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
_________consists of those items that people manufacture by combining natural and human resources A. Financial capital B. Fixed assets C. Economic capital D. Current assets If a firm has $400,000 in credit sales and $100,000 in accounts receivable, accounts receivable turnover is: A. 25%. B. 4%. C. 5%
How is a Board of Directors involved in the annual audit process that involves the outside independent auditors?
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!
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
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
Lamar Lumber Company has sales of 10 million per year all on credit terms calling for payment within 30 days; and its accounts receivable are $2 million. What is Lamar's DSO, what would it be if all customers paid on time, and how much capital would be released if Lamar could take action that led to on-time payments? Lamar L
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
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
Can you help me get started on this assignment? Control measures analysis for the "Panasonic Group". Evaluation and control Please include references! The website is link is: http://www.panasonic.net/corporate/ Strategic Audit for the Panasonic group.
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
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
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
Our exact point of research is "are ATM's used by customers with less than $500, $500-$1000, or balances over $1000?" I am responsible for the "Problem Definition" and need it to be about 300 words. Identify a research issue, opportunity, or problem from one of the data sets available on your student website. The data
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 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
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
Doug Iceberge, senior-in-charge of the audit at fisher industries, has decided to test the following two controls for Fisher's revenue process. 1. All sates invoices are supported by proper documentation, that is, a sales order and a shipping document. 2. All sales invoices are mathematically correct. Iceberge has decided
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
Select the component of audit risk(a,b,c and d - below) that is most directly illustrated. The components may be used once, more than once, or not at all. a. engagement risk b. control risk c. detection risk d. inherent risk 1. A client fails to discover employee fraud on a timely basis because bank accounts are not
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 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.
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
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
9. The Eric Manufacturing Company received its bank statement for the month ending May 31. The bank statement indicates a balance of $32,400. The cash account as of the close of business on May 31 has a balance of $8,350. In reconciling the balances, the following items are discovered. (a) Collection by bank of note for $1,
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
Is any component of audit risk within the control of the auditor? Explain.
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
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
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
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