditors the a

Audit planning the audit of Circuits Technology

In audit planning, the audit of Circuits Technology, Inc. (CTI). CTI resells, installs, and provides computer networking products (client software, gateway hardware and software, and twinax hardware) to other businesses. Required: a. Calculate purchases, gross margin, inventory turn days, accounts receivable turn days, and

Bledel Company had accounts receivable of $100,000 on January 1, 2010.

Textbook:Accounting Principles 9th edition, ISBN 978-0470-31754-9, Weygandt Read Chapter 9. Pages 414 and 415 show the formulas needed for this assignment. Bledel Company had accounts receivable of $100,000 on January 1, 2010. The only transactions that affected accounts receivable during 2010 were net credit sales of $1

Financial reporting: Matching for classifications of Audit Opinions

An auditor's report is the formal presentation of all the effort that goes into an audit. Below is a list of the classifications of audit opinions that can be found in an auditor's report as well as a list of phrases describing the opinions. Classifications of Audit Opinions a. Unqualified opinion b. Qualified opinion

WalMart Strategic Audit

1.Prepare a strategic audit for Wal-Mart. 2.Write a synopsis for Wal-Mart, covering the following points: * Tpye of Industry * Competitation in the industry * Tpye of market the company enages in * Areas for growth nationally and internationally * any additional aspects of the compnay that are important for understand

Audit Proposal - Kudler Fine Foods

Audit Proposal Management at Kudler Fine Foods now wants to see the proposed audit schedules for the systems analyzed by the team in Week Two. Prepare a brief of no more than 1,050 words in which you address the following: 1) Distinguish between the types of audits that might be used for each process. 2) Recommend

Cash Collections and Production: Thorton Company Example

I am doing something wrong as I keep coming up with numbers that are too small for the cash collections and I believe that the answer for #2 is D, but I would just like a breakdown of the problem to make sure I am doing it right. Thorton Company estimates its sales at 80,000 units in the first quarter and that sales will incr

What internal and external auditors do to...

I need some help getting started on some research on the topic of what internal and external auditors do covering the following items: *providing information to users of the audit like investors *providing information to business owners *meeting the needs of managers *responsibilities to the audit committee *evaluating wh

Stanley Bugg - bank financing, ownership rights and repossession

Stanley Bugg finally realized his dream and began operating Bugg's Bug Extermination as a sole proprietor. Stanley Bugg did not have the cash to purchase a truck, so he borrowed $10,000 from Sucker Bank & Trust. In exchange for the money, Stanley Bugg promised to pay the bank a monthly payment and entered into a security agree

Audit objectives for Wal-Mart financial reporting cycle for revenue

Audit Program Development. Based on the findings of the Internal Controls Questionnaire prepare a list of audit objectives for Wal-Mart Financial Reporting Cycle for revenue. Wal-Mart Stores, Inc. is a large chain of discount department stores, which has been branded as Wal-Mart. According to the Fortune Global 500, it is th

Short term financing with Bank Loans

Short term financing with Bank Loans The Hand-to-Mouth Company needs $10,000 loan for the next 90 days. It is trying to decide which of the three alternatives to use: Alternative A: Forgo the discount on its trade credit agreement that offers terms of 2/10, net 30. Alternative B: Borrow the money from Bank A, which has of

Audit: GAAS, working papers, accepting engagement, predecessor auditor

5. Generally accepted auditing standards recognize two categories of evidential matter: underlying accounting data and corroborating information. In making an audit in accordance with GAAS: a. corroborating information is always required, while underlying accounting data may be gathered under certain circumstances. b. underl

The Farm Bank

These are the question that I need help answering: 1. Review your work and the model answer. What accounts for any noticeable differences between the two? (1 paragraph) 2. What alternatives are available to the Farm Bank? (1 paragraph) 3. What would you recommend and why? (1 to 2 paragraphs) 4. Provide justification (1

Possible audit adjustments: materiality levels

In your audit for calendar 2009, you found a number of matters that you believe represent possible adjustments to the company's books. These matters are described below. Management's attitude is that "once the books are closed, they're closed," and management does not want to make any adjustments. Planning materiality for the

bank transfer instructions, how should fund be postured

The Bondport file at the text website will help in the solution of the following church endowment fund case study. (This is an actual situation with the original market price data preserved.) In May 1990, Local Church had an endowment fund with a market value of about $750,000. This fund was managed by a bank trust department wi

Services, Professional Issue, GAAS, Materiality, Risk & Evidence

Answer briefly the following questions 1. Define auditing, attest, and assurance services. Provide two examples of each type of service. 2. What are the issues affecting the auditing profession? 3. List the three categories of GAAS. 4. Give three examples of qualitative factors that might affect the prelimina

Discuss the importance of the Audit Committee to assure independence.

The audit committee helps to assure independence. The audit committee is comprised of directors, not managers, and their job is to appoint, retain, oversee, evaluate and terminate the audit firm. I think this is important because the process is not administered by executive level management, but the Board of Directors. I think

What is an audit program

a. What is an audit program? b. Identify two tasks that need to be accomplished in the framework for developing an audit program. c. What essential information is generally documented in an audit program?

Detection Risk, Tests, Controls, Assumptions, & Judgment: M/C

Please help me answer these: 1. An inaccurate form of the audit risk model would show that: a. detection risk can be determined from audit risk, inherent risk, and control risk b. detection risk is inversely related to audit risk c. increases in control risk will cause decreases in detection risk d. audit