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Assume that instead of good results, poor results were obtained for tests of controls and substantive tests of transactions for sales, sales returns.
Calculate the misstatement bounds for the three combined accounts and reach appropriate audit conclusions.
Calculate the point estimate, the computed precision interval, the confidence interval, and the confidence limits for the population.
Plan the combined sample size for both the confirmation of accounts receivable and the price tests of inventory using MUS.
List one possible internal control for each of the six transaction related audit objectives for cash disbursements.
What is the importance of cash discounts to the client and how can the auditor verify whether they are being taken in accordance with company policy?
In selecting the acquisitions and cash disbursements sample for testing, the best approach is to select a random month and test every transaction for period.
Select a random sample of receiving reports and trace them to related vendors' invoices and acquisitions journal entries, comparing the vendor's name.
What is meant by a voucher? Explain how its use can improve an organization's internal controls.
Explain the relationship between tests of the acquisition and payment cycle and tests of inventory.
What are the advantages and disadvantages of each form of financing expansion? Be sure to determine the effect on the financial statements and various ratios.
Calculate each revenue source and expenditure category as a percentage of the total budget for each year .
Describe the tax treatments of regular (or C) corporations, S corporations, and limited liability companies (LLCs).
Summarize the article-Rules-Based Standards and the Lack of Principles in Accounting.
Assess the sections of SOX, indicating those sections that have the greatest impact on the external auditor.
The partner on the engagement has asked you to identify business risks that could adversely affect TCC's sustained profitability.
What are GAAP standards? How do they influence tax and financial decisions?
Explain your understanding of their cause, the impact on the firm, and ways to prevent future evasion.
Indicate the number of days between each company's year-end and the date of the audit report. What factors may impact the number of days to issue the audit.
Prepare a performance audit program for acquisitions and cash disbursements using all audit procedures in requirements.
Discuss the nature of generalized audit software and list the various types and uses.
Which procedures are tests of details of balances, which are tests of controls, and which are substantive tests of transactions.
Identify what tests of controls and substantive tests of transactions you recommend be performed before conducting your analysis of the allowance.
If you are called on to evaluate the adequacy of the sample size, the type of confirmation used, and the percent of accounts confirmed.
For each audit procedure, identify the balance-related audit objective or objectives it partially or fully satisfies.